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Working of Cryptocurrency Mining pool

Working of Cryptocurrency Mining pool
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Working of Cryptocurrency Mining pool
Cryptocurrency is the most discussed and trending topic on various internet forums, communities, and social media. Many individuals are keen to enter the cryptoworld and unfold all the profits within it. Cryptocurrency can be bought from an exchange or mined through the mining pools. In this guide, we’ll understand the working of the cryptocurrency mining pool.
What is Mining Pool?
Cryptocurrency mining is the same as mining the metals from the earth. The individual or company that digs out the metal from the earth becomes the owner similarly the individual who discovers first the valid hash using the computational power becomes the owner and earns a block reward. The crypto mining can either be done solo using his/her own mining devices or through a mining pool.
As more and more enthusiasts participated in mining to earn a block reward became equally difficult and it would take centuries for a miner to generate a block because the probability of finding the hash value first and generating a block is directly proportional to the computing power in the network. The smaller the computational power the smaller is the chance of generating the next block. Hence a solution, to this problem mining pools were formed.
A mining pool is a group of miners pooling/combining their computational power together in order to mine a cryptocurrency quickly and earn a block reward consistently. Each contributing miner earns reward according to their investment in processing power. The working of mining pools depends on certain algorithms that are designed to check the authenticity and validity of the transactions. Miners are required to solve a complex math problem that requires millions of calculations with the help of High computational power. When the miners combined their computational power the block generation process happens at a much faster rate as compared to a single mining rig. For more understanding of mining please refer our previous blog (What is Bitcoin mining?)
Types of Mining Pools
  • Single mining pools: This type of mining pool mine only single cryptocurrency
  • Multi-currency pools: This type of mining pool mine different cryptocurrencies and gives the miner a chance to choose the cryptocurrency for mining timely depending rewards points offered.
  • Cloud mining pools: Cloud-based mining can be combined with mining pools by making an online contract. This type of mining pool allows individuals to participate in mining activity without even buying specialized equipment.
How rewards are shared on mining pools?
The rewards shared after successfully adding the new block to the blockchain vary from currency to currency. The reward sharings also depend on the factors like mining difficulty, the exchange rate between different coins, the hash rate and the block generation time. Some of the followed reward structures are as follows:
  1. Pay-per-share (PPS): This method offers instant payout depending on the miner’s contribution to finding the block. The payment is done using the pool's existing balance and can be withdrawn immediately.
  2. Shared Maximum Pay Per Share (SMPPS): It is the same as Pay-per-share (PPS) but limits the payout to the maximum that the pool has earned.
  3. Equalized Shared Maximum Pay Per Share (ESMPPS): This method is similar to (SMPPS) but the rewards are distributed equally among all miners in the pool.
  4. Proportional (PROP): The miner is rewarded the share that is proportional to the number of shares he has in the pool with respect to the pool’s total shares
Advantages of mining pools
  • Mining pools offer a more stable income
  • Mining pools lower costs of mining
  • Mining pools helps in generating a higher income
Disadvantages of Mining pools
  • There may be some interruptions in the Mining pools
  • There is a sharing of block rewards
  • There may be sometimes unfavorable pool reward structure
Widely-Used Mining Pools
  • Antpool: The largest pool available on the web offering mining of cryptocurrencies like BTC, BCH, LTC, ETH, ETC, ZEC, DASH, SCC, XMC, BTM
  • A public mining pool mining of cryptocurrencies like ETH, ETC, ZEC, BTG, BCN, XMR, XMO, FCN, XDN, AEON
  • The most popular mining pool among miners offering cryptocurrencies BTC, BCH, ETH, ETC, LTC, UBTC, DCR to mine
  • BTCC: The largest Chinese pool in the world mining 7% of all existing blocks.
  • Slush: The most trusted mining pools on internet mining 7% of all available blocks.
Mining pools can definitely be a change to the entire mining process offering the highest and the real income without spending years depending on the computational powers. Hence, investing in a mining pool can be beneficial but always choose the mining pool that fits your personal needs and facilities.
submitted by coinscapturecom to u/coinscapturecom [link] [comments]

Cloud Mining – Make Earnings With Low Risk And Lower Costs

Cloud Mining – Make Earnings With Low Risk And Lower Costs

Bitcoin has gone through a bear market for more than a year and finally welcomed a strong market rally. Since April, the winning streak made Bitcoin up to $9,073 at a point, risen by 170.6% within the year, doubling the currency price.
As the market gradually picks up, the number of contract trading users is also increasing, meanwhile, mining and related industries are slowly rising, the fast sold out of Antminer S17 series since on-sale is the best proof. 58COIN launched BitHash services mainly focusing on miner custody and cloud mining. Recently, the periodic cloud mining service will be launched, starting from 1T and provides flexible period choices for various investors.

Whether being mining or miner custody, it is inseparable from the mining machine, then what is mining? Do you want to make money in mining? What are the determinants? Let's briefly analyze it:
What is mining? What is a miner?
Everyone knows that Bitcoin is a peer-to-peer payment system, and its core is trading. We need to use a ledger to keep track of accounts, just like the bank helps bookkeeping when we transfer money at a bank. The one that acts as the bookkeeper is called a miner in Bitcoin.
It doesn't matter what the bookkeeping method is, it is the specific bookkeeper – miner that counts. Since the Bitcoin system does not have a central node like a bank, everyone can compete for the position of a miner and get the right to book the bitcoin system. However, if everyone is coming to compete, who should be entitled the right? How can you prove that you did work? How to ensure that the miner does not record the false account? The inventor of Bitcoin, Nakamoto, has designed an intelligent method called Proof-of-Work (PoW) system.
The Bitcoin system will let everyone involved solve a math problem - calculate the hash value. The one who first solves the problem will be recognized by the whole network and get the reward, and the speed of solving it depends on the high and fast computing power. In a word, the mining is actually using a machine to participate in a math game, whoever calculates the answer first will get the bitcoin reward.

The mining equipment is called the ”miner”. Due to the increasing difficulty of computing power, the miner is constantly upgraded, experiencing the development of CPU – GPU – FPGA – ASIC – mining pool.
“Who” determines the mining earnings?
There are several factors that affect the earnings of mining. The first is the currency price, obviously, the higher the currency price, the more profitable the mining is; the second is the difficulty of mining, if the mining difficulty rises slowly, more mining earnings will be got; the third is the cost, low mining costs can make high profits, and the cost here refers to the purchase cost of miners and operating costs, including miner fees, labor costs, O&M costs, electricity costs, etc.; the last factor is the computing power, the higher the computing power in a given period of time, the more coins will be mined.
Therefore, it is very similar to speculating coins. The key point of making money by mining is: buy low and sell high! If you have a very low electricity bill, you can buy a miner to mine. Besides, if you can buy low-cost computing power, you can also mine.
BitHash – The Optimal Choice for Conservative Investors
After seeing the recovery of the currency market, many individual investors are eager for trading the contracts, while the new investors are preparing to enter the mining market. However, there are some obstacles that individual investors may encounter when mining: 1) You may be not able to see the price of the market in real time; 2) You may not be capable of finding a suitable large-scale power supply; 3) You cannot make sure the 24-hour operation and maintenance of the miner.
But this problem has been solved, the BitHash service launched by 58COIN has all the necessities required for making profits in mining, for example, the first batch of the hot sale Antminer S17 and S17Pro series, with high mining power and low electricity costs and PPS+ earnings distribution model, were sold at about 15,000 CNY (approx. $2,189.33) per miner, and users do not need to be responsible for the operation and maintenance of the miner. Such service is indeed profitable for investors. Therefore, the miner custody service was sold out as soon as it was launched.
58COIN provides tailored services for diverse investors. If you think that the cost of one-time expenditure for the miner custody is too high, you can choose cloud mining – a product that allows users to lease and enjoy earnings based on each T hashrate or designated period of time accordingly. Starting from 306CNY/T (approx. $44.33/T) and with no upper limit, investors, whether being large, medium, or small can invest according to their financial plan. Due to the hot sales of the buy-and-mine cloud mining, the platform added a 1,000T cloud mining yesterday to meet the needs of users.

According to 58COIN, it will launch a periodic cloud mining service in the near future. Compared with the perpetual cloud mining, this new service boasts more optional periods and a shorter static payback period.
With low entry entering requirements and reasonable pricing, most investors have the opportunity to get permanent earnings at lower costs. Regarding this issue, Steven, the Operations Director of 58COIN, said: “Following the rebound in the Bitcoin price, the static payback period is rapidly compressed, it will be a good choice for conservative investors to invest in cloud mining.”
submitted by 58CoinExchange to u/58CoinExchange [link] [comments]

Five Minutes! Nearly 3,000 Mining Machines Were Sold

Five Minutes! Nearly 3,000 Mining Machines Were Sold

According to the latest news of 58COIN, the pre-sale of BitHash was already started in its App terminal and nearly 3,000 mining machines were sold in just five minutes after the activity started. What are you waiting for? Click on the app to purchase!

(BitHash Page)
It is reported that since 58COIN officially announced on the 16th that it will soon launch a new business of “BitHash” that incorporates the sales of mining machines and related custody service, causing a heated discussion in the community and a large number of user consultations.

I believe that some investors are still fresh in the memory of the “mining machine sold by the pound” event. Why is the BitHash launched by 58COIN so hot? Reasons are shown as follow:
  1. Entering April, the overall bullish market of bitcoin led the popular cryptocurrencies to a sharp rise model, and with the rise in the price of digital currencies, investors’ enthusiasm for mining revived.
“A handy tool makes a handyman”. The powerful computing power, cost-effective, energy-saving S17 series mining machines can make more effective mining earnings. Therefore, the S17 series were sold out as soon as they were launched.
  1. Reasonable product setting. BitHash combined the upstream and downstream of the mining industry, including mining machine manufacturer, mining pools and mine owners, solving both the purchasing difficulty of latest mining machines and the related custody service problems.
  2. What attracts investors’ attention is the higher income-to-expenditure ratio. In BitHash, investors can enjoy stable mining services by paying mining machine fees, electricity cost, and management fee (temporarily free within 2019), among them, the electricity bill is also the lowest in the industry of 0.35 Yuan/kWh of thermal power, which is stable, cheap, and unaffected by the wet season or dry season.
Some professionals have taken S15 28T and S9 14.5T as examples to calculate the mining earnings and return periods of S17 and S17 Pro.
When the price of Bitcoin is maintained at 35,122 yuan (about $5,202) and the electricity bill is 0.3 yuan/kWh, the return period of S17 pro 50T is about 286 days. See the figure below for reference.

(Estimated Earnings and Return Period of S17 pro 50T)
Currently, it is hard to buy S17 series of mining machines on the market. This time, 58COIN launched a total of 4,719 mining machines with nearly no profit. If you plan to buy Antminer S17 53T, you only need to pay the USDT with an equivalent of 15,405 Yuan and the corresponding electricity bill to obtain the ownership of the mining machine, and all the fees involving transportation, installation, and maintenance will be borne by BitHash. After mining, you can enjoy both the mining earnings and miner fees every day.

The hot mining machine, the lowest electricity cost, stable thermal power, professional operation and maintenance, PPS+ earnings distribution model…so many advantages, what are you waiting for? As there are few mining machines left, so please open the 58COIN App and buy it!
Tips: Before purchasing the mining machine, investors should prepare enough USDT storage in BitHash Account, from where the mining machine fees and the electricity costs will be deducted.
submitted by 58CoinExchange to u/58CoinExchange [link] [comments]

To arms Bitcoin community! Help us to complete this mining installation for the Zürich MoneyMuseum. We are not asking for funds. Only your expertise needed! 20$ tip if you give us the relevant clue to solve or mitigate our main problem. Nice pictures of the exhibition inside as well…

A big thank you to all people who helped us we can now mine true pps with diff1! The people in this thread which have helped most have been awarded. I want to mention also the operator of denis2342 and Luke-Jr.
Actually looking at the miner screen in the Linux terminal helped a lot ;-). The pool constantly resigned to stratum with variable difficulty. We can now mine true pps with diff1. Getwork with long polling seems to be default after disabling stratum...
We will probably post again, when there is a video of the installation in action...
Again many thanks. Learned a lot.
Edit: Thank you for all the answeres so far! We will try different things now and report back. Tip bounty will be distrubuted as soon as we found out what finally does the trick. Ths could take a few days. The offerd tip will be distributed and very likeley a few others as well.
First of all, let me tell you that the Bitcoin Exhibition at the Zürich MoneyMuseum is most likely the biggest and most diverse of it’s kind. Please read more about the museum and the exhibition below.
Help us solve the following problem we experience with our “Muscle Powered Proof of Work” installation:
Me and a friend have invested a lot of time to build an installation for the Museum. It is basically a 10GHash/s miner and RapberryPi which is powered by a hand generator (Maxon DC motor with planetary gear). Here are some pictures of the installation, although not entirely put together yet. There are still some changes planned.
Now let’s get to the core of our problem:
We are mining at the getwork diff1 pool as it is a true pps pool with getwork diff1. The visitors in the museum can power the generator for 2-3min and see directly how many Satoshis the "network" (actually pool but we don't want to confuse the visitors to much at that point) has given the museum for their work. This all works well so far but one problem remains. Sometimes the pool does not get a share from us for more than 40 seconds or even more than 60 in some cases. I have calculated that with 8.4 GHash/s we should find a share about every 0.5 seconds in average (diff1). I think when the pool gets a share it gets all the hashes as it then accounts for several Satoshis. Statistically we get per minute what we should get in theory. We would very much like to lower the time between the accepted shares by the pool, however. This would help to make the overall experience much smoother for the visitors.
Please look at this screenshot from MinePeon and answer some questions:
We see that we get a lot of diff1 hashes. However, only 11 shares/packages have been accepted. The Is there a possibility to set the miner SW so it submits to the pool as soon as a share is found? It seems to send them in packages which sometimes have 4-5 seconds in between but sometimes a much as 80 seconds. I would like to submit packages of hashes much more often. How can this be influenced?
What exactly are the Getworks (GW)?
What exactly are the Accepted ones (Acc)? This is where the TipBounty is. Help us to get a better Acc/diff1 ratio. Best would be 1:1.
What exactly are the rejected ones (Rej)?
What exactly are the discarded ones (Disc)?
What exactly are the difficulty one hashes (diff1)?
Now some of these questions seem very very basic but it is important for us to understand what these are and how we can influence these. We have a 1:1 correlation between the Acc and the pool side acknowledgement of shares/packages. So whenever the MinePeon shows one more for this value the pool value for last submitted share goes to “moments ago”.
Does the miner SW have a setting where we can set after how many diff1 hashes a package of hashes is sent to the pool? If no, do you have another idea why so few are sent? Ideally we would set it so the diff1 hashes are sent every 5 seconds or so, probably even more often.
Is stratum with fixed diff1 possible? If so, would it be better to use stratum?
Are there critical settings if we should know of? (we have tried --request-diff and --no-submit-stale)
We are using BFGMiner on MinePeon if that matters. We could switch to CGMiner if that would help. Any help is very much appreciated. The museum is doing a great job explaining Bitcoin basics. We had special focus on interactive learning and have several things to underline this.
I hope to hear back from you so we can improve our installation. Please don't hesitate to ask if you have further questions. We are both not mining experts.
Thanks for reading and AMA.
Current features of the Bitcoin exhibition at the Zürich MoneyMuseum:
Current Features:
  • Life screen with various stats/charts/parameters/transactions…
  • Printed infographics.
  • Muscle powered PoW: Hand generator with 5v and 3.5-5A output, Raspberry Pi, MinePeon, 5x Antminer U2+ plus a screen to show the hash-rate at the pool and/or in MinePeon web interface. This screen will not be hand powered. This installation will complement their coining die (go to 1:27 to see what I mean).
  • The Bitcoin mining evolution (CPU, GPU, FPGA, ASIC)
  • A few short (2-3 minutes) interviews.
  • Other wallets, Trezor, PiperWallet
  • ATM Prototype, functional
  • MoneyMuseum Bit-Cards
  • PiperWallet to use.
  • Casascius and other physical Bitcoins, Wallets (also some commemorative coins), Paper wallet like one out of the first Bitcoin (A)TM ever
  • Bitcoin Quiz
  • 12 Picture tours
    • Bitcoin for beginners
    • Bitcoin advanced
    • Debunking 13 Bitcoin myths
    • What you definitely have to know
    • The history of Bitcoin
    • Bitcoin und traditional forms of money
    • Alternatives to Bitcoin
    • Citations about Bitcoin
    • How do I open an account?
    • How do I get Bitcoin?
    • Bitcoin community and economy
    • Bitcoin as a platform
I see this as a good opportunity for Bitcoin, so let’s embrace it. I am especially excited to compare the traditional forms of money which used proof of work to the new money which also uses proof of work. I think in that context it will be much easier for the visitors to value this concept.
A lot of schools and other groups book guided tours at the museum. It is open on every Friday from December 05. On. Entry is free of charge.
Edit:Markdown, typos
submitted by SimonBelmond to Bitcoin [link] [comments]

**Warning:** ViaBTC Cloud Mining "Social" Contract Scam

This is not the same cloud mining contract offering by
Roger Ver's twitter account has been hacked faked and the hackers scammers are sending out the following email trying to entice you to buy viaBTC mining shares at a discount. Note, the BTC receiving address is different than viaBTC's Block 1 receiving address:
ViaBTC Cloud Mining Contract — Batch 1 Social
ViaBTC is now launching our cloud mining product — an easy way for EVERYONE to mine your own Bitcoins. Our first cloud mining contract — ViaBTC S9 will run with Antminer S9, the most advanced mining rigs today. All cloud hashrates will come from the miners ViaBTC purchases and deploys. Now we have deployed our Batch 1 Social of 2.4 PH/s cloud hashrates for global customers to purchase.
Contract Details:
  1. Purchase unit: 1 TH/s per SHARE. The Batch 1 S9 hashrates will be divided into 2,400 SHARES;
  2. Power consumption & electricity cost: 100 Watt per SHARE; 0.84 CNY per day per SHARE (0.35 CNY/KWH);
  3. Manage fees: 6% of the mining income will be charged as manage fees, which cover the costs for mining farm maintenance, deployment, repairs, staff expenses, emergencies, risk prevention etc.;
  4. Mining income: The miners will mine in ViaBTC pool which adopts a PPS+ method. The mining income will be the theoretical PPS+ yields which won’t be affected by the operational conditions of miners.
  5. Settlement: The mining income, deducted by manage fees and electricity costs will be the actual yields. The daily electricity cost will be calculated against the CNY/Bitcoin rate from China’s mainstream exchanges. The daily income will be settled at 8:00 AM Beijing Time (GMT+8) the next day;
  6. Redemption of miners: To guarantee efficiency, all miners will run in high-standard facilities and in ViaBTC pool. Redemption of miners and change of mining pool are not available for the contract.
  7. Termination of contract: The contract will be terminated automatically when there’s zero actual yields for 10 consecutive days. ViaBTC will redeem all contracts priced with the remaining value of the miners at the time. All miners will be owned by ViaBTC. Purchase:
  8. Batch 1 Social on sale: Nov. 16th 2016-Nov. 22nd 2016
  9. Batch 1 Social price: 0.15 BTC per SHARE (minimum 20 shares)
  10. Way of purchase: Please purchase the contract by an integral number of SHARES and send the Bitcoins to the address:127n8yQPbcNepiNYNY1J9Q9btpJiq6Ysig (do not send any bitcoins to this address, OP) from your wallet that you own the private key. This wallet will receive the daily mining yields. If your payment cannot cover a full SHARE, it will be sent back to the original address. If the total orders overrun our stock, the excess will be sent back to their original addresses as well;
  11. Effectiveness: We will confirm your order and start to calculate the yields within 24 hours on receiving your payments. Yields & Risks:
  12. About Antminer S9: S9 is currently the most advanced and power-efficient mining rig which guarantees the longest life cycle for a miner. Visit Antminer’s site for more details;
  13. Income calculation: ViaBTC users can check at “Home” to find out the expected daily yields for 1 SHARE which is now around 0.00098611 BTC;
  14. Warnings: Price fluctuation is frequent for Bitcoin and the mining difficulty will be adjusted every other week. Price drop and increase of difficulty will lead to a drop of mining income per SHARE. ViaBTC won’t promise a 100% ROI whether in Bitcoin or fiat money terms. Please evaluate the risks you can handle before investing in Bitcoin mining. Follow-up Plan:
  15. ViaBTC will deploy more miners in the near future to meet your demands;
  16. Our cloud mining exchange platform is under development and will be soon integrated into At that time users can freely trade their cloud mining contracts. Early-stage contract holders can direct their contacts to then by signing their wallet addresses.
submitted by clone4501 to btc [link] [comments]

Ever wonder what those numbers mean? The relationship between difficulty, shares, hashrate, etc. explained.

After being confused for a long time myself, I went and crunched some figures, and found out where all those numbers came from. To save fellow shibes from having to do the same, I'm making this guide.
First of all, what is difficulty? It is a number d such that the expected number of hashes required to find a block is d * 232. That is to say, the individual probability of each hash finding a block is 1 / (d * 232 ). (You can read up on how a geometric distribution based on a Bernoulli random variable of probability p has a mean of 1/p.) So if the difficulty is 1, then a valid hash would require 32 binary zeros at the beginning (usually represented as 8 zeros in hex). If the difficulty is 1024, then 32 + 10 = 42 binary zeros are required. For a difficulty that's not a power of two, you're going to have an odd mix (e.g. the first digits of the hex must be less than 000000000c8.)
Now how is difficulty calculated? For Dogecoin, difficulty is recalibrated every 240 blocks. It is adjusted so that a block would be found every minute, on average. Example: The average hashrate was 100 GH/s over the last 240 blocks. We want a block found every 60 seconds, or every 1011 * 60 = 6 x 1012 hashes. So d = 6 x 1012 / 232 = 1397, and the difficulty will be set to 1397.
The pool difficulty (also known as share difficulty) is a closely related concept. It is up to the pool operator, but almost all define it as being difficulty * 216. That is, pool difficulty is a number d' such that the expected number of hashes required to find a share on the pool is d' * 216 (since 32 - 16 = 16). It is basically there for notational convenience, because no one wants to talk about mining at a difficulty of 0.000244 (translated to pool difficulty, that would be 16), just like how people use kilodoge or millibitcoin.
What about a share? Pool operators may vary, but usually a share is defined as a valid hash at pool difficulty 16. Pools may set a pool difficulty that everyone mines at, automatically adjust pool difficulty for each individual miner depending on their hashrate (called vardiff), or allow users to set their own difficulty. They might even create different strata with different pool difficulty levels. A share at a higher pool difficulty is harder to find but worth more. Basically, if you're currently mining at pool difficulty 16 and switch to 32, you'll mine shares half as often but every share you mine is worth two shares. (Unfortunately, the definition of "share" appears to be overloaded - it can mean either each thing a miner submits to a pool or its equivalent for a pool difficulty of 16. It's like how a "standard drink" is 0.6 oz alcohol - if you had a 24 oz beer at 5% ABV, you could say you had a drink, but technically you had two drinks in terms of alcohol content.)
A round is the period of time since the last block was found by a pool to the next time a block is found by the pool. Round shares are shares (i.e. equivalent shares for difficulty 16) that have been found by pool miners. Estimated shares is an estimate of how many shares it will take for a pool to find a block. This number is the same for each pool regardless of hashrate, and only depends on the current difficulty. It is equal to d * 212. Why? Note that a share at pool difficulty 16 is 16 times as difficult as a share at pool difficulty 1, and pool difficulty 1 is 216 times easier than difficulty 1, so the overall effect is 216 / 16. (PPS only: The baseline PPS rate is the amount a miner is paid for each share at difficulty 1; pools PPS rate is the amount a miner is paid for each share at difficulty 16. Pools PPS rate is calculated by dividing the block reward by the estimated shares. So for Dogecoin currently, you divide 500,000 by 5,645,699 to get pools PPS rate 0.088563.)
The Bitcoin wiki has a page on difficulty, but it's somewhat technical and doesn't really talk about mining pools, so I created this post because I couldn't find anything better on Google and ended up using a bit of math and common sense to figure these things out. Though I do recommend reading it for the technically inclined.
For other things like Prop, PPLNS, PPS, etc. there are many existing well-written resources, so I'm saving my breath. This page lists pretty much every single pool structure you might encounter. PPLNS (basic guide, advanced) is probably the most common but also somewhat difficult to understand.
submitted by tony_1337 to dogecoin [link] [comments]

How To Make Profit When Crypto Currencies Are In Red

Earning money from Bitcoin has taken various forms since the world’s top digital currency became more popular. Some of them are new while others have been known to spread in reach along with the currency. Below are some of the best ways to earn money with bitcoin.
Mining Despite claims that bitcoin mining is no longer profitable due to the high cost of the energy required to get the miners powered, the increasing difficulty rate and the recent halving of the bitcoin block reward, mining activities are still being carried out though at a more larger scale and with sophisticated mining equipment.
Mining pool To make a profit mining has made joining a mining pool a great way to reap a small reward over a short period.
A mining pool allows 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.
Though the calculation of share of the bitcoins mined can be complex, the two most popular calculation schemes to ensure fairness for all parties are the Pay-per-Share (PPS) – offers an instant payout for each share that is solved by a miner from a pool’s existing balance thus transferring much of the risk to the pool’s operator.
Mobile Games Some important applications have come about in the Bitcoin Android space. Some of them have been written about on CCN before. One of them is Oh Crop!, a game much like Plants vs. Zombies in which the player must defeat evil plants. Players earn free bitcoin in the faucet-like scenario where they view a video advertisement and receive a disbursement. There is also Coin Flapper which presents a situation for the recovering Flappy Birds addict to play and get rewarded for the time spent with a freely earned bitcoin balance.
Earn free bitcoins by watching short videos
One of such platforms is vidybit. All you need is an email for a Xapo account or bitcoin address. Then watch a short video for less than a minute and get free bitcoins. Your account will instantly be credited for each video watched. Those who opt to use a bitcoin address will need to earn 5430 satoshi before payment is sent. BitcoinGet also enable a user to earn bitcoins for watching videos, completing tasks, and completing offers.
Earn money from trading bitcoins Aside the fear of exchanges being attacked by hackers and funds stolen as it was the case with Bitfinex and others, one can earn bitcoins by trading in it as well as with other digital currencies. Basic speculation would do – buy when it is lower, wait until the price increases then sell it at a higher rate to generate profit. Repeat the process over and over again. Understanding market trends and price patterns are key in this regard. Trading in bitcoin could also be through arbitrage – buy it cheap here and sell it at a higher rate there.
submitted by mehra11vinod to Thecryptoadvice [link] [comments]

Announcing new LTC pool! stratum, getwork, sms/mail notify, and more!

Greetings fellow miners,
I've been working with Bitcoins a while now, but I got tired, so I've started with Litecoins. But none of the existing pools offered all of the services I wanted, so I decided to setup my own. Currently I'm developing the frontend to provide a better user experience. Requests for popular or usefull features can also be added on demand. The pool is quite new and the first block is not yet found, but all calculations I've done indicates that the first block will be found in one week, with only myself mining.
Currently, it's a PPLNS reward system, but I'm planning to make it possible to choose between PPLNS and PPS per pool worker. I also plan to rewrite the whole frontend in the future.
The url is:
IRC channels are available on Freenode ( and I2P (#coinpool), and I will add forum if needed.
I'll hope you join me!
Best regards,
submitted by meeh420 to litecoinmining [link] [comments]

Repost for a nice not-so-new pool looking for hashrate !

Hello guys. I'm doing a repost of our old thread regarding Hypernova ( :
It's been quite 1 month since we announced our opening. We and our fellow users thought it might be a good idea to talk about it again since the pool's maturity increased and features added up to the list (like replacing proportional reward system with CPPSRB)
Let me show you the main features !
A nice looking and efficient web interface We'red tired about these copy-paste pools using the mmcFE-litecoin project. We've wanted something beautiful, original and useful. Soak managed to bring you the best web interface he could. Use it on your computer, phone, phablet, android, iphone, ipad, refrigerator, lawn-mower... Starting everything from scratch was our choice - and our pride.
Capped Pay Per Share with Recent Backpay Reward System We didn't find something else longer to spell. You may have already seen this reward system currently live on the Bitcoin mining pool Eligius. To be short : it's a system that tries to be close of the classic PPS reward system. The main difference is : the pool pays the miners with the solved blocks funds. The pool doesn't take risks on short/long rounds. When a round's unlucky and the pool can't pay anymore for the work, we shelve your shares for further backpay. As the formula calculating PPS price is based on a ~60% luck assumption (It is the same formula for every classic PPS pool), mathematically we should end up with more frequent lucky (with no shelves) rounds than unlucky. With that system the pool doesn't take the risk of being bankrupt. So what we have there is a nice compromise between PPLNS with high variance and PPS with null variance (which is balanced by higher fees and a risk of bankruptcy for the pool operators).
Custom difficulty choosable per worker We heard that a bunch of you doesn't like vardiff or fixed diff pools. That's why we let you the choice. Either you're a tiny cpu miner or a cowboy with GPU farms, you're free to choose your worker difficulty from 8 to 128.
Sweet pool efficiency We've worked hard on our infrastructure implementation and Stratum. Our general overall efficiency always have been above 99%. At the time I'm writing these lines it is at 99.47% accepted shares versus 0.53% rejected. We're aware about the latency challenge. That's why we opened 4 nodes around the world to ensure the lowest round trip time : (Europe, France) (USA, New York) (USA, Dallas) (USA, Los Angeles)
A helpful and nice community We're always happy to help you. By mail on [email protected] or on IRC Freenode's channel #hypernova with the pool operators and our fellow miners. Keep in touch with us, we're nice people always trying to crunch our 7950 to the best !
1% fee Using a nice PPS reward system with a good compromise allows us to lower the fee thus allowing to help us pay for the servers and infrastructure.
API with JSON encoded values So you're the cowboy with a farm of 7950 ? Enjoy our API to monitor your rigs !
How to join us ? Give a shot to the website : and create an account. Once you created a worker, point your miner toward your nearest node and shout us your best battle cry at #hypernova on Freenode ! EG (for cgminer) : cgminer -o stratum+tcp:// -u JohnDoe.myWorker -p 12345 --scrypt ...
Help us to spread the word ! We've put online a page especially for that : with links to every of our threads and useful buttons for Facebook/TwitteGoogle spreading.
Message for those that were with us from the beginning Thank you ! We're happy to see our project moving forward. We wouldn't have been that far without you supporting us. Thank you again and see you in the future.
So far, 2130 Litecoins redistributed to our fellow miners. Still counting... !
Hope to see you soon on Hypernova.. And sorry for the noise :)
submitted by M0nsieurChat to litecoinmining [link] [comments]

[Resources] Doge bookkeeping: Excel File

Hello, my dear shibes! I've put together a small bookkeeping Excel to help keep track of your Doge investments. Over the past few months, I found it cumbersome to go through my bank statements and wallet history to calculate how much I have put in and how much my investment is currently worth. So, I created this document which keeps track of my mining and Doge purchases (In Euro and Bitcoin).
If you input each purchase (amount of Doge and XBT or EUR spent) and current prices (XDG/EUR, XDG/XBT, XBT/EUR) the document will:
Additionally, if you input your mining income and tips (outgoing and incoming) it will calculate your worth and profit/loss with those Doges included (in separate cells). I've also provided some room to add notes with each purchase or mining income ("On Prelude exchange", "From Rapidhash pool", ...).
What it does not do:
display the price of Bitcoin purchases in EUR at the time of purchase (how much EUR your XBT to Doge purchase was worth)
keep track of outgoing transfers (except for a balance for tips)
give you solid investment advice
I'm not exactly an Excel wizard, so I was hoping I could get feedback and tips on how to improve this document. Especially the Bitcoin side of this document feels kind of funny to me, I just can't make it seem simple.
Enjoy! It's helped me to put things into perspective :)
PS Alter the current price of Doge for moon dreams!
PPS You can easily change EUR to USD by pressing Ctrl+F, Replace, EUR to USD, Replace all)
(Download this for easy use/viewing, Google Docs doesn't like the size of my Dogebook)
submitted by striketwelve to dogecoin [link] [comments]

/r/bitcoin, Help me write my letter to Congress and the IRS

All, any constructive feedback on this letter appreciated. Thanks!
To whom it may concern,
I am writing regarding the latest ruling of the Internal Revenue Service regarding Virtual Currency taxation (IR-2014-36). Due to several critical mistakes in this ruling, I am writing to recommend that the IRS suspend its guidance pending a period of public comment and Congressional oversight. Mistakes in the IRS guidance include giving the American public 20 days notice to calculate and pay $900 million dollars in new taxes, failing to provide any guidance on how to calculate the new tax, creating new tax law ex-post-facto, and ignoring the speculative nature of emerging markets.
In 2013, 1.5 million Bitcoins were mined. In December of 2013, Bitcoins were traded for $1300/coin. At this exchange rate, Bitcoin mining in 2013 constitutes $1.9 Billion in wealth. The IRS has ruled that this wealth is to be taxed as gross self-employment income; for most individuals this will be a 32% marginal rate combined with a self-employment tax rate of %15 for a total tax treatment of %47, or $900 Million in new taxes. While potentially a bold move to solve the deficit, this guidance was released March 25th, twenty days before the $900 million bill is due. The IRS guidance advised that all Virtual Currency taxes were due on April 15th and that all penalties, including criminal, will apply for late payment. This timeline gives Bitcoin entreprenuers, lawyers, accountants, and tax software authors a timeline of 20 days to calculate and move nearly a billion dollars into the Federal Treasury. This guidance is neither feasible, reasonable, or in the best interests of the United States.
To move nearly a billion dollars into the federal treasury in 20 days, tax must be calculated. The IRS has given the following instruction: "taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt". This simple guidance ignores the following facts of Bitcoin mining:
As a result, taxpayers must calculate and pay nearly a billion dollars in new income taxes, in twenty days, on threat of criminal penalties, with no guidance as to how much tax is due and up to a 90% variance in the possible amount of tax due. This is not sound tax policy, imposes an unreasonable burden, and deprives even the most honest & compliant citizens of the ability to calculate and pay taxes.
Finally, the new IRS guidance ignores the speculative nature of Virtual Currencies. All Bitcoin miners, this author included, had planned with their accountants to pay capital gains tax on any gained capital as a result of Virtual Currency sales. However, many miners chose never to sell virtual currency due to the lack of a robust or fair market. Of the two biggest Bitcoin exchanges in 2013, the first, Mt. Gox, has been shown to be a Ponzi scheme and has gone bankrupt, keeping all investor funds. The second, BTC-E, is located somewhere in Eastern Europe and its operators are unknown but rumored to be criminals. These are the markets that the IRS is endorsing in its guidance as "fair market". The IRS guidance requires Americans to sell $900 million worth of virtual currency on these markets in order to satisfy a new tax burden.
Many miners see these markets as risky and emerging and have held virtual currency without spending it, cognizant that on any day, the value of Bitcoin may be zero. For most miners, this means that taxes on Bitcoins mined in 2013 will be taxed at their 2013 trade value of $1300/coin, and tax will be paid by selling at today's price of $400/coin. This means that most miners will owe more in taxes than their Bitcoin is worth, and will be paying taxes out of their life savings on income they never earned. This is what I will be doing on April 15th. The IRS has purchased a massive "short sale" option against the American people, assessing tax at a price over twice as high as the price Americans are now forced to sell.
No bitcoin miner would have entered into this agreement knowingly. Like many miners, had I known that 46% tax would be assessed at speculative prices, I would never have entered into such a liability. The option of being forced to sell half of my Bitcoins every day on foreign exchanges operated by criminals and moving thousands of dollars into overseas accounts was not a risk I was willing to take. This risk is what the IRS has required with its guidance. The IRS has classified mined Bitcoin as income retroactively, against all guidance and wisdom, and caused those who entered into this hobby to incur massive tax debt against gains they have never realized. This retroactive ruling bears all the worst elements of ex-post-facto tax law, a practice our Founding Fathers worked so hard to prevent.
When the Internet revolution swept over America in the early 90s, Congress wisely allowed it to flourish and kept control of the Internet within the United States, control we still enjoy today. Like America's Mining Act of 1872, Denmark and other countries have opted to forgo a tax on Bitcoin mining due to its speculative nature, and instead tax only capital gained. Bitcoin is at the center of the virtual currency revolution, and the IRS has given miners, the core of this revolution, a choice of Denmark at 0% or the United States at 46%. We are chasing all the talent, investment, mindshare and control of an emerging revolution out of the country. We have created impossible, uninformed guidance and given America twenty days to pay a billion-dollar tax bill. We have placed a billion dollar "short sell" option against the American taxpayer and forced her to pay out of her life savings. We have engaged in the worst type of ex-post-facto lawmaking.
The IRS must immediately announce suspension of its guidance pending a period of public comment and Congressional oversight. During this period of oversight, the following minimum reforms should be undertaken:
Thank you, and God Bless America.
-Truly, my name is Mike
submitted by trulymynameismike to Bitcoin [link] [comments]

Muscle Powered PoW Installation, Help/Feedback

Fellow Miners
I would love some feedback on a Project I have going on: Muscle Powered PoW
See complete project description below but most important part with help needed first:
I am looking for USB powered miners which fulfills these specs:
I am looking for a pool which fulfills these specs:
I am looking for a USB hub which can handle about 2,5-3A (Raspberry and some USB miners) and has about 5 ports. It should have a Which one is proven to work? Where to get it?
The Project:
I am building a Bitcoin miner which is powered by a hand-generator. It will be an installation for the Zürich Money Museum, which will host an exhibition on Bitcoin. I think this will be a very cool exhibition and is a great opportunity for Bitcoin. They already have a coining die (link below, go to 1:27 to see what I mean) which can be used by all visitors to mint a coin. They also have an extensive collection of traditional currencies (fether-coin, salt-bricks, tea-bricks, Kauri-snail-bands, gold, ...). As many of you know, proof of work is by no means Satoshi's invention. It has been around for centuries or even millennia’s. To make the proof of work concept stick with the visitors, we are building the muscle powered proof of work miner. Display showing MinePeon graphs and values from the pool are going to run on an external screen which does not have to be powered by muscle. I have roughly calculated how much 5min of turning the handle should be "worth". Check this sheet and give me feedback. I see that this is very theoretical. Can it be done that you at least get a Satoshi from of pool to do 10 minutes of work?
About the hand generator. There are some other examples. They are for now locking to build one / have one built themselves. As it is a museum they want it to be a sturdy installation. I told them I need 5v 2-3A. Are there any other things which are important. Voltage fluctuations?
Does anyone know a Bicycle made for power generation? Other generator ideas?
Oh and just to make it clear: I know I am not going to ROI. ;-)
Thanks if you are reading this and trying to help out.
Edit: typos, link corrected, markdown
submitted by SimonBelmond to BitcoinMining [link] [comments]

BITCOIN: SOLO MINING VS MINING POOL! Bitcoin price analysis!- bitcoin may 29 How do cryptocurrency mining pools work? BitLuck Mining Pool - Grow Your Bitcoin NOW! Mining Bitcoin & CryptoCurrencies using MobileMiner: How to Choose a Coin & Mining Pool Mining pools - bitcoin mining pools: how to generate ...

Disclaimer: Results from mining calculator are estimation based on the current difficulty, block reward, and exchange rate for particular coin. Errors can occur, so your investment decision shouldn't be based on the results of this calculator. You can also use the calculator to see how much profit can be made. Contents: List of mining pools Mining calculator How to start a pool Pool locations FAQ General Information. Bitcoin Cash (BCH) $ 268.1900 USD (0.67%) € 227.1000 EUR (0.20%) 1.00000000 BCH. Total Hashrate: N/A Difficulty Level: N/A: Block Time: 10 min Actual Block Reward: 6.25 BCH Best Bitcoin Cash Mining Pools. When looking ... Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since May 2013 - developed by an OG Bitcoin miner looking to maximize on mining profits and calculate ROI for new ASIC miners. Updated in 2020, the newest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. PPS payout schemes pay out every block based on block rewards only. Because payment is guaranteed, more of the risk is on the mining pool operator. The payouts to the pool members is therefore smaller than in Pay Per Last N Share, explained below. One final feature of Pay Per Share is that transaction fees from each block are kept by the pool operator. Pool members are only paid based on block ... PPS. The most common calculation is PPS (Pay per share) where there is a standard payout for each miner based on the amount of processing power (hashtag rate) contributed. The mining pool will pay a set rate based for each completed hash, so the more power your machine has, the more you contribute, the greater your earnings.

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BITCOIN: SOLO MINING VS MINING POOL! Bitcoin price analysis!- bitcoin may 29

What is a mining pool and why is it best to mine Bitcoin and other cryptocurrencies on mining pools? Here is our review and explanation of mining pools, how ... Get free bitcoin fast bitcoin mining apps - The Best Cryptocurrency & Bitcoin Mining Apps For Android bitcoin mining apps... Here's our review of the Bitcoin and Litecoin mining pool, a profit-switching mining pool with no fees that pays you for each share submitted! Subscr... Agenda: Livestream for how mining pools work. What is a mining pool, how's it work, what is pool luck? What are the various payout types and how do they work? How do we know the pool isn’t cheating? Find out what pay schedule your mining pool is using. This is key! Extra rewards are to be had using PPLNS pay schedule.