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Why isn't GHash/CEX.io addressing the community? BTC Guild used mitigation efforts in the past when they breached thresholds - GHash/CEX promised the same but then failed to follow through. Why haven't they explained why or made any comment?

The community has long expressed it's concern over any pool owning more then 50% of the mining network
What's going on?
Yesterday GHash/CEX.io's mining pool breached 51% of the hashing power in the bitcoin transaction network. This is dangerous because when a pool begins to regularly be above certain hashing power thresholds, there are weaknesses in the bitcoin transaction network that can be exploited.
In a rising value currency, such weaknesses are flat out not acceptable. These security flaws become exposed when the risk of a 51% attack is exposed.
How have other pools handled this in the past?
In 2013, BTC Guild issued mitigation guidlines incase their pool began to breach certain thresholds of the mining network.
bitcointalk link
If Pool Speed is Over 40% of Network
BTC Guild will begin limiting the creation of new accounts. Additionally, the fee on PPS will be increased from 5% to 7.5% on all new miners, and will be moved to 7.5% on old miners after the difficulty changes. PPLNS will remain at the 3% + tx fees rate initially.
If Pool Speed is Over 45% of Network
BTC Guild will remove all getwork based pool servers within 24 hours. This is expected to reduce the pool by about 3.5 TH/s, or roughly 15% as of this post.
If Pool Speed is Over 45% of Network After Getwork is Removed
PPLNS fee will be raised to 4%, and new registrations will be completely closed off until speed drops back under 40%.
What is GHash/CEX's Mitigation Plan?
We don't know. They have expressed goodwill towards the community but have not given any guidelines of their plan of action.
GHash.IO does not have any intentions to execute a 51% attack, as it will do serious damage to the Bitcoin community, of which we are part of. On the contrary, our plans are to expand the bitcoin community as well as utilise the hashing power to develop a greater bitcoin economic structure. If something happened to Bitcoin as a whole it could risk our investments in physical hardware, damage those who love Bitcoin and we see no benefit from having 51% stake in mining
-GHash/CEX
This was addressed a week before they breached the 50% threshold.
CryptoCoin News interview with Jeffrey Smith, Chief Info Officer
CCN: What has ghash.io learned from the last time this happened [gaining large percentages of the hashing power?]
Jeffrey Smith: We understand that the Bitcoin community strongly reacts to GHash.IO’s percentage of the total hash rate. However, we would never do anything to harm the Bitcoin economy; we believe in it. We have invested all our effort, time and money into the development of the Bitcoin economy. We agree that mining should be decentralised, but you cannot blame GHash.IO for being the #1 mining pool.
CCN: What steps were put in place to ensure something like this didn’t happen again? (stop accepting miners when you guys are at 50%?)
Jeffrey Smith:
Just yesterday, they repeated the same mantra. That they are coming up with a solution very soon™.
via CEX's Twitter
We are not intending to capture the 51% of the overall #Bitcoin hashrate. Working on solutions for decentralising Bitcoin mining. Stay tuned
GHash/CEX, can you please address the community's concerns? Your actions currently are making us very worried. Not talking to us is only making us more anxious and frustrated.
There should have been clear guidelines beforehand, and constantly prolonging this is making things worse.
tl;dr?: GHash/CEX.io made promises to not breach certain thresholds in the past. They have broke these promises and not addressed the concerns of the community
submitted by ForestOfGrins to Bitcoin [link] [comments]

LTC to BTC - differences in mining

Hi /BitcoinMining
With LTC mining being reported as less profitable than BTC mining, I changed an older rig (Win 7 x64, cgminer 3.0.1, Catalyst 12.8, 2GB version 6950) over to BTC to see what the differences were. I signed up with the BTC Guild and chose PPLNS because this reward scheme worked well in LTC-land, and in a few minutes the pool was reporting an accurate hashrate for the worker.
cgminer is running with only the pool and worker parameters because I haven't read tuning methodologies for BTC mining. The GPU is currently reporting 354 Mh/s, 99.1% shares accepted, but only a work utility of 4.9/m. BTC Guild reports 379.04 Mh/s and 99.07% shares accepted. The allchains calculator estimates 0.016 BTC/day for 354 Mh/s but the rewards from BTC Guild are only averaging 0.011 BTC/day. Given that BTC Guild is reporting a higher hashrate, this lower reward is unexpected.
My initial questions are:
(1) Is there a recommended tuning guide for BTC mining? This GPU was performing really well with LTC mining and I'd like to make it more efficient for BTC.
(2) What would be causing, or contributing to, the significantly lower reward from BTC Guild?
Cheers.
submitted by ltc_for_me to BitcoinMining [link] [comments]

Is BTCGUILD dying?

I read the following on BTCGUILD's recent News page:
The Pay-per-Share method is being removed from BTC Guild over the next 12 to 24 hours. For users who are not aware, the PPS method means the pool actively loses money during bad luck, with the assumption that the long run will make the pool significantly more. This has been the case since inception, but there is another risk associated with PPS in the form of the hot wallet. Pools keep a hot wallet balance which is used to pay miners when they request payouts.
Due to PPS being unrelated to blocks being solved, a PPS pool is required to keep the hot wallet balance significantly higher than a non-PPS pool. This means the risk of an attack on the pool draining the hot wallet is significantly greater. With the value of Bitcoins these days, paired with the shrinking of pools as larger private farms coming online, the variance of PPS (on the pool side) has become too significant for BTC Guild to continue offering it with the added risks it requires.
PPLNS is a better deal for miners in the long run. Even with the bad luck the pool has had the last few weeks, the pool is still positive on luck for the last 3 months. Mining on BTC Guild has produced better than 0% PPS equivalent payments for the last 3 months when factoring in orphaned block payouts, transaction fees, and Namecoins. Miners make more money, and the pool is able to operate without losing money when luck is bad, and without having to keep as many coins at risk should an attack ever be successful against the pool.
submitted by r0nj0hn3 to Bitcoin [link] [comments]

Is BTCGUILD dying

I read the following news on BTCGUILD today:
The Pay-per-Share method is being removed from BTC Guild over the next 12 to 24 hours. For users who are not aware, the PPS method means the pool actively loses money during bad luck, with the assumption that the long run will make the pool significantly more. This has been the case since inception, but there is another risk associated with PPS in the form of the hot wallet. Pools keep a hot wallet balance which is used to pay miners when they request payouts.
Due to PPS being unrelated to blocks being solved, a PPS pool is required to keep the hot wallet balance significantly higher than a non-PPS pool. This means the risk of an attack on the pool draining the hot wallet is significantly greater. With the value of Bitcoins these days, paired with the shrinking of pools as larger private farms coming online, the variance of PPS (on the pool side) has become too significant for BTC Guild to continue offering it with the added risks it requires.
PPLNS is a better deal for miners in the long run. Even with the bad luck the pool has had the last few weeks, the pool is still positive on luck for the last 3 months. Mining on BTC Guild has produced better than 0% PPS equivalent payments for the last 3 months when factoring in orphaned block payouts, transaction fees, and Namecoins. Miners make more money, and the pool is able to operate without losing money when luck is bad, and without having to keep as many coins at risk should an attack ever be successful against the pool.
submitted by r0nj0hn3 to BitcoinMiner [link] [comments]

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Bitcoin: PPLNS vs PPS. From ETCwiki. Jump to navigation Jump to search. There are many ways to turn your computing power on the Bitcoin network into payments to your wallet. Using pools is one of the easier options to make money fast with low investment. The Pool I recommend is BTCguild which makes up the largest pool on the network right now. There are 2 payment methods in this pool, 2 ... MinerGate was founded on 24th of March, 2014. It supports both PPS and PPLNS payment modes. MinerGate Miner. MinerGate has 2 types of miners: GUI and console. They are available on Windows (32 and 64 bit), Mac and Ubuntu. Also there is admin version for Windows. Admin edition miner allows to launch application on several computers in background ... BTC Guild is a mining pool which offers proportional based rewards, where your reward is equal to the block value, multiplied by your valid shares submitted during the round. The pool does not take a fee from each block solved, and calculates rewards to the full 8 decimal points supported by the Bitcoin protocol. The pool is run off the donations of users, and is offering premium services at ... Bitcoin.pl to pierwszy polski portal poruszający tematykę Bitcoina i Kryptowalut. Działamy od 2010 roku, dostarczając czytelnikom najważniejsze informacje z rynku. So PPLNS is a riskier method of reward, with potentially lower or higher earnings for your mining. Also, a lot of PPLNS pools are being marginalised, and if the have a high payout threshold, it may take some time to be able to cash out. We’ve reviewed several mining pools so far with gHash.io and BTC Guild using this payout

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How To Mine bitcoins using BFGminer - YouTube

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