Fair pool mining
A cryptocurrency enthusiast willing to reap profits through the standard mining process either goes solo using their own mining devices or joins a mining pool where a person's mining resources are clubbed with those of other pool miners to improve the mining output with enhanced processing. This article discusses how mining pools work. It discovers hidden gold that is not yet available. Successful mining allows the individual digger or the mining company to own the gold. Cryptocurrency mining works similarly, as virtual coins can be discovered digitally using computer programs.
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- Mastering Bitcoin by
- WHAT ARE THE CRYPTO-MINING POOL SHARES?
- 10+ BEST Bitcoin Mining Pools (High BTC, Ethereum Payouts)
- Transparency at our core
- Essential Details One Must know about Cryptocurrency Mining Pool
- PoolSim: A Discrete-Event Mining Pool Simulation Framework
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When Congress meets on Thursday to discuss the environmental impact of cryptocurrency, it will highlight a growing problem for Bitcoin miners: the perception, fair or not, that they are a menace to the planet. One company that will be watching closely is Foundry , a Digital Currency Group subsidiary whose network of Bitcoin mining machines has quietly become one of the two biggest in the world, the other being China's Antpool ; volume varies from week to week.
Foundry is an American success story, helping its customers rake in thousands of Bitcoins and helping repatriate a growing industry to U. But the growing environmental scrutiny could mean Foundry's future depends on persuading governments and the public to accept a novel and contentious proposition: that crypto mining will play a key role in ushering in an era of renewable energy.
Bitcoin is a borderless technology, but got its start in the U. The first to use it were Bay Area cryptographers, including the coder and Satoshi-confidante Hal Finney, who mined it on home computers.
In those early days, many Americans mined Bitcoin on their own—sometimes on cell phones —or started companies to mine it at scale.
By , however, the popularity of Bitcoin meant that anyone who hoped to mine new coins on a regular basis required machines with specialized chips, known as ASICs, dedicated to that purpose.
And as with so many other computer components, Asian companies became the ones to make them. China, in particular, dominated not just the manufacture of Bitcoin "rigs" but also the use of them; Chinese mining pools for years raked in the lion's share of newly mined Bitcoins.
After mining a handful of Bitcoins with its own rigs in , Foundry switched to a federated model the next year, supplying financing and machines to Bitcoin companies across the U.
The company also created a pool for U. Then Foundry and other U. The result is that some a majority of Bitcoin mining now happens in North America.
Meanwhile, Foundry helped Asian miners with the difficult logistics of transferring their machines—and sometimes their entire operations—to U. So far this year, Foundry's network has already mined 2, Bitcoins, or an average of per day. Most of this money, until recently, would have gone into the pockets of Chinese companies. Now, it is American investors and operators who are reaping the Bitcoin bonanza and ensuring that, like in crypto's early days, the bulk of crypto wealth is staying in the United States and Canada.
This would be an unadulterated American success story if not for the growing environmental concerns about Bitcoin mining—concerns that were once muttered by a handful of green activists, but are now the subject of a hearing in the U. The crypto advocates at the hearing are likely to emphasize that most newer crypto projects, such as Solana or Tezos , use only a tiny fraction of the power used by Bitcoin since they don't require a " proof of work " system to update their blockchains.
The second-biggest cryptocurrency, Ethereum, is expected to move away from proof of work later this year. That's not the case for Bitcoin, which has no plans to abandon proof of work, even as it remains the biggest blockchain in terms of economic value and power consumption. That status means that those who mine Bitcoin are likely to be singled out by environmentalists and lawmakers.
Most crypto enthusiasts regard Bitcoin as a marvelous new technology that spreads wealth and financial inclusion across the world.
Critics view it differently. They see it as an environmental catastrophe—a computer network that guzzles more energy every year than the entire country of Argentina and that serves no useful purpose beyond enriching selfish libertarians. In recent months, the critics have had momentum on their side. Bitcoin production to ban crypto mining. The industry is faring no better in Europe, where a Swedish push to outlaw Bitcoin mining is gaining steam.
Meanwhile, a key financial regulator has proposed implementing a similar ban across the continent. The Bitcoin community has mostly reacted to its critics with indignation, framing their complaints as ill-informed and driven by spite, and pointing out that the traditional finance industry likewise guzzles immense amounts of energy.
Such knee-jerk rebuttals are unlikely to deflect environmental scrutiny, and Foundry and other U. He and other Foundry executives tell Decrypt that Bitcoin mining is helping build a bridge that will help the U. Colyer points to Texas, which is trying to build out its solar energy capacity after an unreliable grid plunged millions into darkness last winter. He notes that Foundry and its partners are signing deals with solar and hydroelectric providers, or sometimes buying them outright, to purchase large quantities of power.
According to Colyer, pledges by Bitcoin companies to purchase power can tilt the balance when it comes to utilities deciding whether or not to build a solar station or other type of renewable energy plant.
Bitcoin mining, he says, "has becomes a powerful flywheel for renewables. It's a path to a renewable energy future. Colyer adds that mining companies can also help with "load balancing," or drawing energy during off-peak hours when utilities have a surplus.
In practical terms, this means a Texas utility might provide the bulk of its capacity to Houston residents cranking their AC during an afternoon heatwave, and then supply power to Bitcoin companies at night when temperatures cool off. Foundry is already in talks with Texas power companies that have progressed "beyond the learning phase," says Colyer, though he declined to specify which ones, saying the companies are wary about publicizing the initiatives.
This reluctance is likely the result of hard lessons learned during the Bitcoin boom of when fly-by-night companies promised a Bitcoin bonanza to public utilities across the U. The current mining boom is different, according to Colyer, who says Foundry and its parent company are here for the long term and have always taken care to mind regulators and maintain a positive reputation.
Colyer isn't the only one who claims the North American mining industry has evolved. John Warren, the CEO of a smaller mining firm called Gem that is backed by hedge funds and family offices, makes similar arguments. Even though the energy mix for Bitcoin mining in North America is considerably cleaner than elsewhere, the fact that dirty fuel like coal is powering any crypto operations is unlikely to sit well with environmentalists—indeed, a fossil fuel operation on Seneca Lake in upstate New York has created negative headlines around the world.
Foundry's claim that Bitcoin mining is accelerating a transition to renewables may allay some of these concerns. But not everyone is convinced its theory holds up. Alex de Vries is a researcher at the University of Amsterdam whose website Digiconomist has become an influential voice in the debate over the environmental impact of cryptocurrency. In an interview with Decrypt , he claimed the "bridge to renewables" thesis put forth by Foundry and others is not persuasive.
According to de Vries, miners' "load balancing" argument—that they won't burden energy grids by drawing power primarily in off-peak hours—is improbable given the economics involved with running a Bitcoin rig.
He points out that miners are in a race against time since the chips in a rig typically become obsolete within 18 months, which means miners have a strong incentive to run the rigs around the clock.
And de Vries is skeptical that Bitcoin miners can be a significant spur for developing new renewable power stations. The problem, he says, is that constructing a new power facility takes time—something that miners rushing to deploy their rigs cannot afford. More broadly, de Vries says he and others—including the environmentalists pushing for an outright ban on Bitcoin mining in Sweden—question whether the benefits of Bitcoin are adequate to justify expanding any renewable energy.
Others raising this question include Steve Wright, who manages hydroelectric dams in the Pacific Northwest. For Foundry and millions of Bitcoin boosters around the world, the answer to Wright's question is an unequivocal yes. To them, Bitcoin mining not only provides benefits in terms of the financial network it offers, but also acts as an important catalyst for expanding the total supply of renewables.
The Foundry executives are convinced their argument is the right one. It remains to be seen if U. In brief Bitcoin mining's migration to North America has raised scrutiny of its environmental impact. Mining giant Foundry claims the industry is accelerating a move to renewables. The issue has become hot enough to merit a hearing in Congress. Load More.
WHAT ARE THE CRYPTO-MINING POOL SHARES?
If you have an unpaid VCASH balance in your account, please update to a valid wallet by following the steps in this guide. Due to VCASH transactions requiring nodes to be online, please do test the wallet availability before updating your payout address to avoid any losses. As the Ergo node anomaly has been resolved, f2pool has reopened the Ergo mining pool as of For any other requests, feel free to contact us at support f2pool. Other coins that are merged mined with our BTC mining pool will not be affected. We support the PPS payout scheme, which facilitates higher and more stable rewards.
10+ BEST Bitcoin Mining Pools (High BTC, Ethereum Payouts)
How They Work, Benefits and Drawbacks. Mining is an essential process for many crypto assets to create new cryptos and validating transactions. Also, mining is an opportunity for individuals who want to own crypto assets by investing a small amount. However, the mining process is becoming harder and harder by day because of increasing competition in the mining process. Any miner final intention is to make a profit on what they invested that is why miner wants to mine top cryptos to book profits early but as I stated earlier that mining process is becoming harder particularly in top crypto. Name states that it is a pool of miners who share their mining resources to find a block if they succeed then they share the block reward among themself. Instead of mining individually, miners form a group to mine crypto by sharing their mining resources if they succeed to find a valid block then, they share all the block rewards among themselves. So far mining pools are the best solution for making a continues income from crypto mining because if you want to do crypto mining solely then probably you start to make a profit in 2 or 3 years if you set up high-end mining rigs or no profit at all that is why by joining mining pool you can earn money continually. Mining pool works on the basis of fair wages for fair work concept, but the real challenge is to make sure everybody working by contributing their resources.
Transparency at our core
Once you understand cryptocurrency mining and have decided to try it out, you may join a mining pool because you're more likely to be rewarded for your work. However, choosing a mining pool can be challenging—there are many to choose from and several questions to answer. Find out what you should look for in a mining pool and how to decide which one you should join. You're able to mine cryptocurrency on a variety of devices if they are capable. However, GPU and CPU mining is not as profitable as it used to be due to the increased time and energy consumption it takes to mine a coin.
Essential Details One Must know about Cryptocurrency Mining Pool
Bitcoin Mining Pools are groups operated and organized by third parties to manage hash power from miners worldwide. These platforms share the resulting Bitcoin in ratio to the hash power that is contributed to this pool. Following is a handpicked list of Top Bitcoin Mining Pools, with their website links. The list contains both open source free and commercial paid software. Binance is one of the best platforms to create a bitcoin wallet.
Urkel Pool is the only mining pool that is fully auditable. No excessive fees. No skimming. Our focus is making sure the users of our pool know exactly what they earned and why they earned it. We go above and beyond the current standard to provide ease of mind for miners. Every reward generated and every payout processed through Urkel Pool comes with a detailed report on how it was calculated.
PoolSim: A Discrete-Event Mining Pool Simulation Framework
I want to operate a Cryptocurrency mining pool. There are many operating in the US, but I can't seem to figure out how they handle taxes. I understand the cryptocurrency mining and trading rules, but the issue is - How do mining pools handle paying users for shares of work they do? Nearly all pools have no miner identification.
How to Pick a Chia PoolRELATED VIDEO: МАЙНИНГ ПУЛЫ ЧТО ЭТО? mining pools Bitcoin?
Aim: During the last few years, Bitcoin mining has become a massively collaborative enterprise. Both i and ii stem from the SHA proof-of-work employed by the Bitcoin protocol. Some researchers have challenged the second assumption arguing the possibility of 'selfish mining' in which a pool delays announcing a successfully mined block to get a head start on mining the next block [4, 7]. However, we are not aware of any empirical study investigating assumption i or ii.
I think this revision by holy-fire is the best. Subject to further user comments, i plan to revert the page to this revision. I strongly object to having Pool-Hopping included in this article. It's a way of cheating the system. It's a system that increases how much you make at the expense of others who are earning it in a more fair way.
With EIP, Ethereum will take the first step towards finally making gas fees more affordable, but it will only do so much. Since users can still include a tip on top of their base transaction fee, this will likely start yet another bidding war for getting a fast inclusion in the next blocks. On top of that, miner extractable value will become a growing problem.