Is P2Pool vulnerable to pool hopping?

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We took your favorite pool of all time and made it compatible with you favorite coin of all time. Here is the result. P2Pool for Galtcoin!


What is P2Pool?
P2Pool

is a decentralized pool that works by creating a P2P network of miner nodes. These nodes work on a chain of shares similar to Bitcoin's blockchain. Each node works on a block that includes payouts to the previous shares' owners and the node itself. There is no central point of failure, making it DoS resistant. For information is available on their

homepage

,

wiki page

or

GitHub

.


Getting and setting up P2Pool + Galtcoin

Setup P2Pool as normal (see

wiki page

) with the following exceptions:

Linux Startup Command:

nohup python p2pool/run_p2pool.py --net galtcoin --give-author 0 &

NOTE: To see stats, go to

http://localhost:10334/NOThttp://localhost:9333/

List of all blocks found:

...
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Cryptocurrency mining has come a long way since Satoshi Nakamoto mined those very first Bitcoins using only CPU cycles.

Background

The harnessing of graphic card GPUs pushed mining rates to Gigahashes per second, and recently, the development of ASICs made Terahash rates possible. Many miners either fell out of the race or were forced to form pools – combining their hashing power in order to mine profitably. So began the era of the mining pools, behind whose power to make or break small altcoins, lay a greater threat: the 51% Attack. More on that later.

The sheer hashing difficulty and cumulative network hash rate of the Bitcoin (and now many other cryptocurrencies) network makes pooled mining a necessity. Whereas much negative publicity surrounds the traditional pools, it must be emphasized that reputable mining pools do exist. One such pool, Eligius, predates P2Pool and was created by Bitcoin core developer Luke-Jr, whose vested trust and community standing...

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P2pool is a decentralized, peer-to-peer mining network for bitcoin, and litecoin.

It has been around for sometime now; however, it hasn't gained much popularity. There are several reasons why p2pool hasn't gained traction in the mining world. The most prevalent being, that it's more difficult to initially setup. The other factors are a higher variance (slower payouts), and regular pools are basically point-and-go.

Mining on a centralized pool, is done through a single connection. For example, your miners connect to: thebestcryptominingpoolever:3333. Upon doing so, you've given your hashing power to a single point of failure. Not only does that affect the bitcoin/litecoin network. It affects your mining earnings as well.

From its inception. The bitcoin and litecoin networks have been vulnerable to attacks. One of the most common, and potentially devastating is the 51% attack. What this means when an attacker, (or group of attackers) gains more than...

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Some mining pools have a reward method for which some times are better to mine than others; normally, miners contribute to the pool equally through good and bad times, and their reward averages out to what is statistically expected.

Pool-hopping is the practice of mining in a pool only during the good times, and leaving during the bad times; by so doing, a pool-hopper can get more out of the pool than the value he contributes to it, increasing his rewards at the expense of other miners. Pool-hopping gets its name from the act of constantly hopping into and out of the pool (to either other pools or solo mining).

The most well-known form of pool-hopping is with pools using the proportional method, which is among the oldest, simplest, most widely used and most prone to hopping. By all accounts hopping in this context was first discussed in a paper from January 2011 by Nakamoto Ryo; a more accurate analysis was given shortly after in Optimal pool abuse strategy by Raulo;...

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“I think P2Pool makes mining fun again.” -gmaxwell, Bitcoin Core Developer.

Decentralized Mining. Supports the network and prevents a 51% attack. It's good for Bitcoin and it's good for you.

Trust-less Payments. P2Pool pays you immediately every time a block is found, we never touch your Bitcoin.

Typically a miners first question is how much and how often will I be rewarded for my work, and we will get to that in a moment... Before we do, there are some things you should be aware of, things that set P2Pool apart from any other mining pool. Things that make P2Pool awesome.

Unlike centralized mining pools, P2Pool is based on the same peer-2-peer (P2P) model as Bitcoin, making the pool as a whole highly resistant to malicious attacks, and preserving and protecting the decentralized nature of Bitcoin.

When you launch a P2Pool node; it seeks out, connects with, and shares data with a decentralized network of other P2Pool nodes (also...

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There are two different difficulty settings you can specify. Share Difficulty and Pseudo Share Difficulty. It is important you understand the difference between these two settings.

Share Difficulty by address is shown in the Active Miners on This Node section.

Share Difficulty: address/
Sets the share difficulty for shares that count towards a payout.

P2Pool takes the Total Hash Rate on each node and assigns a share difficulty for that node based on that number. This means that large miners may increase the share difficulty on a node to a point where smaller miners are working on shares too difficult for their speed.

The maximum a node can raise the share difficulty is 30x the P2Pool share difficulty. To determine the maximum share difficulty find the P2Pool share difficulty displayed in the Status Section for your pool and multiply by 30.

The P2Pool share difficulty displayed in the Status Section is the lowest share difficulty that can be...

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p2pool/network.py

nyancoin=math.Object( PARENT=networks.nets['nyancoin'], SHARE_PERIOD=10, # seconds CHAIN_LENGTH=12*60*60//10, # shares REAL_CHAIN_LENGTH=12*60*60//10, # shares TARGET_LOOKBEHIND=20, # shares SPREAD=5, # blocks IDENTIFIER='fcfcd9d9b7b7dded13'.decode('hex'), PREFIX='fcd9b7dd'.decode('hex'), P2P_PORT=18424, MIN_TARGET=0, MAX_TARGET=2**256//2**20 - 1, PERSIST=False, WORKER_PORT=20424, BOOTSTRAP_ADDRS=''.split(' '), ANNOUNCE_CHANNEL='#p2pool-alt', VERSION_CHECK=lambda v: True, ),

bitcoin/network.py:

nyancoin=math.Object( P2P_PREFIX='fcd9b7dd'.decode('hex'), P2P_PORT=33701, ADDRESS_VERSION=45, #pubkey_address RPC_PORT=5585, RPC_CHECK=defer.inlineCallbacks(lambda bitcoind: defer.returnValue( 'nyancoin address' in (yield bitcoind.rpc_help()) and not (yield bitcoind.rpc_getinfo())['testnet'] )), SUBSIDY_FUNC=lambda height: 337*10000000 >> (height + 1)//370000, POW_FUNC=lambda data:...
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Frequently Asked Questions

Q: What is P2Pool?
A: P2Pool is a decentralized mining pool that works by creating a peer-to-peer network of miner nodes making the pool as a whole highly resistant to malicious attacks, and preserving and protecting the decentralized nature of Bitcoin and other Altcoins.

You can find more useful information at p2pool.org, the P2Pool WiKi and Guide for mining efficiently on P2Pool.

Q: How is P2Pool different?
A: P2Pool has it's own sharechain with a fast target speed of 10 seconds per share. This sharechain is used between nodes to distibute the work. Do not confuse the P2Pool sharechain with a coins blockchain. Since the P2Pool sharechain has such a rapid expiration of work you will notice a lot of restart messages to the miner.

It may take some time for smaller miners to obtain a share. This will result in an increase of variance but over time you should experience higher payouts when compared to other...

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Nothing guaranteed, of course this is only a rough estimate!
Do not enter commas, only dots for decimal separator. You can also calculate rented mining by setting “Power consumption” to 0 and “Cost of mining hardware” to the rent per time frame. Default values are for a system of four 6870s.

Estimate Strategy

Extrapolating bitcoin difficulty or price is pure voodoo. It is much easier to predict the relationship of the two parameters in form of the Mining Factor. The Mining Factor 100 is the value in USD of the bitcoins you can generate if you let a 100MHash/s miner run for 24 hours. If the Mining Factor 100 rises above $2 or so everybody buys mining equipment and thus increases difficulty. If it falls people will stop mining eventually. The estimate starts with the current Mining Factor and decreases it exponentially such that the decrease accounts for the factor decline per year. Please note that a profit/loss by holding the coins is not accounted for in this...

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Introduction

All too often people get in to mining and...

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