What prevents miners in a pool from retaining the reward?

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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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a


because my statistics are based on my observations. On Coinotron I'm mining has on average 14% higher in 24 hours. And the data that I have given above, it is only confirmed.

yes, Some people...

@vigmar

Simple calculators are broken for Ethereum. I'll tell you in detail.
Calculators out there do all math with this formula.

Expected profit = (Reward per block * ETH price * target constant value from ETH) / difficulty

Keep in mind that this formula came out from Bitcoin and it doesn't include any loss from network latency and resetting mining job from miner program. There's also other reasons like block processing time, peer replay time. These kind of loss is quite huge for short block time coins.

Bitcoin has 10 minutes block time, and that formula nearly matched.
Dash has 2.5 minutes block time and has 4~10% error in reality.
old Maxcoin which had 30 seconds blocktime had 9~20% error in reality.
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It's almost less that there's a old stamp in there and more that the same tight configuration of rushed miner rewards fall around it in such a similar configuration so often, and I'm not even looking for it. I just notice it in the most recent transactions when I check zchain to see what the difficulty is.

4 rewards in 60ish seconds, one well out of time sync. I gather the rewards wouldn't roll out like clockwork regardless of timestamp, but how likely is this particular pattern to keep repeating so often that I keep spotting it off-handedly at the top of recent tx?

I know this could just be noise, but I may keep posting it from time to time in hopes of inspiring someone smarter and more heavily vested in Zcash to take a closer look, because it sure smells like a signal. A smart attacker may well avoid abusing the attack to avoid detection, but if I've spotted it this many times without looking, what would a smart search for that pattern unveil?

Edit: just...

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The Bitcoin block reward refers to the new bitcoins distributed by the network to miners for each successfully solved block.

How is the Block Reward Determined?

Satoshi Nakamoto, Bitcoin’s creator, set the block reward schedule when he created Bitcoin. It is one of Bitcoin’s central rules and cannot be changed without agreement between the entire Bitcoin network.

The block reward started at 50 BTC in block #1 and halves every 210,000 blocks. This means every block up until block #210,000 rewards 50 BTC, while block 210,001 rewards 25. Since blocks are mined on average every 10 minutes, 144 blocks are mined per day on average. At 144 blocks per day, 210,000 blocks take on average four years to mine.

Total circulation will be 21,000,000 coins. It’ll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years. first 4 years: 10,500,000 coins next 4 years: 5,250,000 coins next 4 years: 2,625,000 coins next 4 years:...

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Mining Pools{"topic":{"topicId":3466806,"title":"Mining Pools","photoPath":"http://34432c1d060c27f1f77a-aacafbb5ace9c73110b1a1342caced8b.r95.cf1.rackcdn.com/3466806_390a9099.jpeg","markLike":0,"articles":14},"errors":{},"location":{"country":"Russia","state":"Moscow","city":"Moscow","latitude":55.75222,"longitude":37.61556,"photoPath":"https://9629f568df7d267af0c6-00ec22ed68eba45fdbe4d344e3f0d92c.ssl.cf1.rackcdn.com/3_11094_6944302f.jpg","locationId":11094,"value":"Moscow","label":"Russia, Moscow,...
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Buying hashing power at NiceHash is very simple. We offer you two types of hashing power orders:

Standard bidding type: this type of order will allow you to bid for a price as low as possible, however if some other out-bids your order then your order might be paused and you may have to increase price to sustain speed. That said you have to monitor your orders to make sure you maintain desired speed. Fixed type: this type of order will allow you to place an order with fixed price and will guarantee you the desired hashing speed through order's lifetime, even if there are other bidding orders with higher price submitted later on. You will have to pay a bit higher price in relation to current fixed orders demand.

Please keep reading and

see below

for detailed explanation of each type of order.

You are also welcome to try automatic order management by using NiceHashBot, take a look at FAQ Are there any automation tools for orders and account management? for...

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Recently, the GHash mining pool breached Bitcoin etiquette to become a 55% miner for Bitcoin . This collapsed the key value proposition of Bitcoin, namely, its decentralization. In turn, there has been considerable criticism and backlash. Many people in the community, including us, have noted that etiquette or the good will of miners are not sufficient to keep monopolies at bay, and called for technical measures to disincentivize large mining pools.

In this post, we present a specific technical fix, called Two Phase Proof of Work (2P-PoW), to disincentivize large mining pools. We first describe the problem, outline the requirements for a good solution, and then present the simplest solution that we know of that meets those requirements.

The critical property of our solution that sets it apart from previous ideas is that it preserves the current investment in Bitcoin by both existing users and by existing miners. It provides a seamless, smooth transition from the...

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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 known as...

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This item has been corrected.

If you clicked the button above, then you are currently mining bitcoin, the math-based digital currency that recently topped $1,000 on exchanges. Congratulations. (It won’t do anything bad to your computer, we promise.)

New bitcoins are created roughly every 10 minutes in batches of 25 coins, with each coin worth around $730 at current rates. Your computer—in collaboration with those of everyone else reading this post who clicked the button above—is racing thousands of others to unlock and claim the next batch.

For as long as that counter above keeps climbing, your computer will keep running a bitcoin mining script and trying to get a piece of the action. (But don’t worry: It’s designed to shut off after 10 minutes if you are on a phone or a tablet, so your battery doesn’t drain).

So what is that script doing, exactly?

Let’s start with what it’s not doing. Your computer is not blasting through the cavernous depths of...

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If you've ever wondered where Bitcoin comes from and how it goes into circulation, the answer is that it gets "mined" into existence. Bitcoin mining serves to both add transactions to the block chain and to release new Bitcoin. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards incentivize mining and include both the transaction fees (paid to the miner in the form of Bitcoin) as well as the newly released Bitcoin.

Security of the Bitcoin Network

Bitcoin mining is decentralized. Anyone with an internet connection and the proper hardware can participate. The security of the Bitcoin network depends on this decentralization since the Bitcoin network makes decisions based on consensus. If there is disagreement about whether a block should be included in the block chain, the...

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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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Thank you for mining at our pool. We have stopped operating. No, we're not bankrupt. We decided to switch our reward system from PPS to something else. We have reassessed the risks associated with running a PPS reward system in regards to Withholding Attacks, and have decided we cannot manage such risk while providing a quality service at a low fee. We're working on launching a new pool with a different reward system where Witholding Attacks cannot damage the pool operator in… such a direct way. For your reference, a Withholding Attack is where a malicious miner does not give the block solution when the miner finds it to prevent the pool from getting the reward, while getting paid for shares the miner submits. This kind of attach is easy to do, and it seems pool operators do it to each other to put each other out of business, or to draw miners to their own pool. We started in January 8th, and we've been lucky to have made more than we paid out throughout this learning process. We...

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Miner credits (Top 100)

Each submitted share will increase the credit of the miner who submitted the share by the share difficulty.

The miner who accumulated the most credits will receive the reward of the next mined block and his credits will be reset to his current credits minus the credits of the runner up miner.

Re-setting the credits of the miner who did receive the block reward to 0 was abandoned as it did penalize miners having an above average hashrate.

Usually a miner will receive a full block reward as soon as his accumulated credits equal the current block difficulty (+/- pool luck).

Uncles are paid on top of the full block rewards! Which means you will receive at least 5 Ether for the block, and if you are lucky up to 3.75 additional Ether for an...

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Lots of people believe Bitcoin is impregnable.

Yesterday showed it may not be.

GHash.io, the world's largest collective of bitcoin miners, gained control of more than 42% of all of the computer processing that powers the Bitcoin network. (Because of the expense now involved for a single miner to create bitcoin, lots of people now pool their computing power.) It's the first time they came close controlling more than 50% of the entire network. Were that 50% threshold ever crossed, a host of problems have the potential to occur. We'll get to what those are in a moment.

Bitcoin miners exist to make a buck. But the price they pay to do so is to confirm other people's transactions. This makes sure the same bitcoins, which of course don't physically exist, aren't spent twice.

When they perform such a confirmation, by unscrambling an encrypted string of letters and numbers, they're rewarded with bitcoins. This is what the ...

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