Compared to Slush's pool, how exactly does Eligius payout owed bitcoins to the miners?

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How does Eligius pay miners directly from the newly generated coins?

It simply generates the coinbase transaction to include payments directly to its miners, instead of only a transaction to itself.

What are the pros and cons of this compared to how Slush does it?

Here are some I can think of:

Pros:

No transaction fees necessary for these payouts (except for the opportunity cost of some transactions you're not including in the block; but unless the block is at the max size, this is 0 cost) Some people like having freshly minted coins, for anonymity and just because it's cool

Cons:

Harder to predict when you'll get a payout (because you have to wait for the pool to find a block) If you're far down the queue, it might take several blocks and/or a manual payout before you finally get your payment

Are there other pools that do the same thing?

Yes, at least a few. BitPenny and P2Pool, for instance.

Is this only possible with...

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In the last few hours I am getting 100% connection rejections from Eligius. I am using a Mac and the Asteroid miner GUI. I also have MacMiner setup. both are not failing after about a month of successfully working. But that is not the point of the question.

Check your ISP, check luke's threads on btctalk and on eligius or their IRC chan #Eligius on freenode. They can give you the best help with support. A stackexchange unfortunately is not a support page for a website.

My question is trying to understand the pool URL, here is what Eligius provides: Stratum Host: stratum.mining.eligius.st Port: 3334 | Getwork Host: getwork.mining.eligius.st Port: 8337 GBT Host: gbt.mining.eligius.st Port: 9337

I have been using "http://gbt.mining.eligius.st:9337"

Thanks for some detailed info.

Question 1: Why is the scheme missing, that is "http://", etc. It needs to be entered as part of the pool URL, what if any scheme should be entered?

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I was confused by this as well, but I figured it out through trial and error. AM means arbitrary message (they should have explained this), which is a regular message you send to the forging pool through your wallet.

First you must join the forging pool (Account Balance -> More Info -> Account Leasing). No additional message is necessary at this point.

After leasing your balance to this pool for some length of time (I waited a few weeks), you will have earned NXT from the pool's forging. When you want to collect your NXT, this is when you send the "AM" (I have found that until you send this message, you will not receive a payment).

In your NXT wallet:

Click on Messages (left navigation bar) Click Send Message (top right tool bar) Enter the forging pool address for Recipient (e.g. NXT-K5KL-23DJ-3XLK-22222) Write anything for the message Uncheck the Encrypt Message box (I did this, not sure if this is necessary) Click Send

After your message receives 1440...

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Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool.

What is a Mining Pool?

Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power.

While mining pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner.

Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.

Pool Concentration in China

Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoin’s biggest issues at the moment.

There are about 20 major mining pools. Broken down by the percent of hash power controlled by a pool, and the location of that pool’s company, we estimate...

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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.

A "share" is awarded to members of the Bitcoin mining pool who present a valid proof of work that their Bitcoin miner solved. Bitcoin mining in pools began when the difficulty for mining increased to the point where it could take years for slower miners to generate a block.

The solution to this problem was for miners to pool their resources so they could generate blocks quicker and therefore receive a portion of the Bitcoin block reward on a consistent basis, rather than randomly once every few years.

Network Consensus

If you solo-mine, meaning you do not mine with a Bitcoin mining pool, then you will need to ensure that you are in consensus with the Bitcoin network. The best way is to use the official BitCore client.

If you...

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How does it compare to DeepBit? What other pools should I consider? What are the pros and cons?

Pros: better for the bitcoin network to not have a single large pool - this is a known protocol vulnerability, we should diversify the pools.

Pro/Con: size

All pools mathematically average towards the same rate of return. Size provides a level of stability, with DB winning almost half the block you will see LOTS of VERY small credits. On the other hand Eligius will pay you out larger shares, but only a few times a day, if Eligius has a string of bad luck it will matter more, since they expect to win fewer blocks a day the difference of only a few makes a big dent.

If you leave your miner running all week and check it once on the weekend, you will probably not notice a difference in payout.

If you are a console jockey who is constantly hitting refresh to see how your miners are doing, you will likely find a larger pool more edifying.

I duel...

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After many months of consideration, I have finally made the choice to announce the planned closure of BTC Guild. Below, I've outlined the closure process/timeline and reasons that this decision was made.

Closure Timeframe and Process As identified in the support section and in the 2nd post on this thread, BTC Guild has had an official policy for the amount of time that will be given in the event of closure. The official date that BTC Guild will cease all business is January 31, 2015. This post is the start of the identified 3 months of warning.

1) Effective immediately, registrations are closed to new users. 2) BTC Guild mining servers will remain online until November 30, 2014. 3) Users will have until 11:59 PM (PST) on January 31, 2015 to withdraw any remaining balances on their account.

The above timeline may change if BTC Guild is sold prior to the planned date of closure.

Main Reasons for Closure 1) Risk/cost of a successful attack against the pool....

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Unfortunately, i started mining with my own hardware only 4 weeks ago, so i missed the “great times” where mining was easy and you could not lose money. Today its a bit more complicated – you have ASICs (Application Specific Integrated Circuits) mining hardware, which is designed for mining SHA-256 coins (=Bitcoin) in the 3rd generation like the antminer s4, next year the 4th generation will be released with more power and less energy consumption. But so i can give you very actual numbers for december 2014 that i have proved and you can profit from this brand new numbers.

First ask yourself from basic maths what can i earn as maximum by mining bitcoins?

If you have an Antminer S4, this bitcoin asicminer will bring you around 2 TH/s – this means, per second it can calculate 2 ‘ 10^12, ergo 2,000,000,000,000 Hashs per second, its power consumption is about 1400 watts an hour (so you calculate your energy costs 24*1.4 = 33,6 kW per day).

Okay now we want to know...

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Slush Pool is the first publicly available mining pool, first annouced in 2010 under the name Bitcoin Pooled Mining Server. Slush Pool allows users to mine BTC and ZEC. Bitcoin can be mined for a 2% fee, while ZEC is mined for free. The pool shares the transaction fees earned with miners. The coinbase signature for this pool is: "/slush/"

The servers for Slush Pool are:

BTC

USA: stratum+tcp://us-east.stratum.bitcoin.cz:3333 Europe: stratum+tcp://eu.stratum.bitcoin.cz:3333 China: stratum+tcp://cn.stratum.bitcoin.cz:3333 Asia-Pacific/Singapore: stratum+tcp://sg.stratum.bitcoin.cz:3333

ZEC

USA, east coast: stratum+tcp://us.zec.slushpool.com:4444 Europe: stratum+tcp://eu.zec.slushpool.com:4444 Mining pool minimum payout

0.001 BTC 0.001...

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I think starting any business is difficult to get the initial customers in, but once you do I'm sure you won't have these issues.

If you compare running a pool to a conventional business you could, if you have a "marketing" budget incentivise people by, for example, for every block mined for the month of May you will increase payments by 10%. So rather than splitting 10 ZEC between the miners, you split 11 ZEC. So you are contributing 1 ZEC of your own "money"... The cost for each block found would be around $90 to you, but could bring in lots of miners.

You are offering zero mining fees currently, so think you need to go the extra mile/km. I think once you get people, and the number of blocks found on your pool increases more people will stay as your dashboard/interface really is...

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Bitcoin mining is still popular among folk who are interested in Bitcoin and want to earn at least a few Bitcoins. Today, the biggest part of the market has been taken by the big investors with data centers, latest equipment, and software. However, there are still a lot of Bitcoins for those who mine in pools. If you’re one of them, this is the article especially for you. Let us explain how to join a pool in the best possible way and how you can earn money.

Think Carefully when there is a Deal with Your Money

First, it is easier than it appears. There is a list available of the main mining pools on the Internet. You can find it yourself but we have already done this for you. Just click on this link and choose the pool that you like. You may be wondering which platform should you choose. You should aim to find a balance. That may be the most popular platform, with a high number of members and giving a high return. There is a danger though of a shutdown of the whole...

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Before we start, if you’re new to Bitcoin mining and don’t know what it is watch this short and simple explanation:

“Is Bitcoin Mining Profitable in 2017?“

The short answer would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated let’s make sure you are familiar with the different variables:

Hash Rate – A Hash is the mathematical problem the miner’s computer needs to solve. The Hash Rate is the rate at which these problems are being solved. The more miners...

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Поделитесь своими мыслями о любом твите, просто ответив на него. Найдите тему, которая вам интересна, и вступайте в беседу.

Мгновенно узнавайте о том, что обсуждают люди прямо сейчас.

Читайте больше учетных записей, чтобы получать мгновенные обновления о том, что вас больше всего интересует.

Читайте самые последние беседы на любую тему, мгновенно появляющиеся в вашей ленте.

Следите за тем, как разворачиваются лучшие...

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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.

Introduction

With increasing generation difficulty, mining with lower-performance devices can take a very long time before block generation, on average. For example, with a mining speed of 1000 Khps, at a difficulty of 14484 (which was in effect at the end of December, 2010), the average time to generate a block is almost 2 years.

To provide a more smooth incentive to lower-performance miners, several pooled miners, using different approaches, have been created. With a mining pool, a lot of different people contribute to generating a block, and the reward is then split among them according to their processing contribution. This way, instead of waiting for...

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Comparison

Payout Methods comparison - http://eligius.st/~luke-jr/samples/800MH-3/

Comparison of mining pools - Bitcoin - https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Reward types & explanation:

CPPSRB - Capped Pay Per Share with Recent Backpay. DGM - Double Geometric Method. A hybrid between PPLNS and Geometric reward types that enables to operator to absorb some of the variance risk. Operator receives portion of payout on short rounds and returns it on longer rounds to normalize payments. ESMPPS - Equalized Shared Maximum Pay Per Share. Like SMPPS, but equalizes payments fairly among all those who are owed. POT - Pay On Target. A high variance PPS variant that pays on the difficulty of work retuened to pool rather than the difficulty of work served by pool PPLNS - Pay Per Last N Shares. Similar to proportional, but instead of looking at the number of shares in the round, instead looks at the last N shares, regardless of round boundaries. ...
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The Importance Of Bitcoin Miners

Security - the most part where miners plays important role. Without them, the security of Bitcoin technology would be weak and prone for attacks with bad actors. Bitcoin users don’t bother on this idea.

But miners keeps the checks and balance of the BTC ecosystem.

Meaning of Bitcoin Mining Pool

Warehouses can now cater Bitcoin mining that you are doing with your computer in a large scale. Those warehouses connects the hashing strategy thru Bitcoin mining pools.

The question now is “what is a bitcoin mining pool and how it affects the bitcoin ecosystem?”.

Bitcoin mining pools are collection of Bitcoin miners who have the same strategy and group up to get block solve and share on the same reward. The reward sharing will depend on their power contribution and the method that they are exercising towards Bitcoin mining.

While the idea of mining pool is astonishing, the downside also is that you are...

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How do I get started?

To get started, please buy a cloud mining contract from us. You don't need any special hardware to do cloud mining, we will do the mining for you. If you have your own specialized mining hardware (such as an Antminer S9 or Avalon 721), you can connect it to our pool with the address displayed in the dashboard.


Why do I earn more at Bitcoin.com Pool?

We pay 110% of the block reward, charge 0% fees, and have an extremely high share acceptance rate. Our hashrate contracts also have the most competitive prices in the industry.


Why are you selling cloud mining contracts? Why not keep the profit for yourself?

We are selling cloud mining contracts to grow our hashrate. Even though our prices are the lowest in cloud mining industry, we still make a slight profit from each sale. We will use the sales revenue to immediately purchase more mining hardware.

If we didn't sell mining contracts, we would have to...

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