Efficient Decentralized Mining Pools for Existing Cryptocurrencies Based on Ethereum Smart Contracts No centralized operators managing the pool. Secure against both malicious and cheating miners, fully protected from DDoS attacks. Even more efficient than centralized pools. All source code is open. Run by the community, built for the community. No centralized operators managing the pool. Secure against both malicious and cheating miners, fully protected from DDoS attacks. Even more efficient than centralized pools. All source code is open. Run by the community, built for the community. Mining in Cryptocurrencies is Highly Centralized More than 80% of mining power in Ethereum emanates from 5 mining pools. Similarly, the main 8 pools control the same fraction of mining power in Bitcoin. Transaction Censorship and Single Point of Failure Pools dictate the transaction sets in new blocks, not miners. Pools are subject to continuous DDoS attacks. If a big pool goes down, the security of the network is significantly compromised. Mining Solo is Difficult for Small Miners High variance of returns, hard for users to plan economically. Decentralized mining pools for Bitcoin (e.g., P2Pool) exist, but are inefficient and not applicable to Ethereum. to cover for their operation costs and gain profits. Decentralize Pools by Leveraging Smart Contracts We essentially replace the centralized pool operators by smart contracts, which is run and managed in a decentralized way on the blockchain. Miners can propose their own sets of transactions. Although being decentralized, our pools can guarantee the same variance in payments as centralized pools. The decentralized formation of SmartPool does not require any infrastructure to operate the pool. SmartPool may take negligible to almost zero Continue reading >>
Pool Vs. Solo Mining
This article or section contains information that is no longer up-to-date. Please either update the outdated information or remove the outdated information. Although most miners prefer to mine in pools, there are still merits to solo mining. An article addressing the pros and cons of solo and pooled mining can often answer questions easier than simply asking in: #bitcoin-mining . Additionally, this page can serve as a reference for members of #bitcoin-mining to direct those with questions. The purpose of this page is to explain what the differences between pooled mining and solo mining. This Topic will give pros and cons of each to aid in the decision of a mining approach. Pooled mining "pools" all of the resources of the clients in that pool to generate the solution to a given block. When the pool solves a block, the 12.5 BTC generated by that block's solution is split and distributed between the pools participants. Solo mining is when a miner performs the mining operations alone without joining a pool. All mined blocks are generated to the miner's credit. Pooled mining generates a steadier income. Pooled mining can generate a 1-2% higher income (before fees, if any) due to long polling provided by the pools. Pool mining can suffer interruptions from outages at the pool provider. Pools are subject to DOS attacks and have other downtimes, too. Backup pools and solo mining can be configured for these cases. Pooled mining tends to generate a smaller income due to fees being charged and transaction fees not being cashed out. There are zero fee pools. Until now, transaction fees are not cashed out by any pool. Solo mining is less prone to outages resulting in higher uptime. Solo mining doesn't incur any fees. For each discovered block, 12.5 BTC and the transaction fees are Continue reading >>
Solo Vs Pool Pow Mining
I was wonder at what total hash rate other miners use to decide to solo vs pool mining. Opinions are welcomed. Currently I pool mine. I want to expand my farm but the ROI just isnt there for me. I think next time i invest ill put more into the PoS and maybe add two more video cards. I just wish dcr price would go up a bit to make mining more profitable. Currently I pool mine. I want to expand my farm but the ROI just isnt there for me. I think next time i invest ill put more into the PoS and maybe add two more video cards. I just wish dcr price would go up a bit to make mining more profitable. The problem at the moment is actually not the DCR price. It is high enough if the DCR network would be at 3-4TH/s, i.e. if only people interested in DCR would mine it, as it was initially. Because these people would sell only part of the mined coins and hold most of them or use them for PoS. However appr. three weeks ago Claymore published his dual ETH+DCR miner. Since both coins use algos which are somewhat complementary on hardware usage, this miner is mining ETH at full speed and additionally mines a lot of DCR at the same time. Since ETH difficulty goes up and coin price goes down, ETH miners of which most have no interest in DCR whatsoever use this dual miner now to mine DCR at the same time at no additional cost and therfore get compensated for the decreasing ETH profitability. As most of them will just sell the mined DCR right away, the DCR supply is now higher than the demand. There were always less than 50k DCR for sale on Bittrex. Last time I checked there were 60k. That obviously doesn't help the price. DCR network is now mostly at 7-8TH/s. Half of this hashrate arrived recently and probably consists entirely of ETH folks dual-mining DCR at no cost. When you take a loo Continue reading >>
Ethereum Mining Guide For All Operating Systems
BestVPN Guides Ethereum Mining Guide for all Operating Systems Ethereum Mining Guide for all Operating Systems Ethereum mining can be difficult, I know! In this guide, Ive covered everything from the bottom up so whether youre a beginner or a pro you should be able to glean some useful insight and learn something new. It doesnt matter if youre planning to do mining using Linux, ethOS or Windows. Ive made sure to cover the steps for each. You will also find some great tips, tricks, optimizations, and solutions to common troubleshooting issues. If you dont have time to read all of it today, then bookmark this page, or sign up to our email list and receive it as a free ebook! Ethereum is an open blockchain platform similar to Bitcoin but with additional in-built flexibilities. With Ethereum, the blockchain can be considered to be intelligent thanks to the Ethereum Virtual Machine and Smart Contracts. Whereas with Bitcoin its a glorified ledger. With Ethereum you can execute code on the blockchain in a distributed way. These are called Smart Contracts. These allow you to set up a system, whereby a person will only receive payment under certain conditions. As Ethereum grows, the scale and complexities of these contracts are expected to increase. Smart Contracts is what has given Ethereum such a solid footing, as like with the blockchain has a functional use. If youre interested in about how Ethereum came about and wanted to find out more about it, then watch this YouTube video by COO, Stephan Tual . Before you determine if you should go on your Ethereum mining adventure; youll need to decide whether its going to be profitable or not. While, on the surface, this is incredibly easy, as Ill show below, you must be aware that mining is very much like trading. Cryptocurrency pri Continue reading >>
How Do Mining Pools Work? Is It Better Than Solo Mining?
How do Mining Pools Work? Is it Better Than Solo Mining? Admir Tulic October 24, 2017 420 no comments Lets start with the definition of pool mining: A Mining Pool is a protocol for a group of miners to work together, in order to smooth out their mined coins. Pooled mining is a mining approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time. So, bitcoin mining pools are a way for Bitcoin miners to pool their resources together and share their hashing power while splitting the reward equally according to the amount of shares they contributed to solving a block. The mining pool coordinates the workers. Its just like a lottery pool. Your odds of winning a lottery are very low, so you team up with a bunch of other people and agree to split the winning. This makes your odds of winning much higher, but the amount you win much lower. What a mining pool does is function as a coordinator for all the pool participants doing: Recording how much work all the participants are doing Assigning block rewards proportionally to participants Miners mine differently by running pool software instead of the bitcoin client and just performing hashes for the pool. The pool operator randomly verifies a small portion of the work submitted by each member of the pool. The member miners dont know which of their submissions will get verified so they cant cheat. If they cheat once in a while they might get away with it but not for long enough to matter. Traditionally, pools gave miners work units covering the entire nonce range 0-4,294,967,295. When the miner finishes work, he r Continue reading >>
Solo Mining Vs Pool Mining
Ive been mining at litecoinpool.org and my stats show Ive found 2 blocks. The payout Ive gotten from the pool is lower than the 50 LTC reward I would have gotten had I found those 2 block solo moning. My question is, should I be mining solo? Also, is UNOMP what I need to look into to mine solo? Thats how it works, you can be very lucky, go solo and keep finding blocks, but it can be the other way around I think you need a full node to solo mine. (sry, I have been out of the mining scene for too long) Thanks @pguerrerox , figure its just luck. Guess I could go solo and keep by fingers crossed Ill find another two blocks so quickly. As far as the full node, it looks like thats what I need to do, I have A4s from Innosilicon so Im not sure if I can just SSH into them and configure something to mine solo. I suspect I need to set up a server, run litecoind, and do some other things then configure the A4s to connect to that server? Im going to try UNOMP since thats really all I can find. The README says its deprecated which is a little concerning to me, but if it works, it works I guess. I ended up working on this today, after thinking more about how I want to participate in Litecoin, I realized beyond wanting the full reward, I just want contribute by maintaining my own node. I put together a tutorial on how I setup my own node and mining pool for my machines here: Solo Mining Litecoin I hope some people find this useful. Let me know what you think about the tutorial. Ill keep you in the loop @PissMeOff . Definitely going to post here when I find my first block. Hopefully, that happens in the next 30 days So far things seem to be working out. The risk/reward is interesting to think about, expected value and what not. Looks like at my hashrate I have a 20% probability of find Continue reading >>
Ethereum Mining Pool What Is It And Should You Use One?
Ethereum Mining Pool What is it and should you use one? Once you have established yourself as an ethereum miner and have purchased all the necessary equipment to build a suitable ethereum rig , you need to determine if you wish to remain a solo miner or become a part of anethereum mining pool. Each of these options has benefits and consequences and is dependent on your personal requirements and to some degree on the processing power of your ethereum mining hardware . A mining pool is when a group of solo ethereum miners join forces and combine their processing power for quicker mining results. The shared processing power helps to solve blocks faster and miners can see results quicker than when they mine solo. Each of the contributing miners is paid a share of the block based on their contribution. The hashrate of the rig is determined by the processing power, so the increased resource of pooled ethereum rigs will result in more blocks generated in a shorter period of time. Ethereum mining pools calculate payouts on different methods. A PPLNS payment basis, (Pay Per Last N Shares) involves some luck but offers on average 5% more than PPS (Pay Per Share) where you get a standard payout for each share completed. Some pools also run on a predictable solo mining method where the person who contributed the most to the block gets the whole block. It is important not to confuse ethereum mining pools with ethereum cloud mining . With cloud mining an organisation will own the rigs and do the mining on your behalf and pay you dividends, for mining pool each miner needs to own their own equipment and have software that enables them to join a pool and then earn a share of the blocks mined. The top ethereum mining pool for 2017 is reported to be the joint mining pool of Ethpool and Continue reading >>
Solo Vs Pool Mining With A Gpu
Currently I'm using 1 r9 380 card with 20 MH. I've only been mining for 3 days straight (72hours). I used the Mining Calculators from Etherscan and Cryptocompare. While these sites calculate it will take me approximately 1 month to solve a block for 5 Ether on this single card, with the exponential rate of difficulty increasing is it futile to mine solo? Should I just jump into the adult swim (mining pool) for at minimum some payout in finney? Or should I expect some finney payout in my 20 mh solo mining efforts at least once a week if not daily? Basically I'll never see a single amount in my wallet , not even a penny ('finney') because the pools collectively out pace a 20 mh card (or even a 45mh rate for that matter if I added crossfire). To answer my question please also include the 'reward' process for solo mining. These calculators are not descriptive enough and I have yet to find a Q&A to this delimma. short answer too, that will take the exact opposite stance as @nicolas-massart ;) in the long run you'll be always better off mining solo, ever because you get uncles and pay no fees pool mining reduces your variance, period. this reddit post is quite interesting, it's basically @vitalik-buterin asking as to why people mine in pools. It's not true for all pools but most of them don't pay you uncles : that substracts to your gains.It's almost true for all pools, there is a fee that substracts to your gains too This reddit post is full of useful information and documented with tacit knowledge. Every novice should read this for sure. 01infiniti May 31 '16 at 17:06 Yes but this is not very clear if pool or solo wins... except for decentralization (but I guess most miners are mining for money before any other reason). Nicolas Massart Aug 16 at 7:38 Short answer : don't t Continue reading >>
Viabtc Launches Ethereum Mining Pool
Even though most of the people focus on the current Bitcoin price action, there are other developments to take note of. ViaBTC has launched an Ethereum mining pool, for example. That is a pretty interesting decision, to say the least. The company is best-known for their Bitcoin and Bitcoin Cash mining. It doesnt appear as if the Ethereum mining will become part of their cloud mining contracts, though. Having more mining pools for specific currencies can only be considered to be a good thing, that much certain. Ethereum mining has become a very profitable business in 2017.This is mainly due to the Ether price rising quite a bit. Additionally, a few new GPUs have launched, all of which can mine Ethereum without too many problems. With so many new people joining this ecosystem, theres a growing need for new mining pools. Cryptocurrency is all about decentralization, and the mining aspect should be no different. This is where ViaBTC comes into the picture. More specifically, the Chinese company launched an ETH mining pool this week. They accept users from all over the world. It will be interesting to see how many people will switch over to this new pool in the future. After all, without sufficient hashrate, it will not be profitable to choose this option. Then again, no one wants to see one server control too much hashpower either. An interesting trade-off to contend with, that much is rather evident. Users who choose ViaBTC will be able to choose three different payment methods. There is an option for solo mining, which is always appreciated. Group miners can be paid through PPS+ or PPLNS models. It is good to see different payout options in this regard. After all, not all models work for all miners. Giving ViaBTC users a choice is never a bad thing in this regard. It wil Continue reading >>
700 Mh , Solo Or Use A Pool (ethereum)
As title, I expect a block every 0.97 days but as we know, That can vary, A lot. 12+ exclusive games The Bitcoin Casino by Primedice Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. Pool. Mining solo is all about luck. With the difficulty increasing, it will become harder and harder each day to mine it. Calculate how much ETH you would get per day from pool mining, and compare it to the stats you have got from the solo mining calculator. Wish you the best! Quote from: 20kevin20 on July 16, 2016, 07:01:22 PM Pool. Mining solo is all about luck. With the difficulty increasing, it will become harder and harder each day to mine it. Calculate how much ETH you would get per day from pool mining, and compare it to the stats you have got from the solo mining calculator. Wish you the best! I agree with it. I don't recommend solo that it requires the right setting for you to have a block. It is very hard for the noobs to adjust their own geth server and update their nodes especially if they do no know the right setting for this. But, solo mining gives higher return if all settings are perfectly modified. Now, when it comes to pool mining, you will not have to calibrate the settings as they are the one who will do it. Of course, the returns are much lower compared to a solo mining that is perfectly set. But the risk of not getting a block is lower. As someone who usually solo mines it really depends on your internet connection and your ability to administrate your servers, miners, and the environment If you have low latency to most servers and high upload + download, then I'd say solo mine. Solo mining involves keeping your server up, keeping the power on, keeping the miners up, monitoring Continue reading >>
Best Ethereum Pool List
Download Wallet! Get the latest version of Ethereum Mist Wallet Here! 1. 0.8% fees. Payouts released 2 times a day for balances higher than 0.5 ETH. 2. 2% fees. Payouts released 4-6 times a day for balances higher than 1 ETH. 3. 0% fees. Payouts released every 24 hours for balances higher than 1 ETH. 4. Predictable Solo Mining pool. 0% fees. Payouts after 10 confirmations. 5. PPLNS 1% fees. Payouts released 2 times a day for balances higher than 0.1 ETH. 1. 1% fees. Payouts are up to the miner (Manual or Automatic from 0.01 ETH). 2. PPLNS 1 % fees. RBPPS 4% fees. Payouts are up to the miner (Manual from 0.1 ETH). 3. 1% fees. 1. Payout not been released for a couple of days. Awesome tool informed by @MrYukonC . Good way to look for where to mine. Continue reading >>
What Is A Bitcoin Mining Pool?
One of the first questions thatanyone interested in mining cryptocurrencies faces is whether to mine solo or join a 'pool'. There are a multitude of reasons both for and against mining pools. However, if the hash rate distribution across the bitcoin network is anything to go by (and it is) then most miners are opting to join a pool. Heres what you need to know. If youre deciding whether to join a mining pool or not, it can be helpful to think of it like a lottery syndicate the pros and cons are exactly the same. Going solo means you wont have to share the reward, but your odds of getting a reward are significantly decreased. Although a pool has a much larger chance of solving a block and winning the reward, that reward will be split between all the pool members. Therefore, joining a pool creates a steady stream of income, even if each payment is modest compared to the full block reward (which currently stands at 25 XBTC). It is important to note that it is important for a mining pool to not exceed over 51% of the hashing power of the network. If a single entity ends up controlling more than 50% of a cryptocurrency networks computing power, it could theoretically wreak havoc on the whole network.In early 2014, many voiced concerns that the GHash.io bitcoin mining pool was approaching this threshold, and miners were urged to leave the pool. In bitcoin's case, the current difficulty level is so high that its practically impossible for soloists to make a profit mining. Unless, of course, you happen to have a garage full of ASICs sitting in Arctic conditions. If youre a beginner, joining a mining pool is a great way to reap a small reward over a short period of time. Indeed, pools are a way to encourage small-scale miners to stay involved. Of course, bitcoin is not the only Continue reading >>
Beginner's Guide To Ethereum Mining In 2017 - How To Mine Ethereum On Your Pc?
Last updated on August 15th, 2017 at 11:06 pm Getting Started with Ethereum Mining the video guide The good news is that getting started with Ethereum Mining is now easier than ever. You do not need to download the full Ethereum blockchain, which is now over 20+ GBs and still growing! You also do not need to manage clunky command line miners with manual instructions. For purposes of this guide, we are going to do a detailed walk-through of setting up and using the very popular Claymore Miner. Get the current version here from Claymores original Bitcointalk thread and then follow along with the steps in this video. The whole process of getting a wallet setup, downloading your miner, configuring things in Windows and setting up your batch file to run should take less than 10 minutes: If youre new to mining Ethereum , this guide covers all the important facts in a simple, low-jargon way. Lets start with some short answers to common questions about Ethereum mining: Q: Whyshould Imine Ethereum tokens (aka ether or ETH)? doesnt mining Ether take up a lot of electricity? A: If done properly, more money is earned by selling mined ETH than is spent on electricity. In other words, its profitable! You can check out the profitability with our Ethereum mining calculator . Q: Can I mine with my CPU (Personal computersprocessor) instead ofan expensive graphics card (GPU)? A: GPUs are so much faster that CPU-mining is no longer profitable or worthwhile. Even entry-level GPUs are about 200 times faster than CPUs for mining purposes. Q: Whats the best GPU to use for getting the most ETH for the least electricity? A: AMD cards tend to edge out similarly-priced NVidia cards in terms of efficiency. We cover the best cards to get under the heading GPU Hardware further down in this post. Q: Continue reading >>
What Is Solo Mining & How It Works For The Miners In The Bitcoin Network?
Solo mining is a solo process where the miner completely does his task of mining operations without any helping hand. This process is mainly done alone without joining a pool. These blocks are mined and generated in a way to the task completed by the miners credit. This is a small brief on Solo mining and its process. Solo mining is the process of mining alone as we told earlier. We are aware that when you connect yourself to a pool, the process that mainly happens is that all miners get connected to the same bitcoin -client to confirm transactions . This helps to increase the probability of finding a block directly. Further, the block provides incentives from the shares from all miners . If you do the process of solo mining , make sure to connect your miner to your local Bitcoin client. This is for getting the best results to find a block on your own. The probability will tend to decrease and lower, but in turn, you do not share the block incentive. We all know how the Bitcoin network works. If your interest is to go for a long run solo mining and pooled mining you will get you exactly the same amount that you expected. In this new digital world, the real option always goes with pooled mining because it is definitely the better way if you have the hardware which consists of small hash rate. The several tens of TH/s can be used to get more rewards from the solo mining than pooled mining. The current hardwares utilized for the process of solo mining can deliver an experience which is more like playing the lottery. But if you do it right you can exit with a lot of cash. What you need to solo mine How it Works? Firstly, install the Bitcoin -core which is hardware used for solo mining process. Henceforth, start it and complete the download of the blockchain which is almost Continue reading >>
Ethereum Solo Mining - Crypto Mining Blog
All About BTC, LTC, ETH mining as well as other alternative crypto currencies Those that actually solo mine crypto coins are familiar with the not user friendly way that things happen and mostly the lack of details on your solo mining statistics over time unlike when using a mining pool. Ethereum is a no exclusion from that rule when solo mining and with not that many pools and some pools having issues, even though the difficulty of the network is not that small, there are still quite a lot of people that solo mine especially if they have more than just a few GPUs. There is now a new open source project called ether-proxy which essentially is an Ethereum solo mining proxy that can help you keep track on how your solo mining for Ether is going on with multiple mining rigs, though it will work even with a single one. EtherProxy relies on Go and needs geth (the Ethereum Go client in order to function as a backend) with the mining part happening just like you do with ethminer pointed at a mining pool. In the local proxy url you set for ethminer to use you can set the share difficulty as well as an ID for each mining instance (or mining rig) that you are using. All the basic stats that you need is being displayed in a clean and simple web-based interface for you to keep track on things like running status of mining rigs, hashrate, blocks found and so on. If you want to try the project yourself, there is already a Windows binary release available to save you some trouble or you can compile from the source code yourself. Ethereum is Getting More User Friendly with AlethOne The C++ implementation of the Ethereum client (cpp-ethereum) is getting more user friendly with the new AlethOne GUI intended to simplify the mining process for users that are not into programming and hate Continue reading >>