Bytecoin Mining Calculator CoinWarz

TKEY mining explained. Part 1

TKEY mining explained. Part 1

https://preview.redd.it/375qshuf6fs21.png?width=1500&format=png&auto=webp&s=cf3102df8a682faf5eb9b0d20814637860a2eba0

Dear investors!
As promised, we start a series of articles about Tkeycoin mining and mining hardware. We will try to explain the process in detail and reply all the questions, if they arise. We kindly ask you not to ignore those publications and carefully read the info we provide.
To understand how mining process works in general, it is better to start with the basics. The pioneer here was the good old Bitcoin, which started to be mined back in 2009. The BTC mining technology did not really change during these 8 years - the process is still based on the Proof-Of-Work (PoW) principle and uses SHA-256 hashing algorithm.
By the way, Proof-Of-Work (PoW) existed long before the cryptocurrencies emerged, its main purpose being to create special math puzzles that required certain amount of time and resources to be solved. PoW was used to protect websites of DDOS-attacks and massive spam. In 2009 PoW was chosen by Satoshi Nakamoto for the nascent Bitcoin network, and in a few years it was already being used by millions of people for making good money.
How PoW algorithm works? The miner gets a certain math puzzle that requires spending computing power to be solved. Finding solution is a random guessing process, therefore the more computing power a miner possesses, the faster he will find the solution. The first miner to come up with the solution (to get a resulting hash) receives a certain amount of BTC as a reward for solving the block. The less lucky participants get their fraction of reward, too. It’s rather simple.
PoW principle may be compared to a class work, the teacher saying that the first student to solve the puzzle will get an A. Miners are like kids competing for an A (BTC reward). The computing power spent in the process is the amount of intellectual efforts the kids make to find the decision. Finally, the kid who comes up with the solution, gets the reward. The same happens in the Bitcoin network, though the puzzle difficulty level and the reward are different.
It looks rather simple. Naturally, millions of people all over the world soon got the idea and started to mine Bitcoins. As a result, once simple process started to get more and more complicated. There was a time, when you could mine Bitcoins with CPUs, using your home or office PC. At this stage few people knew about BTC - by the end of 2009 there were just a few hundreds of miners in the world. But the situation was changing quickly, and in the next year GPU-mining started. GPUs were faster to find the solution, and they were also cheaper, featuring the better value for money. In September 2010 GPU-mining went mainstream. A lot of people became suddenly aware that mining BTC was really profitable, therefore the number of miners increased greatly.
In the same month the first BTC mining pool was launched. In a matter of months the price of BTC skyrocketed from $1 to $20. Naturally, the difficulty of mining increased too - by November 2010 it reached 1 000 000 (compared with 10 000 in the end of 2009). In 2013 the price of BTC passed the $1000 mark. The first ASICs (customized mining hardware) emerged, meaning revolutionary changes for the market. (We will talk about them in the next part of ‘TKEY mining explained’).
These days BTC mining is by far less available and profitable than it used to be. Solo mining hardly makes any sense now. If back in 2010 you could mine BTC with an normal home PC, now you need a powerful GPU-rig or the support of a mining pool to get some considerable profit. It is caused by such factors as the increased network difficulty, block reward reduction and fast mining hardware evolution. Originally, the reward for a block solved was 50BTC, now it’s just 12,5 BTC. The network difficulty increased from 10 000 in 2009 to 6 379 265 451 411 at the moment. And most of you are well-aware of the price of up-to-date mining hardware.
Why we are talking about all this? Why we dwell in detail on the Bitcoin mining? And who is Satoshi Nakamoto?
Actually, it all this makes sense if we consider the Bitcoin situation with the Tkeycoin network current state. Mining Tkeycoin, as well as it was at the early stages of BTC history, will be really available to many, and you will be able to mine TKEY using your smartphone or a rather outdated home or office PC. You do not need to invest into costly mining hardware to get your share of TKEYs. We declared that TKEY mining will be accessible for almost everyone, and we meant it.
As you know from experience, the progress is unstoppable, therefore TKEY mining difficulty will inevitably grow with time, too. But, according to our experts, you won’t have to worry about it over the next 3 years or so.
For TKEY mining we use the updated and modified version of the PoW algorithm called mPoW. The basic principle is the same: the miners have a puzzle to solve, and get the reward when they succeed. But it’s important to know, that our protocol is free from many typical problems that plague the classical PoW. For instance,
Due to modular realization, selfish mining is made impossible; Due to the network specific architecture, 51% Attack and Double Spending are made impossible; mPoW-based mining is much less power-consuming; The network is immune to quantum attacks.
Currently, the BTC-mining is not so decentralized as it was meant to be initially. Over 65% of Bitcoin hash power is now distributed between 5 major pools. Theoretically, they can make 51% attack on the network any time soon.
On the contrary, the Tkeycoin network is completely decentralized. No monopolies will interfere with your solo mining at home, using an ordinary PC.
That is all for today. Later we will talk about SHA256 hashing algorithm, review the current ASIC market situation, suggest the best hardware for TKEY-mining and talk about mining profitability calculators.
Don’t miss the next part of ‘TKEY mining explained’!
See you soon!
Your Tkeycoin Team
submitted by tkeycoin to Tkeycoin_Official [link] [comments]

TKEY mining explained. Part 1

TKEY mining explained. Part 1

https://preview.redd.it/61gzhcjq78r21.png?width=1500&format=png&auto=webp&s=cf0406038eb054583475e500f63950362b975358

Dear investors!

As promised, we start a series of articles about Tkeycoin mining and mining hardware. We will try to explain the process in detail and reply all the questions, if they arise. We kindly ask you not to ignore those publications and carefully read the info we provide.

To understand how mining process works in general, it is better to start with the basics. The pioneer here was the good old Bitcoin, which started to be mined back in 2009. The BTC mining technology did not really change during these 8 years - the process is still based on the Proof-Of-Work (PoW) principle and uses SHA-256 hashing algorithm.

By the way, Proof-Of-Work (PoW) existed long before the cryptocurrencies emerged, its main purpose being to create special math puzzles that required certain amount of time and resources to be solved. PoW was used to protect websites of DDOS-attacks and massive spam. In 2009 PoW was chosen by Satoshi Nakamoto for the nascent Bitcoin network, and in a few years it was already being used by millions of people for making good money.

How PoW algorithm works? The miner gets a certain math puzzle that requires spending computing power to be solved. Finding solution is a random guessing process, therefore the more computing power a miner possesses, the faster he will find the solution. The first miner to come up with the solution (to get a resulting hash) receives a certain amount of BTC as a reward for solving the block. The less lucky participants get their fraction of reward, too. It’s rather simple.

PoW principle may be compared to a class work, the teacher saying that the first student to solve the puzzle will get an A. Miners are like kids competing for an A (BTC reward). The computing power spent in the process is the amount of intellectual efforts the kids make to find the decision. Finally, the kid who comes up with the solution, gets the reward. The same happens in the Bitcoin network, though the puzzle difficulty level and the reward are different.

It looks rather simple. Naturally, millions of people all over the world soon got the idea and started to mine Bitcoins. As a result, once simple process started to get more and more complicated. There was a time, when you could mine Bitcoins with CPUs, using your home or office PC. At this stage few people knew about BTC - by the end of 2009 there were just a few hundreds of miners in the world. But the situation was changing quickly, and in the next year GPU-mining started. GPUs were faster to find the solution, and they were also cheaper, featuring the better value for money. In September 2010 GPU-mining went mainstream. A lot of people became suddenly aware that mining BTC was really profitable, therefore the number of miners increased greatly.

In the same month the first BTC mining pool was launched. In a matter of months the price of BTC skyrocketed from $1 to $20. Naturally, the difficulty of mining increased too - by November 2010 it reached 1 000 000 (compared with 10 000 in the end of 2009). In 2013 the price of BTC passed the $1000 mark. The first ASICs (customized mining hardware) emerged, meaning revolutionary changes for the market. (We will talk about them in the next part of ‘TKEY mining explained’).

These days BTC mining is by far less available and profitable than it used to be. Solo mining hardly makes any sense now. If back in 2010 you could mine BTC with an normal home PC, now you need a powerful GPU-rig or the support of a mining pool to get some considerable profit. It is caused by such factors as the increased network difficulty, block reward reduction and fast mining hardware evolution. Originally, the reward for a block solved was 50BTC, now it’s just 12,5 BTC. The network difficulty increased from 10 000 in 2009 to 6 379 265 451 411 at the moment. And most of you are well-aware of the price of up-to-date mining hardware.

Why we are talking about all this? Why we dwell in detail on the Bitcoin mining? And who is Satoshi Nakamoto?

Actually, it all this makes sense if we consider the Bitcoin situation with the Tkeycoin network current state. Mining Tkeycoin, as well as it was at the early stages of BTC history, will be really available to many, and you will be able to mine TKEY using your smartphone or a rather outdated home or office PC. You do not need to invest into costly mining hardware to get your share of TKEYs. We declared that TKEY mining will be accessible for almost everyone, and we meant it.

As you know from experience, the progress is unstoppable, therefore TKEY mining difficulty will inevitably grow with time, too. But, according to our experts, you won’t have to worry about it over the next 3 years or so.

For TKEY mining we use the updated and modified version of the PoW algorithm called mPoW. The basic principle is the same: the miners have a puzzle to solve, and get the reward when they succeed. But it’s important to know, that our protocol is free from many typical problems that plague the classical PoW. For instance,

Due to modular realization, selfish mining is made impossible; Due to the network specific architecture, 51% Attack and Double Spending are made impossible; mPoW-based mining is much less power-consuming; The network is immune to quantum attacks.

Currently, the BTC-mining is not so decentralized as it was meant to be initially. Over 65% of Bitcoin hash power is now distributed between 5 major pools. Theoretically, they can make 51% attack on the network any time soon.

On the contrary, the Tkeycoin network is completely decentralized. No monopolies will interfere with your solo mining at home, using an ordinary PC.

That is all for today. Later we will talk about SHA256 hashing algorithm, review the current ASIC market situation, suggest the best hardware for TKEY-mining and talk about mining profitability calculators.
Don’t miss the next part of ‘TKEY mining explained’!

See you soon!
Your Tkeycoin Team
submitted by tkeycoin to u/tkeycoin [link] [comments]

Mining ERC-918 Tokens (0xBitcoin)

GENERAL INFORMATION

0xBitcoin (0xBTC) is the first mineable ERC20 token on Ethereum. It uses mining for distribution, unlike all previous ERC20 tokens which were assigned to the contract deployer upon creation. 0xBTC is the first implementation of the EIP918 mineable token standard (https://eips.ethereum.org/EIPS/eip-918), which opened up the possibility of a whole new class of mineable assets on Ethereum. Without any ICO, airdrop, pre-mine, or founder’s reward, 0xBitcoin is arguably the most decentralized asset in the Ethereum ecosystem, including even Ether (ETH), which had a large ICO.
The goal of 0xBitcoin is to be looked at as a currency and store of value asset on Ethereum. Its 21 million token hard cap and predictable issuance give it scarcity and transparency in terms of monetary policy, both things that Ether lacks. 0xBitcoin has certain advantages over PoW based currencies, such as compatibility with smart contracts and decentralized exchanges. In addition, 0xBTC cannot be 51% attacked (without attacking Ethereum), is immune from the “death spiral”, and will receive the benefits of scaling and other improvements to the Ethereum network.

GETTING 0xBITCOIN TOKENS

0xBitcoin can be mined using typical PC hardware, traded on exchanges (either decentralized or centralized) or purchased from specific sites/contracts.

-Mined using PC hardware

-Traded on exchanges such as


MINING IN A NUTSHELL

0xBitcoin is a Smart Contract on the Ethereum network, and the concept of Token Mining is patterned after Bitcoin's distribution. Rather than solving 'blocks', work is issued by the contract, which also maintains a Difficulty which goes up or down depending on how often a Reward is issued. Miners can put their hardware to work to claim these rewards, in concert with specialized software, working either by themselves or together as a Pool. The total lifetime supply of 0xBitcoin is 21,000,000 tokens and rewards will repeatedly halve over time.
The 0xBitcoin contract was deployed by Infernal_Toast at Ethereum address: 0xb6ed7644c69416d67b522e20bc294a9a9b405b31
0xBitcoin's smart contract, running on the Ethereum network, maintains a changing "Challenge" (that is generated from the previous Ethereum block hash) and an adjusting Difficulty Target. Like traditional mining, the miners use the SoliditySHA3 algorithm to solve for a Nonce value that, when hashed alongside the current Challenge and their Minting Ethereum Address, is less-than-or-equal-to the current Difficulty Target. Once a miner finds a solution that satisfies the requirements, they can submit it into the contract (calling the Mint() function). This is most often done through a mining pool. The Ethereum address that submits a valid solution first is sent the 50 0xBTC Reward.
(In the case of Pools, valid solutions that do not satisfy the full difficulty specified by the 0xBitcoin contract, but that DO satisfy the Pool's specified Minimum Share Difficulty, get a 'share'. When one of the Miners on that Pool finds a "Full" solution, the number of shares each miner's address has submitted is used to calculate how much of the 50 0xBTC reward they will get. After a Reward is issued, the Challenge changes.
A Retarget happens every 1024 rewards. In short, the Contract tries to target an Average Reward Time of about 60 times the Ethereum block time. So (at the time of this writing):
~13.9 seconds \* 60 = 13.9 minutes
If the average Reward Time is longer than that, the difficulty will decrease. If it's shorter, it will increase. How much longer or shorter it was affects the magnitude with which the difficulty will rise/drop, to a maximum of 50%. * Click Here to visit the stats page~ (https://0x1d00ffff.github.io/0xBTC-Stats) to see recent stats and block times, feel free to ask questions about it if you need help understanding it.

MINING HARDWARE

Presently, 0xBitcoin and "Alt Tokens" can be mined on GPUs, CPUs, IGPs (on-CPU graphics) and certain FPGAs. The most recommended hardware is nVidia graphics cards for their efficiency, ubiquity and relatively low cost. As general rules, the more cores and the higher core frequency (clock) you can get, the more Tokens you will earn!
Mining on nVidia cards:
Mining on AMD cards:
Mining on IGPs (e.g. AMD Radeon and Intel HD Graphics):
Clocks and Power Levels:

MINING SOFTWARE AND DESCRIPTIONS

For the most up-to-date version info, download links, thread links and author contact information, please see this thread: https://www.reddit.com/0xbitcoin/comments/8o06dk/links_to_the_newestbest_miners_for_nvidia_amd/ Keep up to date for the latest speed, stability and feature enhancements!
COSMiC Miner by LtTofu:
SoliditySha3Miner by Amano7:
AIOMiner All-In-One GPU Miner:
TokenMiner by MVis (Mining-Visualizer):
"Nabiki"/2.10.4 by Azlehria:
~Older Miners: Older and possibly-unsupported miner versions can be found at the above link for historical purposes and specific applications- including the original NodeJS CPU miner by Infernal Toast/Zegordo, the '1000x' NodeJS/C++ hybrid version of 0xBitcoin-Miner and Mikers' enhanced CUDA builds.

FOR MORE INFORMATION...

If you have any trouble, the friendly and helpful 0xBitcoin community will be happy to help you out. Discord has kind of become 0xBTC's community hub, you can get answers the fastest from devs and helpful community members. Or message one of the community members on reddit listed below.
Links
submitted by GeoffedUP to gpumining [link] [comments]

Latest block updates

They're coming in fast! Seems light a fight between ViaBTC and the anonymous mineminer pool ("MCPool") so far. The ticker name seems to be BCH - BitCoinCash. I'm updating this thread both on /BTC and /BitCoin.
Reply below if you want me to add more stats to each block!

Block difficulty

The more miners there are on the network with more power collectively behind them in pools, the harder blocks have to be to solve, so difficulty increases over time. BitCoin has a built in mechanism where difficulty will drop if no blocks are mined in a certain (long) amount of time. This BCC fork has been modified so that if less than 6 blocks have been mined in the past 12 hours, difficulty drops (or if hash rates drop to 1/12th of their former rate - toinewx).
This means at the current rate, we will not see a difficulty drop. This could be good or bad depending on the groups mining them motives are - do they want to lock everyone else out difficulty wise as they are pushing nowhere near as much power or are they enthusiasts supporting the new chain? Time will tell.

Links

I have compiled here various useful links, resources and threads to do with the split and BCH.
Reddit links are np (non participation) but should you go over to the other sub (/btc /bitcoin or vice versa) please be civil. There is no need for the war that is seemingly going on. Keep your cool!

Stats

  • 25% first mined by ViaBTC as of block 12
  • 75% first mined by "Other" (MCPool/Solo Miner?) as of block 12
  • Largest (and first block): 6985 transactions, 1915175B size (1.82MB, over 1MB almost 2MB!!) as of block 12
  • First block was mined 5 hours 52 min 41 sec after fork at 7:12:41 PM (1st Aug 2017. It contained 6985 transactions, and was 1915175B in size (1.82MB, over 1MB). It was mined by ViaBTC
  • Second block took 24 min 38 sec after first block to mine by ViaBTC
  • Quickest block after last: Block 8, + 3 min 37 sec after block 7 as of block 12
  • First ViaBTC block was mined on Aug 1, 2017 7:12:41 PM
  • First "MCPool" block was mined on Aug 1, 2017 7:37:19 PM
  • VitaBTC mined the first two blocks
  • BCH is 103 blocks behind BTC as of block 12
  • Armchair math has BCH as somewhere between 10 and 15% the hash rate of BTC
  • The fork began at 13:20:00 UK time and kicked off shortly after when 7 blocks had been mined on the BTC chain at 14:26:14 UK time. This is because the 6th block after the timestamp 12:20 UTC is the last block the two chains share in common before the split off at the 7th.
  • MTP (described above) is actually the median point of the last 11 blocks but it is essentially the same.
  • This means the fork kicked off at block #478558 and started with block #478553

Latest updates

  • Added blocks 11 & 12
  • Added block 10
  • Cleaned out updates list

Blocks

Block 12
Aug 2, 2017 4:15:01 AM (+ 23 min 12 sec from last block, 8 hours 53 min 20 sec since first block, 14 hours 55 min 1 sec since fork) / Block #478570 / Size: 85032B, 83KB, 0.08MB / Transactions: 142
jMCY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E!
Block 11
Aug 2, 2017 3:51:49 AM (+ 1 hour 44 min 48 sec from last block, 8 hours 30 min 8 sec since first block, 14 hours 31 min 49 sec since fork) / Block #478569 / Size: 375414B, 366KB, 0.35MB / Transactions: 563
iME>Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/L۳7
Block 10
Aug 2, 2017 2:07:01 AM (+ 1 hour 28 min 32 sec from last block, 6 hours 45 min 20 sec since first block, 12 hours 47 min 1 sec since fork) / Block #478568 / Size: 376371B, 367KB, 0.35MB / Transactions: 790
hMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y%w;
Block 9
Aug 2, 2017 12:38:29 AM (+ 1 hour 38 min 29 sec from last block, 5 hours 16 minutes 48 sec since first block, 11 hours 18 min 29 sec since fork) / Block #478567 / Size: 420294B, 410KB, 0.4MB / Transactions: 105
gMY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/
Block 8
Aug 1, 2017 10:39:21 PM (+ 3 min 37 sec from last block, 3 hours 17 minutes 40 sec since first block, 9 hours 19 min 21 sec since fork) / Block #478566 / [thread] / Size: 9327B, 9KB, 0.00889MB / Transactions: 21
fM Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/ 6
Block 7
Aug 1, 2017 10:35:44 PM (+ 30 min 29 sec from last block, 3 hours 14 minutes 3 sec since first block, 9 hours 15 min 44 sec since fork) / Block #478565 / Size: 107160B, 104KB, 0.1MB / Transactions: 165 / [thread]
ViaBTC eM/ViaBTC/Hello World!/g
Block 6
Aug 1, 2017 10:05:15 PM (+ 1 hour 27 min 31 sec from last block, 2 hours 43 minutes 34 sec since first block, 8 hours 45 min 15 sec since fork) / Block #478564 / Size: 462505B, 451KB, 0.44MB / Transactions: 570 / [[thread]
dMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y
Block 5
Aug 1, 2017 8:37:44 PM (+ 44 min 46 sec from last block, 1 hours 16 minutes 3 sec since first block, 7 hours 17 min 44 sec since fork) / Block #478563 5 / Size: 407906B, 398KB, 0.38MB / Transactions: 520 / [[thread]
cMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y؈% L
Block 4
Aug 1, 2017 7:52:58 PM (+ 15 min 39 sec from last block, 31 minutes 17 sec since first block, 6 hours 32 min 58 sec since fork) / Block #4785625 / Size: 89038B, 86KB, 0.084MB / Transactions: 502 / [ [thread]
bMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y S)
Block 3
Aug 1, 2017 7:37:19 PM (+ 4 min 13 sec from last block, 15 minutes 38 sec since first block, 6 hours 17 min 19 sec since fork) / Block #4785615 / Size: 20241B, 19KB, 0.019MB / Transactions: 26 / [ [thread]
aM_ʀY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E"
Block 2
Aug 1, 2017 7:33:06 PM (+ 24 min 38 sec from last block, 11 minutes 25 sec since first block, 6 hours 13 min 6 sec since fork) / Block #478560 5 / Size: 43055B, 42KB, 0.04MB / Transactions: 75 / [[thread]
ViaBTC `M/ViaBTC/Hello World!/4s"~
Block 1
Aug 1, 2017 7:12:41 PM (+ 4 hour 56 min 27 sec after last block before fork, 5 hours 5 min 52 sec since fork) / Block #478559 5 / Size: 1915175B, 1870KB, 1.82MB (OVER 1MB - ALMOST 2MB!!) / Transactions: 6985 / [[thread]
ViaBTC _M*/ViaBTC/Welcome to the world, Shuya Yang!/q30c
I'll probably be asleep at the next block - I will update when I wake and try and keep it going to +24 or +36 hours from fork! :)
submitted by Inthewirelain to btc [link] [comments]

BCH Latest Blocks

They're coming in much faster than expected! Seems light a fight between ViaBTC and the anonymous mineminer pool ("MCPool") so far. The ticker name seems to be BCH - BitCoinCash. I'm updating this thread both on /BTC and /BitCoin.
Reply below if you want me to add more stats to each block!

Block difficulty

The more miners there are on the network with more power collectively behind them in pools, the harder blocks have to be to solve, so difficulty increases over time. BitCoin has a built in mechanism where difficulty will drop if no blocks are mined in a certain (long) amount of time. This BCC fork has been modified so that if less than 6 blocks have been mined in the past 12 hours, difficulty drops (or if hash rates drop to 1/12th of their former rate - toinewx).
This means at the current rate, we will not see a difficulty drop. This could be good or bad depending on the groups mining them motives are - do they want to lock everyone else out difficulty wise as they are pushing nowhere near as much power or are they enthusiasts supporting the new chain? Time will tell.

Links

I have compiled here various useful links, resources and threads to do with the split and BCH.
Reddit links are np (non participation) but should you go over to the other sub (/bitcoin /btc or vice versa) please be civil. There is no need for the war that is seemingly going on. Keep your cool!

Stats

  • 25% first mined by ViaBTC as of block 12
  • 75% first mined by "Other" (MCPool/Solo Miner?) as of block 12
  • Largest (and first block): 6985 transactions, 1915175B size (1.82MB, over 1MB almost 2MB!!) as of block 12
  • First block was mined 5 hours 52 min 41 sec after fork at 7:12:41 PM (1st Aug 2017. It contained 6985 transactions, and was 1915175B in size (1.82MB, over 1MB). It was mined by ViaBTC
  • Second block took 24 min 38 sec after first block to mine by ViaBTC
  • Quickest block after last: Block 8, + 3 min 37 sec after block 7 as of block 12
  • First ViaBTC block was mined on Aug 1, 2017 7:12:41 PM
  • First "MCPool" block was mined on Aug 1, 2017 7:37:19 PM
  • VitaBTC mined the first two blocks
  • BCH is 103 blocks behind BTC as of block 12
  • Armchair math has BCH as somewhere between 10 and 15% the hash rate of BTC
  • The fork began at 13:20:00 UK time and kicked off shortly after when 7 blocks had been mined on the BTC chain at 14:26:14 UK time. This is because the 6th block after the timestamp 12:20 UTC is the last block the two chains share in common before the split off at the 7th.
  • MTP (described above) is actually the median point of the last 11 blocks but it is essentially the same.
  • This means the fork kicked off at block #478558 and started with block #478553

Latest updates

  • Added blocks 11 and 12
  • Added block 10
  • Added some stats
  • Created this thread (continuation from the /btc thread)

Blocks

Block 12
Aug 2, 2017 4:15:01 AM (+ 23 min 12 sec from last block, 8 hours 53 min 20 sec since first block, 14 hours 55 min 1 sec since fork) / Block #478570 / Size: 85032B, 83KB, 0.08MB / Transactions: 142
jMCY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E!
Block 11
Aug 2, 2017 3:51:49 AM (+ 1 hour 44 min 48 sec from last block, 8 hours 30 min 8 sec since first block, 14 hours 31 min 49 sec since fork) / Block #478569 / Size: 375414B, 366KB, 0.35MB / Transactions: 563
iME>Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/L۳7
Block 10
Aug 2, 2017 2:07:01 AM (+ 1 hour 28 min 32 sec from last block, 6 hours 45 min 20 sec since first block, 12 hours 47 min 1 sec since fork) / Block #478568 / Size: 376371B, 367KB, 0.35MB / Transactions: 790
hMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y%w;
Block 9
Aug 2, 2017 12:38:29 AM (+ 1 hour 38 min 29 sec from last block, 5 hours 16 minutes 48 sec since first block, 11 hours 18 min 29 sec since fork) / Block #478567 / Size: 420294B, 410KB, 0.4MB / Transactions: 105
gMY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/
Block 8
Aug 1, 2017 10:39:21 PM (+ 3 min 37 sec from last block, 3 hours 17 minutes 40 sec since first block, 9 hours 19 min 21 sec since fork) / Block #478566 / [thread] / Size: 9327B, 9KB, 0.00889MB / Transactions: 21
fM Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/ 6
Block 7
Aug 1, 2017 10:35:44 PM (+ 30 min 29 sec from last block, 3 hours 14 minutes 3 sec since first block, 9 hours 15 min 44 sec since fork) / Block #478565 / Size: 107160B, 104KB, 0.1MB / Transactions: 165 / [thread]
ViaBTC eM/ViaBTC/Hello World!/g
Block 6
Aug 1, 2017 10:05:15 PM (+ 1 hour 27 min 31 sec from last block, 2 hours 43 minutes 34 sec since first block, 8 hours 45 min 15 sec since fork) / Block #478564 / Size: 462505B, 451KB, 0.44MB / Transactions: 570 / [[thread]
dMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y
Block 5
Aug 1, 2017 8:37:44 PM (+ 44 min 46 sec from last block, 1 hours 16 minutes 3 sec since first block, 7 hours 17 min 44 sec since fork) / Block #478563 5 / Size: 407906B, 398KB, 0.38MB / Transactions: 520 / [[thread]
cMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y؈% L
Block 4
Aug 1, 2017 7:52:58 PM (+ 15 min 39 sec from last block, 31 minutes 17 sec since first block, 6 hours 32 min 58 sec since fork) / Block #4785625 / Size: 89038B, 86KB, 0.084MB / Transactions: 502 / [ [thread]
bMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y S)
Block 3
Aug 1, 2017 7:37:19 PM (+ 4 min 13 sec from last block, 15 minutes 38 sec since first block, 6 hours 17 min 19 sec since fork) / Block #4785615 / Size: 20241B, 19KB, 0.019MB / Transactions: 26 / [ [thread]
aM_ʀY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E"
Block 2
Aug 1, 2017 7:33:06 PM (+ 24 min 38 sec from last block, 11 minutes 25 sec since first block, 6 hours 13 min 6 sec since fork) / Block #478560 5 / Size: 43055B, 42KB, 0.04MB / Transactions: 75 / [[thread]
ViaBTC `M/ViaBTC/Hello World!/4s"~
Block 1
Aug 1, 2017 7:12:41 PM (+ 4 hour 56 min 27 sec after last block before fork, 5 hours 5 min 52 sec since fork) / Block #478559 5 / Size: 1915175B, 1870KB, 1.82MB (OVER 1MB - ALMOST 2MB!!) / Transactions: 6985 / [[thread]
ViaBTC _M*/ViaBTC/Welcome to the world, Shuya Yang!/q30c
I'll update for a few hours then it's all to the comments! I've been keeping this going over at the other sub for a few hours so I won't be up loads longer but please feel free to continue in the comments.
submitted by Inthewirelain to Bitcoin [link] [comments]

Working of Cryptocurrency Mining pool

Working of Cryptocurrency Mining pool
Source - https://coinscapture.com/blog/working-of-cryptocurrency-mining-pool

Working of Cryptocurrency Mining pool
Cryptocurrency is the most discussed and trending topic on various internet forums, communities, and social media. Many individuals are keen to enter the cryptoworld and unfold all the profits within it. Cryptocurrency can be bought from an exchange or mined through the mining pools. In this guide, we’ll understand the working of the cryptocurrency mining pool.
What is Mining Pool?
Cryptocurrency mining is the same as mining the metals from the earth. The individual or company that digs out the metal from the earth becomes the owner similarly the individual who discovers first the valid hash using the computational power becomes the owner and earns a block reward. The crypto mining can either be done solo using his/her own mining devices or through a mining pool.
As more and more enthusiasts participated in mining to earn a block reward became equally difficult and it would take centuries for a miner to generate a block because the probability of finding the hash value first and generating a block is directly proportional to the computing power in the network. The smaller the computational power the smaller is the chance of generating the next block. Hence a solution, to this problem mining pools were formed.
A mining pool is a group of miners pooling/combining their computational power together in order to mine a cryptocurrency quickly and earn a block reward consistently. Each contributing miner earns reward according to their investment in processing power. The working of mining pools depends on certain algorithms that are designed to check the authenticity and validity of the transactions. Miners are required to solve a complex math problem that requires millions of calculations with the help of High computational power. When the miners combined their computational power the block generation process happens at a much faster rate as compared to a single mining rig. For more understanding of mining please refer our previous blog (What is Bitcoin mining?)
Types of Mining Pools
  • Single mining pools: This type of mining pool mine only single cryptocurrency
  • Multi-currency pools: This type of mining pool mine different cryptocurrencies and gives the miner a chance to choose the cryptocurrency for mining timely depending rewards points offered.
  • Cloud mining pools: Cloud-based mining can be combined with mining pools by making an online contract. This type of mining pool allows individuals to participate in mining activity without even buying specialized equipment.
How rewards are shared on mining pools?
The rewards shared after successfully adding the new block to the blockchain vary from currency to currency. The reward sharings also depend on the factors like mining difficulty, the exchange rate between different coins, the hash rate and the block generation time. Some of the followed reward structures are as follows:
  1. Pay-per-share (PPS): This method offers instant payout depending on the miner’s contribution to finding the block. The payment is done using the pool's existing balance and can be withdrawn immediately.
  2. Shared Maximum Pay Per Share (SMPPS): It is the same as Pay-per-share (PPS) but limits the payout to the maximum that the pool has earned.
  3. Equalized Shared Maximum Pay Per Share (ESMPPS): This method is similar to (SMPPS) but the rewards are distributed equally among all miners in the pool.
  4. Proportional (PROP): The miner is rewarded the share that is proportional to the number of shares he has in the pool with respect to the pool’s total shares
Advantages of mining pools
  • Mining pools offer a more stable income
  • Mining pools lower costs of mining
  • Mining pools helps in generating a higher income
Disadvantages of Mining pools
  • There may be some interruptions in the Mining pools
  • There is a sharing of block rewards
  • There may be sometimes unfavorable pool reward structure
Widely-Used Mining Pools
  • Antpool: The largest pool available on the web offering mining of cryptocurrencies like BTC, BCH, LTC, ETH, ETC, ZEC, DASH, SCC, XMC, BTM
  • Minergate.com: A public mining pool mining of cryptocurrencies like ETH, ETC, ZEC, BTG, BCN, XMR, XMO, FCN, XDN, AEON
  • Btc.com: The most popular mining pool among miners offering cryptocurrencies BTC, BCH, ETH, ETC, LTC, UBTC, DCR to mine
  • BTCC: The largest Chinese pool in the world mining 7% of all existing blocks.
  • Slush: The most trusted mining pools on internet mining 7% of all available blocks.
Mining pools can definitely be a change to the entire mining process offering the highest and the real income without spending years depending on the computational powers. Hence, investing in a mining pool can be beneficial but always choose the mining pool that fits your personal needs and facilities.
submitted by coinscapturecom to u/coinscapturecom [link] [comments]

So you’ve got your miner working, busy hashing away … but what is it really doing?

Posted for eternity @ https://vertcoin.easymine.online/articles/mining
Your miner is repeatedly hashing (see below for detail about a hash) a block of data, looking for a resulting output that is lower than a predetermined target. Each time this calculation is performed, one of the fields in the input data is changed, and this results in a different output. The output is not able to be determined until the work is completed – otherwise why would we bother doing the work in the first place?
Each hash takes a block header (see more below, but basically this is a 80-byte block of data). It runs this through the hashing function, and what comes out is a 32-byte output. For each, we usually represent that output in hexadecimal format, so it looks something like:
5da4bcb997a90bec188542365365d8b913af3f1eb7deaf55038cfcd04f0b11a0 
(that’s 64 hexadecimal characters – each character represents 4-bits. 64 x 4 bits = 256bit = 32 bytes)
The maximum value for our hash is:
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 
And the lowest is:
0000000000000000000000000000000000000000000000000000000000000000 
The goal in Proof-of-Work systems is to look for a hash that is lower than a specific target, i.e. starts with a specific number of leading zeros. This target is what determines the difficulty.
As the output of the hash is indeterminate, we look to statistics and probability to estimate how much work (i.e. attempts at hashing) we need to complete to find a hash that is lower than a specific target. So, we can therefore assume that to find a hash that starts with a leading zero will take, on average, 16 hashes. To find one that will start with two leading zeros (00), we’re looking at 256 hashes. Four leading zeros (0000) will take 65,536 hashes. Eight leading zeros (00000000) takes 4,294,967,296 hashes. So on and so on, until we realize that it will take 2 ^ 256 (a number too big for me to show here) attempts at hitting our minimum hash value.
Remember – this number of hashes is just an estimate. Think of it like rolling a dice. A 16-sided dice. And then rolling it 64 times in a row. And hoping to strike a specific number of leading zeros. Sometimes it will take far less than the estimate, sometimes it will take far more. Over a long enough time period though (with our dice it may take many billions of years), the averages hold true.
Difficulty is a measure used in cryptocurrencies to simply show how much work is needed to find a specific block. A block of difficulty 1 must have a hash smaller than:
00000000FFFF0000000000000000000000000000000000000000000000000000 
A block of difficulty 1/256 (0.00390625) must have a hash lower than:
000000FFFF000000000000000000000000000000000000000000000000000000 
And a block of difficulty 256 must have a hash lower than:
0000000000FFFF00000000000000000000000000000000000000000000000000 
So the higher the difficulty, the lower the hash must be; therefore more work must be completed to find the block.
Take a recent Vertcoin block – block # 852545, difficulty 41878.60056944499. This required a hash lower than:
000000000001909c000000000000000000000000000000000000000000000000 
The achieve finding this, a single miner would need to have completed, on average 179,867,219,848,013 hashes (calculated by taking the number of hashes needed for a difficulty 1 block - 4,294,967,296 or 2 ^ 32 or 16 ^ 8 – and multiplied by the difficulty). Of course, our single miner may have found this sooner – or later – than predicted.
Cryptocurrencies alter the required difficulty on a regular basis (some like Vertcoin do it after every block, others like Bitcoin or Litecoin do it every 2016 blocks), to ensure the correct number of blocks are found per day. As the hash rate of miners increases, so does the difficulty to ensure this average time between blocks remains the same. Likewise, as hash rate decreases, the difficulty decreases.
With difficulties as high as the above example, solo-mining (mining by yourself, not in a pool) becomes a very difficult task. Assume our miner can produce 100 MH/s. Plugging in this into the numbers above, we can see it’s going to take him (on average) 1,798,673 seconds of hashing to find a hash lower than the target – that’s just short of 21 days. But, if his luck is down, it could easily take twice that long. Or, if he’s lucky, half that time.
So, assuming he hit’s the average, for his 21 days mining he has earned 25 VTC.
Lets take another look at the same miner, but this time he’s going to join a pool, where he is working with a stack of other miners looking for that elusive hash. Assume the pool he has joined does 50 GH/s – in that case he has 0.1 / 50 or 0.2% of the pool’s hash rate. So for any blocks the pool finds he should earn 0.2% of 25 VTC = 0.05 VTC. At 50 GH/s, the pool should expect to spend 3,597 seconds between finding blocks (2 ^ 32 * difficulty / hashrate). So about every hour, our miner can expect to earn 0.05 VTC. This works out to be about 1.2 VTC per day, and when we extrapolate over the estimated 21 days of solo mining above, we’re back to 25 VTC.
The beauty of pooled-mining over solo-mining is that the time between blocks, whilst they can vary, should be closer to the predicted / estimated times over a shorter time period. The same applies when comparing pools – pools with a smaller hash rate will experience a greater variance in time between blocks than a pool with a greater hash rate. But in the end, looking back over a longer period of time, earnings will be the same.
Hashes
A Hash is a cryptographic function that can take an arbitrary sized block of data and maps it to a fixed sized output. It is a one-way function – only knowing the input data can one calculate the output; the reverse action is impossible. Also, small changes to the input data usually result in significant changes to the output value.
For example, take the following string:
“the quick brown fox jumps over the lazy dog” 
If we perform a SHA256 hash of this, it results in:
05c6e08f1d9fdafa03147fcb8f82f124c76d2f70e3d989dc8aadb5e7d7450bec 
If we change a single character in the input string (in this case we will replace the ‘o’ in ‘over’ to a zero), the resulting hash becomes:
de492f861d6bb8438f65b2beb2e98ae96a8519f19c24042b171d02ff4dfecc82 
Blocks
A block is made up of a header, and at least one transaction. The first transaction in the block is called the Coinbase transaction – it is the transactions that creates new coins, and it specifies the addresses that those coins go to. The Coinbase transaction is always the first transaction in a block, and there can only be one. All other transactions included in a block are transactions that send coins from one wallet address to another.
The block header is an 80-byte block of data that is made up of the following information in this order:
  • Version – a 32-bit/4-byte integer
  • Previous Block’s SHA256d Hash – 32 bytes
  • Merkle Hash of the Transactions – 32 bytes
  • Timestamp - a 32-bit/4-byte integer the represents the time of the block in seconds past 1st January 1970 00:00 UTC
  • nBits - a 32-bit/4-byte integer that represents the maximum value of the hash of the block
  • Nonce - a 32-bit/4-byte integer
The Version of a block remains relatively static through a coin’s lifetime – most blocks will have the same version. Typically only used to introduce new features or enforce new rules – for instance Segwit adoption is enforced by encoding information into the Version field.
The Previous Blocks’ Hash is simple a doubled SHA256 hash of the last valid blocks header.
The Merkle Hash is a hash generated by chaining all of the transactions together in a hash tree – thus ensuring that once a transaction is included in a block, it cannot be changed. It becomes a permanent record in the blockchain.
Timestamp loosely represents the time the block was generated – it does not have to be exact, anywhere within an hour each way of the real time will be accepted.
nBits – this is the maximum hash that this block must have in order to be considered valid. Bitcoin encodes the maximum hash into a 4-byte value as this is more efficient and provides sufficient accuracy.
Nonce – a simple 4-byte integer value that is incremented by a miner in order to find a resulting hash that is lower than that specified by nBits.
submitted by nzsquirrell to VertcoinMining [link] [comments]

The Nexus FAQ - part 1

Full formatted version: https://docs.google.com/document/d/16KKjVjQH0ypLe00aoTJ_hZyce7RAtjC5XHom104yn6M/
 

Nexus 101:

  1. What is Nexus?
  2. What benefits does Nexus bring to the blockchain space?
  3. How does Nexus secure the network and reach consensus?
  4. What is quantum resistance and how does Nexus implement this?
  5. What is Nexus’ Unified Time protocol?
  6. Why does Nexus need its own satellite network?
 

The Nexus Currency:

  1. How can I get Nexus?
  2. How much does a transaction cost?
  3. How fast does Nexus transfer?
  4. Did Nexus hold an ICO? How is Nexus funded?
  5. Is there a cap on the number of Nexus in existence?
  6. What is the difference between the Oracle wallet and the LLD wallet?
  7. How do I change from Oracle to the LLD wallet?
  8. How do I install the Nexus Wallet?
 

Types of Mining or Minting:

  1. Can I mine Nexus?
  2. How do I mine Nexus?
  3. How do I stake Nexus?
  4. I am staking with my Nexus balance. What are trust weight, block weight and stake weight?
 

Nexus 101:

1. What is Nexus (NXS)?
Nexus is a digital currency, distributed framework, and peer-to-peer network. Nexus further improves upon the blockchain protocol by focusing on the following core technological principles:
Nexus will combine our in-development quantum-resistant 3D blockchain software with cutting edge communication satellites to deliver a free, distributed, financial and data solution. Through our planned satellite and ground-based mesh networks, Nexus will provide uncensored internet access whilst bringing the benefits of distributed database systems to the world.
For a short video introduction to Nexus Earth, please visit this link
 
2. What benefits does Nexus bring to the blockchain space?
As Nexus has been developed, an incredible amount of time has been put into identifying and solving several key limitations:
Nexus is also developing a framework called the Lower Level Library. This LLL will incorporate the following improvements:
For information about more additions to the Lower Level Library, please visit here
 
3. How does Nexus secure the network and reach consensus?
Nexus is unique amongst blockchain technology in that Nexus uses 3 channels to secure the network against attack. Whereas Bitcoin uses only Proof-of-Work to secure the network, Nexus combines a prime number channel, a hashing channel and a Proof-of-Stake channel. Where Bitcoin has a difficulty adjustment interval measured in weeks, Nexus can respond to increased hashrate in the space of 1 block and each channel scales independently of the other two channels. This stabilizes the block times at ~50 seconds and ensures no single channel can monopolize block production. This means that a 51% attack is much more difficult to launch because an attacker would need to control all 3 channels.
Every 60 minutes, the Nexus protocol automatically creates a checkpoint. This prevents blocks from being created or modified dated prior to this checkpoint, thus protecting the chain from malicious attempts to introduce an alternate blockchain.
 
4. What is quantum resistance and how does Nexus implement it?
To understand what quantum resistance is and why it is important, you need to understand how quantum computing works and why it’s a threat to blockchain technology. Classical computing uses an array of transistors. These transistors form the heart of your computer (the CPU). Each transistor is capable of being either on or off, and these states are used to represent the numerical values 1 and 0.
Binary digits’ (bits) number of states depends on the number of transistors available, according to the formula 2n, where n is the number of transistors. Classical computers can only be in one of these states at any one time, so the speed of your computer is limited to how fast it can change states.
Quantum computers utilize quantum bits, “qubits,” which are represented by the quantum state of electrons or photons. These particles are placed into a state called superposition, which allows the qubit to assume a value of 1 or 0 simultaneously.
Superposition permits a quantum computer to process a higher number of data possibilities than a classical computer. Qubits can also become entangled. Entanglement makes a qubit dependant on the state of another, enabling quantum computing to calculate complex problems, extremely quickly.
One such problem is the Discrete Logarithm Problem which elliptic curve cryptography relies on for security. Quantum computers can use Shor’s algorithm to reverse a key in polynomial time (which is really really really fast). This means that public keys become vulnerable to quantum attack, since quantum computers are capable of being billions of times faster at certain calculations. One way to increase quantum resistance is to require more qubits (and more time) by using larger private keys:
Bitcoin Private Key (256 bit) 5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF
Nexus Private Key (571 bit) 6Wuiv513R18o5cRpwNSCfT7xs9tniHHN5Lb3AMs58vkVxsQdL4atHTF Vt5TNT9himnCMmnbjbCPxgxhSTDE5iAzCZ3LhJFm7L9rCFroYoqz
Bitcoin addresses are created by hashing the public key, so it is not possible to decrypt the public key from the address; however, once you send funds from that address, the public key is published on the blockchain rendering that address vulnerable to attack. This means that your money has higher chances of being stolen.
Nexus eliminates these vulnerabilities through an innovation called signature chains. Signature chains will enable access to an account using a username, password and PIN. When you create a transaction on the network, you claim ownership of your signature chain by revealing the public key of the NextHash (the hash of your public key) and producing a signature from the one time use private key. Your wallet then creates a new private/public keypair, generates a new NextHash, including the corresponding contract. This contract can be a receive address, a debit, a vote, or any other type of rule that is written in the contract code.
This keeps the public key obscured until the next transaction, and by divorcing the address from the public key, it is unnecessary to change addresses in order to change public keys. Changing your password or PIN code becomes a case of proving ownership of your signature chain and broadcasting a new transaction with a new NextHash for your new password and/or PIN. This provides the ability to login to your account via the signature chain, which becomes your personal chain within the 3D chain, enabling the network to prove and disprove trust, and improving ease of use without sacrificing security.
The next challenge with quantum computers is that Grover’s algorithm reduces the security of one-way hash function by a factor of two. Because of this, Nexus incorporates two new hash functions, Skein and Keccak, which were designed in 2008 as part of a contest to create a new SHA3 standard. Keccak narrowly defeated Skein to win the contest, so to maximize their potential Nexus combines these algorithms. Skein and Keccak utilize permutation to rotate and mix the information in the hash.
To maintain a respective 256/512 bit quantum resistance, Nexus uses up to 1024 bits in its proof-of-work, and 512 bits for transactions.
 
5. What is the Unified Time protocol?
All blockchains use time-stamping mechanisms, so it is important that all nodes operate using the same clock. Bitcoin allows for up to 2 hours’ discrepancy between nodes, which provides a window of opportunity for the blockchain to be manipulated by time-related attack vectors. Nexus eliminates this vulnerability by implementing a time synchronization protocol termed Unified Time. Unified Time also enhances transaction processing and will form an integral part of the 3D chain scaling solution.
The Unified Time protocol facilitates a peer-to-peer timing system that keeps all clocks on the network synchronized to within a second. This is seeded by selected nodes with timestamps derived from the UNIX standard; that is, the number of seconds since January 1st, 1970 00:00 UTC. Every minute, the seed nodes report their current time, and a moving average is used to calculate the base time. Any node which sends back a timestamp outside a given tolerance is rejected.
It is important to note that the Nexus network is fully synchronized even if an individual wallet displays something different from the local time.
 
6. Why does Nexus need its own satellite network?
One of the key limitations of a purely electronic monetary system is that it requires a connection to the rest of the network to verify transactions. Existing network infrastructure only services a fraction of the world’s population.
Nexus, in conjunction with Vector Space Systems, is designing communication satellites, or cubesats, to be launched into Low Earth Orbit in 2019. Primarily, the cubesat mesh network will exist to give Nexus worldwide coverage, but Nexus will also utilize its orbital and ground mesh networks to provide free and uncensored internet access to the world.
 

The Nexus Currency (NXS):

1. How can I get Nexus?
There are two ways you can obtain Nexus. You can either buy Nexus from an exchange, or you can run a miner and be rewarded for finding a block. If you wish to mine Nexus, please follow our guide found below.
Currently, Nexus is available on the following exchanges:
Nexus is actively reaching out to other exchanges to continue to be listed on cutting edge new financial technologies..
 
2. How much does a transaction cost?
Under Nexus, the fee structure for making a transaction depends on the size of your transaction. A default fee of 0.01 NXS will cover most transactions, and users have the option to pay higher fees to ensure their transactions are processed quickly.
When the 3D chain is complete and the initial 10-year distribution period finishes, Nexus will absorb these fees through inflation, enabling free transactions.
 
3. How fast does Nexus transfer?
Nexus reaches consensus approximately every ~ 50 seconds. This is an average time, and will in some circumstances be faster or slower. NXS currency which you receive is available for use after just 6 confirmations. A confirmation is proof from a node that the transaction has been included in a block. The number of confirmations in this transaction is the number that states how many blocks it has been since the transaction is included. The more confirmations a transaction has, the more secure its placement in the blockchain is.
 
4. Did Nexus hold an ICO? How is Nexus funded?
The Nexus Embassy, a 501(C)(3) not-for-profit corporation, develops and maintains the Nexus blockchain software. When Nexus began under the name Coinshield, the early blocks were mined using the Developer and Exchange (Ambassador) addresses, which provides funding for the Nexus Embassy.
The Developer Fund fuels ongoing development and is sourced by a 1.5% commission per block mined, which will slowly increase to 2.5% after 10 years. This brings all the benefits of development funding without the associated risks.
The Ambassador (renamed from Exchange) keys are funded by a 20% commission per block reward. These keys are mainly used to pay for marketing, and producing and launching the Nexus satellites.
When Nexus introduces developer and ambassador contracts, they will be approved, denied, or removed by six voting groups namely: currency, developer, ambassador, prime, hash, and trust.
Please Note: The Nexus Embassy reserves the sole right to trade, sell and or use these funds as required; however, Nexus will endeavor to minimize the impact that the use of these funds has upon the NXS market value.
 
5. Is there a cap on the number of NXS in existence?
After an initial 10-year distribution period ending on September 23rd, 2024, there will be a total of 78 million NXS. Over this period, the reward gradient for mining Nexus follows a decaying logarithmic curve instead of the reward halving inherent in Bitcoin. This avoids creating a situation where older mining equipment is suddenly unprofitable, encouraging miners to continue upgrading their equipment over time and at the same time reducing major market shocks on block halving events.
When the distribution period ends, the currency supply will inflate annually by a maximum of 3% via staking and by 1% via the prime and hashing channels. This inflation is completely unlike traditional inflation, which degrades the value of existing coins. Instead, the cost of providing security to the blockchain is paid by inflation, eliminating transaction fees.
Colin Cantrell - Nexus Inflation Explained
 
6. What is the difference between the LLD wallet and the Oracle wallet?
Due to the scales of efficiency needed by blockchain, Nexus has developed a custom-built database called the Lower Level Database. Since the development of the LLD wallet 0.2.3.1, which is a precursor to the Tritium updates, you should begin using the LLD wallet to take advantage of the faster load times and improved efficiency.
The Oracle wallet is a legacy wallet which is no longer maintained or updated. It utilized the Berkeley DB, which is not designed to meet the needs of a blockchain. Eventually, users will need to migrate to the LLD wallet. Fortunately, the wallet.dat is interchangeable between wallets, so there is no risk of losing access to your NXS.
 
7. How do I change from Oracle to the LLD wallet?
Step 1 - Backup your wallet.dat file. You can do this from within the Oracle wallet Menu, Backup Wallet.
Step 2 - Uninstall the Oracle wallet. Close the wallet and navigate to the wallet data directory. On Windows, this is the Nexus folder located at %APPDATA%\Nexus. On macOS, this is the Nexus folder located at ~/Library/Application Support/Nexus. Move all of the contents to a temporary folder as a backup.
Step 3 - Copy your backup of wallet.dat into the Nexus folder located as per Step 2.
Step 4 - Install the Nexus LLD wallet. Please follow the steps as outlined in the next section. Once your wallet is fully synced, your new wallet will have access to all your addresses.
 
8. How do I install the Nexus Wallet?
You can install your Nexus wallet by following these steps:
Step 1 - Download your wallet from www.nexusearth.com. Click the Downloads menu at the top and select the appropriate wallet for your operating system.
Step 2 - Unzip the wallet program to a folder. Before running the wallet program, please consider space limitations and load times. On the Windows OS, the wallet saves all data to the %APPDATA%\Nexus folder, including the blockchain, which is currently ~3GB.
On macOS, data is saved to the ~/Library/Application Support/Nexus folder. You can create a symbolic link, which will allow you to install this information in another location.
Using Windows, follow these steps:
On macOS, follow these steps:
Step 3 (optional) - Before running the wallet, we recommend downloading the blockchain database manually. Nexus Earth maintains a copy of the blockchain data which can save hours from the wallet synchronization process. Please go to www.nexusearth.com and click the Downloads menu.
Step 4 (optional) - Extract the database file. This is commonly found in the .zip or .rar format, so you may need a program like 7zip to extract the contents. Please extract it to the relevant directory, as outlined in step 2.
Step 5 - You can now start your wallet. After it loads, it should be able to complete synchronization in a short time. This may still take a couple of hours. Once it has completed synchronizing, a green check mark icon will appear in the lower right corner of the wallet.
Step 6 - Encrypt your wallet. This can be done within the wallet, under the Settings menu. Encrypting your wallet will lock it, requiring a password in order to send transactions.
Step 7 - Backup your wallet.dat file. This can be done from the File menu inside the wallet. This file contains the keys to the addresses in your wallet. You may wish to keep a secure copy of your password somewhere, too, in case you forget it or someone else (your spouse, for example) ever needs it.
You should back up your wallet.dat file again any time you create – or a Genesis transaction creates (see “staking” below) – a new address.
 

Types of Mining or Minting:

1.Can I mine Nexus?
Yes, there are 2 channels that you can use to mine Nexus, and 1 channel of minting:
Prime Mining Channel
This mining channel looks for a special prime cluster of a set length. This type of calculation is resistant to ASIC mining, allowing for greater decentralization. This is most often performed using the CPU.
Hashing Channel
This channel utilizes the more traditional method of hashing. This process adds a random nonce, hashes the data, and compares the resultant hash against a predetermined format set by the difficulty. This is most often performed using a GPU.
Proof of Stake (nPoS)
Staking is a form of mining NXS. With this process, you can receive NXS rewards from the network for continuously operating your node (wallet). It is recommended that you only stake with a minimum balance of 1000 NXS. It’s not impossible to stake with less, but it becomes harder to maintain trust. Losing trust resets the interest rate back to 0.5% per annum.
 
2. How do I mine Nexus?
As outlined above, there are two types of mining and 1 proof of stake. Each type of mining uses a different component of your computer to find blocks, the CPU or the GPU. Nexus supports CPU and GPU mining on Windows only. There are also third-party macOS builds available.
Please follow the instructions below for the relevant type of miner.
 
Prime Mining:
Almost every CPU is capable of mining blocks on this channel. The most effective method of mining is to join a mining pool and receive a share of the rewards based on the contribution you make. To create your own mining facility, you need the CPU mining software, and a NXS address. This address cannot be on an exchange. You create an address when you install your Nexus wallet. You can find the related steps under How Do I Install the Nexus Wallet?
Please download the relevant miner from http://nexusearth.com/mining.html. Please note that there are two different miner builds available: the prime solo miner and the prime pool miner. This guide will walk you through installing the pool miner only.
Step 1 - Extract the archive file to a folder.
Step 2 - Open the miner.conf file. You can use the default host and port, but these may be changed to a pool of your choice. You will need to change the value of nxs_address to the address found in your wallet. Sieve_threads is the number of CPU threads you want to use to find primes. Ptest_threads is the number of CPU threads you want to test the primes found by the sieve. As a general rule, the number of threads used for the sieve should be 75% of the threads used for testing.
It is also recommended to add the following line to the options found in the .conf file:
"experimental" : "true"
This option enables the miner to use an improved sieve algorithm which will enable your miner to find primes at a faster rate.
Step 3 - Run the nexus_cpuminer.exe file. For a description of the information shown in this application, please read this guide.
 
Hashing:
The GPU is a dedicated processing unit housed on-board your graphics card. The GPU is able to perform certain tasks extremely well, unlike your CPU, which is designed for parallel processing. Nexus supports both AMD and Nvidia GPU mining, and works best on the newer models. Officially, Nexus does not support GPU pool mining, but there are 3rd party miners with this capability.
The latest software for the Nvidia miner can be found here. The latest software for the AMD miner can be found here. The AMD miner is a third party miner. Information and advice about using the AMD miner can be found on our Slack channel. This guide will walk you through the Nvidia miner.
Step 1 - Close your wallet. Navigate to %appdata%\Nexus (~/Library/Application Support/Nexus on macOS) and open the nexus.conf file. Depending on your wallet, you may or may not have this file. If not, please create a new txt file and save it as nexus.conf
You will need to add the following lines before restarting your wallet:
Step 2 - Extract the files into a new folder.
Step 3 - Run the nexus.bat file. This will run the miner and deposit any rewards for mining a block into the account on your wallet.
For more information on either Prime Mining or Hashing, please join our Slack and visit the #mining channel. Additional information can be found here.
 
3. How do I stake Nexus?
Once you have your wallet installed, fully synchronized and encrypted, you can begin staking by:
After you begin staking, you will receive a Genesis transaction as your first staking reward. This establishes a Trust key in your wallet and stakes your wallet balance on that key. From that point, you will periodically receive additional Trust transactions as further staking rewards for as long as your Trust key remains active.
IMPORTANT - After you receive a Genesis transaction, backup your wallet.dat file immediately. You can select the Backup Wallet option from the File menu, or manually copy the file directly. If you do not do this, then your Nexus balance will be staked on the Trust key that you do not have backed up, and you risk loss if you were to suffer a hard drive failure or other similar problem. In the future, signature chains will make this precaution unnecessary.
 
4. I am staking with my Nexus balance. What are interest rate, trust weight, block weight, and stake weight?
These items affect the size and frequency of staking rewards after you receive your initial Genesis transaction. When staking is active, the wallet displays a clock icon in the bottom right corner. If you hover your mouse pointer over the icon, a tooltip-style display will open up, showing their current values.
Please remember to backup your wallet.dat file (see question 3 above) after you receive a Genesis transaction.
Interest Rate - The minting rate at which you will receive staking rewards, displayed as an annual percentage of your NXS balance. It starts at 0.5%, increasing to 3% after 12 months. The rate increase is not linear but slows over time. It takes several weeks to reach 1% and around 3 months to reach 2%.
With this rate, you can calculate the average amount of NXS you can expect to receive each day for staking.
Trust Weight - An indication of how much the network trusts your node. It starts at 5% and increases much more quickly than the minting (interest) rate, reaching 100% after one month. Your level of trust increases your stake weight (below), thus increasing your chances of receiving staking transactions. It becomes easier to maintain trust as this value increases.
Block Weight - Upon receipt of a Genesis transaction, this value will begin increasing slowly, reaching 100% after 24 hours. Every time you receive a staking transaction, the block weight resets. If your block weight reaches 100%, then your Trust key expires and everything resets (0.5% interest rate, 5% trust weight, waiting for a new Genesis transaction).
This 24-hour requirement will be replaced by a gradual decay in the Tritium release. As long as you receive a transaction before it decays completely, you will hold onto your key. This change addresses the potential of losing your trust key after months of staking simply because of one unlucky day receiving trust transactions.
Stake Weight - The higher your stake weight, the greater your chance of receiving a transaction. The exact value is a derived by a formula using your trust weight and block weight, which roughly equals the average of the two. Thus, each time you receive a transaction, your stake weight will reset to approximately half of your current level of trust.
submitted by scottsimon36 to nexusearth [link] [comments]

Mega FAQ (Or: Please come here for your questions first)

Qbundle Guide (Step by step setup & Bootstrap) https://burstwiki.org/wiki/QBundle
1( I want to mine or activate My account. Where do find the multiple coins?
You only need 1, an outgoing transaction or reward reassignment will set the public key. Get them from:
https://www.reddit.com/burstcoinmining/comments/7q8zve/initial_burstcoin_requests/
Or (Faucet list)
https://faucet.burstpay.net/ (if this is empty, come back later)
http://faucet.burst-coin.es
Or
https://forums.getburst.net/c/new-members-introductions/getting-started-initial-burstcoin-requests
2( I bought coins on Bittrex and want to move to my new wallet, but can't. Why?
Bittrex will only send to accounts with a public key (not a Burst requirement) so see number 1 and either set the name on the account (IF you will not mine) or set the reward recipient to the pool. Either action will enable the account and allow for transfers from Bittrex.
3( I sent coins from Poloniex/anywhere to Bittrex and they don’t show up after a considerable time. Why?
You need to set an unencrypted message on the transaction, informing Bittrex which account to send the funds to (this is in the directions on Bittrex). Did you do this? Contact Bittrex support with all the details and eventually you will get your funds.
4( How much can I make on Burst?
https://explore.burst.cryptoguru.org/tool/calculate
Gives you an average over time assuming a few things like: Average luck/100% uptime/no overlapping/fees on pool/good plot scan time (<20 seconds) if you do not have all of these, you may not see that number.
5( If I use SSD’s would I make more money?
No, it’s 95% capacity and 5% scan time that determine success. More plot area = better deadlines = better chance of forging a block, or better rates from a pool.
6( What is ‘solo’ and ‘pool’ (wasn’t his name Chewbacca?)
Solo is where you attempt to ‘forge’ (mine) a block by yourself; you get 100% of the block reward and fees. But you only receive funds if you forge, no burst for coming in second place.
Pools allow a group of miners to ‘pool’ together their resources and when a miner wins, they give the pool the winnings (this is done by the reward assignment you completed earlier), it is then divided according to different percentages and methods and burst is sent out according to pool rules (minimum pay-out, time, etc.)
7( I have been mining for 2 days and my wallet doesn’t show any Burst WHY?
Mining solo: it is win-or-lose, nothing in between, and wining is luck and plot size. Pool mining: because it costs 1 burst to send burst, the pools have either a time requirement (every X days) or a minimum amount (100 burst +) so you need to research your pool. Some pools allow for you to set the limit (cryptoGuru and similar) to be met before sending
8( How do I see what I have pending?
On CryptoGuru, based pools, it’s the ‘Pending (burst)’ column, other pools, look for the numbers next to your burst ID. One is Paid and the other pending.
9( I’m part of a pool and I forged a block, but I didn’t recieve the total value of the block, why?
A pool has 2 basic numbers that denote the pay-out method, in the format ‘XX-XX’ (i.e. 50-50) The first number is the % paid to the block forger (miner) and the second is the retained value, which is paid to historic ‘shares’ (or, past blocks that the pool didn’t win, but had a miner that was ‘close’ to winning with a good submitted deadline)
Examples of pools:
0-100 (good for <40TB)
20-80 (30-80TB)
50-50 (60-200TB)
80-20 (150-250)
100-0 (solo mine, 150+ TB)
Please note that there is an overlap as this is personal preference and just guidance; a higher historical share value means a smoother pay-out regime, which some people prefer. If fees are not factored in, or are the same on different pools, the pay-out value will be the same over a long enough period.
10( Is XXX model of hard drive good? Which one do you recommend?
CHEAP is best. If you have 2 new hard drives, both covered by warranty, get the one with the lowest cost per TB (expressed as $/TB , calculated by dividing the cost by the number of terabytes) because plot size is KING,
11( How many drives can I have on my machine?
For best performance, you can have up to 2 drives per thread (3 on a new fast AVX2 CPU). So that quad-core core-2-quad can have up to 8 drives, but a more modern i7 with 4 cores + hyper threading can squeeze 8 * 3 or 24 drives. (Performance while scanning will suffer)
12( Can I game while I mine?
Some people have done so, but you cannot have the ‘maximum’ number of drives and play games generally.
13( Can I mine Burst and GPU mine other coins?
Yes, if you CPU Mine Burst.
14( I’m GPU plotting Burst and GPU mining another coin, my plots are being corrupted, why?
My advice is dedicating a GPU to either mining or plotting, don’t try to do both.
15( What is a ‘plot’?
A plot is a file that contains Hashes, these hashes are used to mine burst. A plot is tied to an account, but they can be created (with the same account ID) on other machines and connected back to your miner(s).
16( Where can I trade/buy/sell Burst?
A list of exchanges is maintained on https://www.reddit.com/burstcoin/ (on the right, ‘Exchanges’ tab) the biggest at the moment are Bittrex and Poloniex, some offer direct Fiat-to-Burst purchase (https://indacoin.com for example)
17( Do I have to store my Burst off the exchange?
No, but it’s safer from hackers who target exchanges, if you cannot guarantee the safety or security of your home computer from Trojans etc, then it might be best to leave on an exchange (but enable 2FA security on your account PLEASE!)
18( What security measures can I take to keep my coin safe?
When you create an account, sign out and back in to your wallet (to make sure you have copied the pass phrase correctly) and keep multiple copies of the key (at least one physically printed or written down and in a safe place, better in 2 places) do not disclose the passphrase to anyone. Finally use either a local wallet or a trusted web wallet (please research before using any web wallet)
19( How can I help Burst?
Run a wallet, which will act as a node (or if you’re a programmer, contact the Dev team Bring attention to burst (without ‘shilling’ or trying to get people to buy) And help translate into your local language
Be a productive member of the community and contribute experience and knowledge if you can, or help others get into Burst.
20( Will I get coins on the fork(s) and where will they be?
There will be no new coin, and no new coins to be given/air dropped etc, the forks are upgrades to burst and there will not be a ‘classic’ or ‘new’ burst.
21( Will I need to move my Burst off of the exchange for the fork?
No, your transactions are on the block chain, which will be used on the fork, they will be visible after the move; nothing will need to be done on your side.
22( Where can I read about the progress of Burst and news in general on the community?
There is no finer place than https://www.burstcoin.ist/
23( What are the communities for Burst and the central website?
Main website: https://www.burst-coin.org/
Reddit: https://www.reddit.com/burstcoin and https://www.reddit.com/burstcoinmining/
Burstforum.net: https://www.burstforum.net/
Getburst forum: https://forums.getburst.net/
Official Facebook channel: https://m.facebook.com/groups/398967360565392
(these are the forums that are known to be supporting the current Dev Team)
Other ways to talk to the community:
Discord: https://discordapp.com/invite/RPhpjVv
Telegram (General): https://t.me/burstcoin
Telegram (Mining): https://t.me/BurstCoinMining
24( When will Burst partner up with a company?
Burst is a currency, the USD does not ‘partner up’ with a company, the DEV team will not partner up and give over to special interests.
25( Why is the DEV team anonymous?
They prefer anonymity, as it allows them to work without constant scrutiny and questions unless they wish to engage, plus the aim is for Burst to become a major contender, and this brings issues with security. They will work and produce results, they owe you nothing and if you cannot see the vision they provide then please do not ‘invest’ for short term gain.
26( When moon/Lambo/$100/make me rich?
My crystal ball is still broken, come back to the FAQ later for answer (seriously, this is a coin to hold, if you want to day-trade, good luck to you)
27( How can I better educate myself and learn about Dymaxion?
Read about the Dymaxion here: https://www.reddit.com/burstcoin/wiki/dymaxion
28( My reads are slow, why?
There are many reasons for this, if your computer has a decent spec it’s likely due to USB3 hub issues, or plugging into a USB2 hub, but other reasons can be multiple plots in the same folder, but it’s best to visit the mining subreddit. They can help more than an simple FAQ https://www.reddit.com/burstcoinmining/
29( I have a great idea for Burst (not proof of stake related)?
Awesome! Please discuss with the DEV team on discord https://discordapp.com/invite/RPhpjVv
(Please be aware that this is a public forum, you need to find who to ask/tell)
30( I have a great idea for Burst (Proof of stake related)?
No. if you want a POS, find a POS coin. On the tangle which is being implemented a POS/POW/POC coin can be created, but BURST will always be POC mined. You are welcome to implement a proof of stake coin on this!
31( Will the Dev team burn any coins?
Burst is not an ICO, so any coins will need to be bought to be burnt. You are welcome to donate, but the DEV team have no intention of burning any coins, or increasing the coin cap.
32( When will there be an IOS wallet?
IOS wallet is completed; we are waiting for it to go on the app store. Apple is the delaying factor.
33( Why do overlapping plots matter?
Plots are like collections of lottery tickets (and if only one ticket could win). Having 2 copies is not useful, and it means that you have less coverage of ‘all’ the possible numbers. It’s not good, avoid.
34( My local wallet used to run, I synchronised it before and now it says ‘stopped’. when I start it, it stops after a few seconds, what should I do?
I suggest that you change the database type to portable MariaDB (on Qbundle, at the top, ‘Database’ select, ‘change database’) and then re-import the database from scratch (see 35)
35( Synchronising the block chain is slow and I have the patience of a goldfish. What can I do?
On Qbundle , ‘Database’ select ‘Bootstrap chain’ and make sure the CryptoGuru repository is selected, then ‘start Import’ this will download and quickly stuff the local database (I suggest Portable MariaDB, see 34) (lol, loop)
36( What will the block reward be next month/will the block rewards run out in 6 months?
https://www.ecomine.earth/burstblockreward/ Rewards will carry on into 2026, but transaction fees will be a bigger % by then, and so profitable mining will continue.
37( How can I get started with Burst (wallet/mining/everything) and I need it in a video
https://www.youtube.com/watch?v=LJLhw37Lh_8 Watch and be enlightened.
38( Can I mine on multiple machines with the same account?
Yes, if you want to pool mine this can be done (but be prepared for small issues like reported size being incorrect. Just be sure to keep question 33 in mind.)
39( Why do some of my drives take forever to plot?
Most likely they are SMR drives, it’s best to plot onto another SSD and then move the finished plot/part of a plot across to the SMR drive as this is much quicker. SMR drives are fine on the read, just random writes that are terrible.
So plot an SMR drive quickly, plot to a non SMR or better still SSD drive, in as big a chunk as possible (fewer files better) and move. a version of Xplotter, called Splotter, can do this easily.
https://github.com/NoParamedic/SPlotter
40( I have a great idea; why not get listed on more exchanges!!
Exchanges list coins because of 2 reasons:
  1. Clients email and REQUESTING Burst and provide details like:
    i. https://www.burst-coin.org/information-for-exchanges
  2. The coin pays (often A LOT, seriously we’ve been asked for 50 BTC)
I suggest you speak with your exchange and ask ‘when will they offer Burst?’
41( Do you have a roadmap?
https://www.burst-coin.org/roadmap
42( Why is the price of Burst going up/down/sideways/looping through time?
The price of burst is still quite dependent upon Bitcoin, meaning that if Bitcoin gains, the value of Burst gains, if Bitcoin drops then Burst also drops. If there is news for Burst then we will see something independent of Bitcoin moving. Variations can be because of people buying in bulk or selling in bulk. There are also ‘pump and dump’ schemes that we detest, that can cause spikes in price that have nothing to do with news or Bitcoin, just sad people taking advantage of others.
43( Where is the best place to go with my mining questions?
https://www.reddit.com/burstcoinmining/
or https://t.me/BurstCoinMining
44( What hardware do you advise me to buy, is this computer good?
See question 43 for specific questions on hardware, it depends on so many variables. The ‘best’ in my opinion is a 36 bay Supermicro storage server, usually they have dual 6-core CPU’s and space for 36 drives. No USB cables, plotting and mining monster, anything else, DYOR.
45( Where do you buy your hard drives?
I have bought most from EBay in job lots, and some refurbished drives with short warranties. Everything else I have bought, from Amazon.
46( Can I mine on my Google drive/cloud based storage?
In short: no. If you want to try, and get to maybe 1 TB and then find that your local connection isn’t fast enough, or that shortly after, your account is blocked for various reasons. Please be my guest.
47( Can I mine on my NAS?
Some you can mine with the NAS (if it can run the miner, it can scan locally) but generally they’re not very fast. good for maybe 16 TB? Having a plot on a NAS and mining from another computer depends on the network speed between the NAS and scanning computer. I believe you can scan about 8 TB (maybe a bit more) and keep the scan times to within acceptable, but YMMV.
48( How can I set up a node?
No need to set up a node, just set up a wallet (version 2.0.4) or Qbundle (2.2) and it will do the rest
49( Are the passphrases secured?
I’ll leave the effort to a few people to show how secure a 12-word passphrase is: https://burstforum.net/topic/4766/the-canary-burst-early-warning-system Key point: brute forcing it will be around 13,537,856,339,904,134,474,012,675,034 years.
50( I logged into my account (maybe with a different burst ID) and see no balance!!
I have dealt with this very issue multiple times, and there are only 3 options:
  1. You have typed in the password incorrectly
  2. You have copy-pasted the password incorrectly
  3. You are trying to log into a ‘local wallet’ which the block chain has not finished updating
The last one generally leaves the burst ID the same, but old balances will show. No, this is not a security problem, and yes, windows loves to add spaces after the phrase you enter when copied, and that space is important in getting to your account.
51( Are there channels for my language?
Telegram:
Spanish: https://t.me/burstcoin_es
German: https://t.me/Burstcoinde
Italian: https://t.me/BurstCoinItalia
Forum:
Spanish: https://burst-coin.es/index.php/forum/index
Discord:
Spanish: https://discordapp.com/invite/RaaGna9
Bulgarian: https://discord.gg/r4uzTd
(there are others, please contact me to put up)
52( I am mining in a pool, and it says that my effective capacity is lower than I actually have, why?
  1. If you've not been mining for >48 hours, or just added additional capacity, it will take time.
  2. The value fluctuates (normally, +-5% but can be up to 10% at times)
  3. Read on the ‘Quick info’ tab about adjusting your deadline to compensate for changes i. revisit once a month for best results
  4. If you have overlapping plots it will also be lower so be aware of this (see question 33)
53( What pool should I join?
First of all, read question 9, after you have understood that it depends on the size (and how patient you are) select from the following list: https://www.ecomine.earth/burstpools/
54( What miner to use?
I use Blago’s miner, there are many out there but Blago’s works for me on CPU mining, it can be found in Qbundle.
55( What Wallet to use (I use windows)?
Qbundle: https://github.com/PoC-Consortium/Qbundle/releases/ guide: https://burstwiki.org/wiki/QBundle
56( What Wallet to use (Linux)?
https://package.cryptoguru.org/ for Debian and Ubuntu, for Mac. read:
https://www.ecomine.earth/macoswalletinstallguide/
57( Will i need to 'replot' after POC2 (second fork) happens?
No, there will be a tool which will optimise, but it is not CPU intensive (it basically re-shuffles your plot) and is just IO intensive. You do not need to replot.
TurboPlotter and https://github.com/PoC-Consortium/Utilities/tree/mastepoc1to2.pl are tools that will/can be used to actuate optimization, but PLEASE wait with optimization until after the hard fork.
58( Will the transaction fee always be 1 burst?
No, dynamic fees are coming in the next fork.
submitted by dan_dares to burstcoin [link] [comments]

**Update From The Einsteinium Dev Team**

~~~~ Mini Einsteinium Team Update ~~~~
VOTE FOR EINSTEINIUM ON CRYPTSY.COM Yes that's right - Cryptsy now also have voting We strongly feel that being listed on both http://coinmarketcap.com/ and http://www.coinwarz.com/cryptocurrency would be hugely beneficial in getting the word out about Einsteinium to the wider alt community to do this we need to be listed on a major exchange - Cryptsy is one of those exchanges! Vote here: https://www.cryptsy.com/coinvotes/ (you have to be a Cryptsy memebr to vote)
If you have even the smallest amount of BTC to spare send it here: 1DpJn1CdytHXfzCdg4kXXe3vNDZmJqh48D 0.0002 BTC = 1 Vote for Einsteinium
http://einsteinium.org
The Einsteinium Foundation proudly announce: Einsteinium: Launched 1st March 2014, 6pm GMT Current Epoch: 1
DOWNLOADS: Windows: https://mega.co.nz/#!PJQ03SjC!mXhRbX8lLiiYbhd8FMal4kwDZdND8luzTClZ_er6db4 Mac OSX: https://mega.co.nz/#!CNwCzYoL!cOmoUA82qmaSJ_mUribCWozBnDj0vYaP3VhxIzl5-KM Source Code: https://github.com/einsteinium/einsteinium
About the Einsteinium Foundation
The Einsteinium Foundation was created to help, in any small way it can, raise funding for cutting edge scientific research. To this aim we created Einsteinium, a new cryptocurrency (similar to Bitcoin), to gather funds that can be distributed to projects the community chooses. Combined with donations from the community at large we will help fund some of the most innovative projects currently under-way or help seed those waiting to start.
The Goals
The principle task of the Foundation will be organize the selection and distribution of the Einsteinium Fund that is collected each month from the community mining the Coin and direct donations the Fund.
Each month a small selection of projects we the Foundation think are worthy of support will be collated together with suggestions from you the community. Voting will be held during the last few days of each month, the winner of the poll is selected and the funds passed over.
There will be no restrictions as to who is eligible for inclusion in the monthly selection for voting, the only criteria is that the science involved is pushing our understanding forward and could build us a better, safer and more interesting future.
From simple Kickstarter project to the Gates Foundations effort against Malaria, if between the Einsteinium community and the Foundation we reach consensus that the project is worthy we will send the funds.
Details and Special Rewards When a Wormhole is good for you.
Epochs The mining of Einsteinium is divided into Epochs, each Epoch is 36000 blocks long and is targeted to last 25 days. The Proof of Work mining of Einsteinium will last 730 Epochs.
Wormhole Events: During every Epoch from the start of mining through to Year 10 a random Wormhole Event will occur. A Wormhole Event is 180 blocks long with a reward of 2970 Einsteinium per block. This is a fixed value reward irrespective of the current block reward and replaces the standard reward for that block. A Wormhole Event is randomly generated and can start at any time during an Epoch, but will ALWAYS be 180 blocks long.
Continued appeal
As we move past 25th Epoch the Wormhole Events, in conjunction with the rising value of Einsteinium, will be a substantial incentive for smaller miners to continue mining. With a reward of hundreds of times the standard block value up for grabs you won’t want to miss a Wormhole Event
And Remember! With every block mined we are funding the future!
Einsteinium Foundation Fund Wallet address: EKnqTC9XEuucZEhD3miDGnbJxBptcxhByA
Fair Launch No pre-announcement, everyone has a fair chance to solo mine NO pre-mine Kimoto Gravity Well implemented from block 1 Starting reward lasts for 50 days
Exchanges
https://www.allcoin.com/trade/emc2_btc https://pmtocoins.com/index.php?page=trade&market=43 https://cryptoex.cc/market/emc2_btc https://www.cryptoaltex.com/index.php?page=trade&market=12
Profit calculator / difficulty graph
http://sancrypto.info/index/show/EMC2/
Pools
(please use all the pools)
http://emc2.coins4everyone.com https://emc2.suprnova.cc https://emc.maxminers.net http://emc.hashrapid.com http://emc2.poolnetwork.org (0%) http://emc2.mateloft.com http://emc2.botpool.net http://emc2.poolprefecture.com (0%) http://emc2.pitythepool.com http://emc2.gr2pool.eu:24007/static (work in progress) http://emc2.mainpy.com http://emc2.cryptopools.com http://emc2.crunchharder.net http://emc2.lifeforce.info (0%)
The stratum implementation for EMC2 differs slightly due to our donation/block system. Any pool owners wishing to set up a pool for EMC2 may want to review this code first. https://github.com/einsteinium/EMC2-Stratum-Mining
Pool owners please contact us if you wish to be listed as an approved pool in this thread and on the official web site.
Block explorers
http://cryptexplorer.com/chain/Einsteinium
Faucets http://coinrush.pl/emc2/ http://coinok.pw/faucet/emc2 Official Faucet Coming Soon
Block 1 Block 1 is a little larger than the rest of the blocks from Epoch 1 & 2 at 10747. this is to eliminate the need for pesky decimal points in the Wormhole Event blocks. We were really geeky and set the total number of Einsteinium to be equal to the speed of light in m/sec (in a vacuum!). Unfortunately that particular universal constant didn't play along when we divided it down so, mildly OCD that we are, we preferred a Wormhole block to be 2973 instead of 2973.4blahblahblahblahblah!. To be honest my OCD wanted to plump with 2970, but that would have made block 1 WAY to big.
Bounties None currently
Press & News Articles http://coinappeal.com/einsteinium-coin-for-science/
...and Finally Einsteinium is a cryptocurrency aimed at supporting and funding scientific research, all the automatic donations will be distributed to mutually agreed upon projects and the very small 0.5% gathered for faucets and give-aways won't be spent buying onto exchanges or paying out spurious bounties. Every single ECM2 we spend or give away will be very carefully considered, it will be used to spread the word and build the community, it won't be frittered away on bribes or on something we can do ourselves. And don't worry, if we build this community together and make it strong we WILL get listed on the exchanges!
The Einsteinium Launch Team are listening and active on this thread, if you have ANY questions please ask. Please be as courteous as you can to your fellow community members and to us, the Einsteinium team. Please be aware that the majority of the team are located in the UK (GMT+0) so responses to your questions may be slower between 1am & 6am GMT - we have to sleep sometime!
~~~~ The Latest Einsteinium Team Update ~~~~ 4th March 2014 - 10pm GMT
We have just turned 3 days old! Time to burp us and change the nappy
That’s right Einsteinium is JUST 3 days old, and yet we already find ourselves listed on 2 exchanges, a third, www.Lazycoins.com, will be listing EMC2 from the outset. We have twelve pools, two faucets which we, and you the community, are keeping stocked, plus a block explorer. As I write this the network is at 1.33GH/s there have been 5626 blocks mined totalling 5,761,024 EMC2 in circulation.
EMC2 is bouncing between 400 and 1400 sat on the exchanges, even if the volume is low, which considering the turmoil the alt markets have been seeing over the past few weeks we see as a major achievement. But we know that EMC2 is worthy of a higher price and are confident that when listed on an exchange with larger volume we will see the price start to climb towards our short term target.
So, please keep voting for us on Cryptorush and Mintpal!
https://cryptorush.in/index.php?p=vote https://www.mintpal.com/voting
We also strongly feel that being listed on both http://coinmarketcap.com/ and http://www.coinwarz.com/cryptocurrency would be hugely beneficial in getting the word out about Einsteinium to the wider alt community, therefore, if you are member of any of their required exchanges please hit them up and request that they list EMC2/BTC.
BTC-e - Crypsty - CoinEx - Coins-E - Bter - Vircurex - CoinMarket.io - Crypto-Trade.com - CoinedUp - mcxNow
Down To Business We are growing the team!
We would like to welcome on board the first member of the community to join the Einsteinium Team; Kreativekrypto
We will be reaching out over the next 24 hours to one or two other members on this thread to enquire if they would like to get more deeply involved – keep an eye on you PM inbox Smiley
Android Wallet We have an Android wallet in progress for Einsteinium, it’s not far off so we’ll keep you posted on the progress.
Press Recognition We are reaching out to a number of blogs and traditional media in an effort to raise awareness of Einsteinium, Crypto blogs are an obvious first port of call and hopefully you’ll be seeing the Press & Article section of the OP start to fill up nicely. We are not stopping there though, we are casting the net further afield and contacting science and technology media as well. If anyone has a direct line to a blogger or journalist please point them here and the foundation website and have them reach out to [email protected] – it’s not what you know it’s who you know!
Reddit and Twitter Kreativekrypto will be leading our Reddit and Twitter initiatives. With the team still currently low on numbers we’ll be starting off with moderate sized competitions, but expect them to grow over time.
The Funds There is a very interesting concept we are testing internally with regards to the Einsteinium Foundation Fund. If it pans out as we hope you’ll all be the first to know Cheesy
Transparency We will be publishing the main fund wallet address very soon and that will be followed by a public ledger of transactions. DONE!
...AND
Please, Please, Please send us some suggestions for science related projects that you feel are worthy of support by the Einsteinium Foundation. Leave your ideas here or contact us through the web site www.einsteinium.org. We have selected four to get things rolling, you can see them here: http://einsteinium.org/nominations/ THIS is heart and soul of Einsteinium, we want the funding to be as democratic and inclusive as we can possibly make it – get nominating!
Together we are funding the future with the future of currency!
We NEED Your Feedback
As you will no doubt be aware because of the block halving the collection for the coin promotion fund is weighted towards the first 3 years of mining. However, we have been working with figures that spread the promotion fund equally over the first 10 years of the coins life. That gives us a little under 7000 EMC2 each Epoch to spend on promotions and give-aways.
Now, that puts us in a quandary, there is ECM2 in the pot to achieve certain goals in the very short term, purchase 'votes' to get on cryptorush or Mintpal, pay for advertising and hire marketers. However that would leave the promotion fund much shorter in numbers of EMC2 in years to come, for example it would take around 250,000 ECM2 to buy sufficient ‘votes’ to get us listed on Cryptorush, a site we are confident that we will be listed on organically over time. Of course the counter-point to this argument is that in years to come the value of EMC2 will be significantly higher.
So we open it up to the community. Do we spent now or ensure that there are promotion funds for many years to come?
Thank You. The Einsteinium Team
submitted by kreativegameboss to einsteinium [link] [comments]

Is Antpool using a version of ASICBoost on Litecoin?

It seems likely. In addition to previous posts about the unusual number of zero-transaction blocks they're finding, a 24 hour monitoring of calculated (last 500 block) hashing power versus their own self-reported website numbers indicated an almost exact 20% differential. At 12:00 PM EST, calculated numbers were 1.476 T/Hash versus a self-reported 1.2 T/Hash.
Why is this important? Because by doing this they're stealing from all the other miners. that 240 M/Hash differential represents about a 5% increase in the network difficulty, reducing the value of mining shares for EVERYONE (themselves included). However if they are finding block rewards 20% faster those rewards are in essence being siphoned from other pools or solos.
The Litecoin infrastructure is supposed to be a level playing field. Bitmain has played fast and loose in the Bitcoin, manufacturing and now Litecoin spaces for too long.
submitted by Writerfl to litecoin [link] [comments]

The Strange Birth & History of Monero, Part IV: Monero "as it is now"

You can read here part III.
You can read this whole story translated into Spanish here
This is part IV, the last but not least.
Monero - A secure, private, untreceable cryptocurrency
https://bitcointalk.org/index.php?topic=583449.0
Notable comments in this thread:
-201: “I would like to offer 1000 MRO to the first person who creates a pool”
(https://bitcointalk.org/index.php?topic=583449.msg6422665#msg6422665)
[tacotime offers bounty to potential pool developer. Bytecoin devs haven’t released any code for pools, and the only existent pool, minergate (in the future related to BCN interests) was closed source]
-256: “Adam back seems to like CryptoNote the better than Zerocash https://twitter.com/adam3us/status/453493394472697856”
(https://bitcointalk.org/index.php?topic=583449.msg6440769#msg6440769)
-264: “update on pools: The NOMP guy (zone117x) is looking to fork his open source software and get a pool going, so one should hopefully be up soon.”
(https://bitcointalk.org/index.php?topic=583449.msg6441302#msg6441302)
-273: “Update on GUI: othe from VertCoin has notified me that he is working on it.”
(https://bitcointalk.org/index.php?topic=583449.msg6442606#msg6442606)
-356: “Everyone wanting a pool, please help raise a bounty with me here:
https://bitcointalk.org/index.php?topic=589533.0
And for the GUI:
https://bitcointalk.org/index.php?topic=589561.0”
(https://bitcointalk.org/index.php?topic=583449.msg6461533#msg6461533)
[5439 MRO + 0.685 BTC + 5728555.555 BCN raised for pool and 1652 XMR, 121345.46695471 BCN for the GUI wallet. Though this wallet was "rejected" as official GUI because wallet still has to be polished before building a GUI]
-437: “Yes, most Windows users should see a higher hashrate with the new build. You can thank NoodleDoodle. ”
(https://bitcointalk.org/index.php?topic=583449.msg6481202#msg6481202)
-446: “Even faster Windows binaries have just been uploaded. Install for more hash power! Once again, it was NoodleDoodle.”
(https://bitcointalk.org/index.php?topic=583449.msg6483680#msg6483680)
-448: “that almost doubled my hashrate again! GREAT STUFF !!!”
(https://bitcointalk.org/index.php?topic=583449.msg6484109#msg6484109)
-461: “Noodle only started optimization today so there may be gains for your CPU in the future.”
(https://bitcointalk.org/index.php?topic=583449.msg6485247#msg6485247)
[First day of miner optimization by NoodleDoodle, it is only May 1st]
-706: “The unstoppable NoodleDoodle has optimized the Windows build again. Hashrate should more than double. Windows is now faster than Linux. :O”
(https://bitcointalk.org/index.php?topic=583449.msg6549444#msg6549444)
-753: “i here tft is no longer part of the project. so is he forking or relaunching bytecoin under new name and new parameters (merged mining with flatter emission curve.) also. what is the end consensus for the emission curve for monero. will it be adjusted."
(https://bitcointalk.org/index.php?topic=583449.msg6561345#msg6561345)
[May, 5th 2014. TFT is launching FANTOMCOIN, a clone coin which its "only" feature was merged mining]
-761: (https://bitcointalk.org/index.php?topic=583449.msg6561941#msg6561941) [May, 5th 2014 – eizh on emission curve and tail emission]
-791: “As promised, I did Russian translation of main topic.”
(https://bitcointalk.org/index.php?topic=583449.msg6565521#msg6565521)
[one among dozens of decentralized and “altruist” collaborators of Monero in minor tasks]
-827: image
(https://bitcointalk.org/index.php?topic=583449.msg6571652#msg6571652)
-853: (https://bitcointalk.org/index.php?topic=583449.msg6575033#msg6575033)
[some are not happy that NoodleDoodle had only released the built binaries, but not the source code]
-950: (https://bitcointalk.org/index.php?topic=583449.msg6593768#msg6593768)
[Rias, an account suspected to be related to the Bytecoin scam, dares to tag Monero as “instamine”]
-957: “It's rather bizarre that you're calling this an "instamine" scam when you're so fervently supporting BCN, which was mined 80% before entering the clearnet. Difficulty adjustments are per block, so there is no possibility of an instamine unless you don't publish your blockchain (emission is regular at the preset interval, and scales adequately with the network hash rate). What you're accusing monero of is exactly what ByteCoin did.”
https://bitcointalk.org/index.php?topic=583449.msg6594025#msg6594025
[Discussion with rias drags on for SEVERAL posts]
-1016: “There is no "dev team". There is a community of people working on various aspects of the coin.
I've been keeping the repo up to date. NoodleDoodle likes to optimise his miner. TFT started the fork and also assists when things break. othe's been working on a GUI. zone117x has been working on a pool.
It's a decentralized effort to maintain the fork, not a strawman team of leet hackers who dwell in the underbellies of the internet and conspire for instamines.”
(https://bitcointalk.org/index.php?topic=583449.msg6596828#msg6596828)
-1023: “Like I stated in IRC, I am not part of the "dev team", I never was. Just so happens I took a look at the code and changed some extremely easy to spot "errors". I then decided to release the binary because I thought MRO would benefit from it. I made this decision individually and nobody else should be culpable”
(https://bitcointalk.org/index.php?topic=583449.msg6597057#msg6597057)
[Noodledoodle gets rid of the instaminer accusations]
-1029: “I decided to relaunch Monero so it will suit all your wishes that you had: flatter emission curve, open source optimized miner for everybody from the start, no MM with BCN/BMR and the name. New Monero will be ready tomorrow”
(https://bitcointalk.org/index.php?topic=583449.msg6597252#msg6597252)
[people trying to capitalize mistakes is always there.]
-1030: "Pull request has been submitted and merged to update miner speed
It appears from the simplicity of the fix that there may have been deliberate crippling of the hashing algorithm from introduction with ByteCoin."
https://bitcointalk.org/index.php?topic=583449.msg6597460#msg6597460
[tacotime “officially” raises suspects of possible voluntarily crippled miner]
-1053: "I don't mind the 'relaunch' or the merge-mining fork or any other new coin at all. It's inevitable that the CryptoNote progresses like scrypt into a giant mess of coins. It's not undesirable or 'wrong'. Clones fighting out among themselves is actually beneficial for Monero. Although one of them is clearly unserious and trolling by choosing the same name.
Anyway, this sudden solidarity with BCN or TFT sure is strange when none of these accounts were around for the discussions that took place 3 weeks ago. Such vested interests with no prior indications. Hmm...? "
https://bitcointalk.org/index.php?topic=583449.msg6599013#msg6599013
[eizh points out the apparent organized fudding]
-1061: "There was no takeover. The original developer (who himself did a fork of bytecoin and around a dozen lines of code changes) was non-responsive and had disappeared. The original name had been cybersquatted all over the place (since the original developer did not even register any domain name much less create a web site), making it impossible to even create a suitably named web site. A bunch of us who didn't want to see the coin die who represented a huge share of the hash power and ownership of the coin decided to adopt it. We reached out to the original developer to participate in this community effort and he still didn't respond over 24 hours, so we decided to act to save the coin from neglect and actively work toward building the coin."
(https://bitcointalk.org/index.php?topic=583449.msg6599798#msg6599798)
[smooth defends legitimacy of current “dev team” and decisions taken]
-1074: “Zerocash will be announced soon (May 18 in Oakland? but open source may not be ready then?).
Here is a synopsis of the tradeoffs compared to CyptoNote: […]"
(https://bitcointalk.org/index.php?topic=583449.msg6602891#msg6602891)
[comparison among Zerocash y Cryptonote]
-1083: "Altcoin history shows that except in the case of premine (Tenebrix), the first implementation stays the largest by a wide margin. We're repeating that here by outpacing Bytecoin (thanks to its 80% mine prior to surfacing). No other CN coin has anywhere near the hashrate or trading volume. Go check diff in Fantom for example or the lack of activity in BCN trading.
The only CN coin out there doing something valuable is HoneyPenny, and they're open source too. If HP develops something useful, MRO can incorporate it as well. Open source gives confidence. No need for any further edge."
(https://bitcointalk.org/index.php?topic=583449.msg6603452#msg6603452)
[eizh reminds everyone the “first mover” advantage is a real advantage]
-1132: "I decided to tidy up bitmonero GitHub rep tonight, so now there is all valuable things from latest BCN commits & Win32. Faster hash from quazarcoin is also there. So BMR rep is the freshest one.
I'm working on another good feature now, so stay tuned."
(https://bitcointalk.org/index.php?topic=583449.msg6619738#msg6619738)
[first TFT apparition in weeks, he somehow pretends to still be the "lead dev"]
-1139: "This is not the github or website used by Monero. This github is outdated even with these updates. Only trust binaries from the first post."
(https://bitcointalk.org/index.php?topic=583449.msg6619971#msg6619971)
[eizh tries to clarify the community, after tft interference, which are the official downloads]
-1140: “The faster hash is from NoodleDoodle and is already submitted to the moner-project github (https://github.com/monero-project/bitmonero) and included in the binaries here.
[trying to bring TFT back on board] It would be all easier if you just work together with the other guys, whats the problem? Come to irc and talk like everyone else?
[on future monero exchangers] I got confirmation from one."
(https://bitcointalk.org/index.php?topic=583449.msg6619997#msg6619997)
[8th may 2014, othe announces NoodleDoodle optimized miner is now open source, asks TFT to collaborate and communicates an exchanger is coming]
-1146: "I'll be impressed if they [BCN/TFT shills] manage to come up with an account registered before January, but then again they could buy those.”
(https://bitcointalk.org/index.php?topic=583449.msg6620257#msg6620257)
[smooth]
-1150: “Ring signatures mean that when you sign a transaction to spend an output (coins), no one looking at the block chain can tell whether you signed it or one of the other outputs you choose to mix in with yours. With a mixing factor of 5 or 10 after several transactions there are millions of possible coins all mixed together. You get "anonymity" and mixing without having to use a third party mixer.”
(https://bitcointalk.org/index.php?topic=583449.msg6620433#msg6620433)
[smooth answering to “what are ring signatures” in layman terms]
-1170: "Someone (C++ skilled) did private optimized miner a few days ago, he got 74H/s for i5 haswell. He pointed that mining code was very un-optimized and he did essential improvements for yourself. So, high H/S is possible yet. Can the dev's core review code for that?"
(https://bitcointalk.org/index.php?topic=583449.msg6623136#msg6623136)
[forums are talking about an individual or group of individuals with optimized miners - may 9th 2014]
-1230: "Good progress on the pool reported by NOMP dev zone117x. Stay tuned, everyone.
And remember to email your favorite exchanges about adding MRO."
(https://bitcointalk.org/index.php?topic=583449.msg6640190#msg6640190)
-1258: "This is actually as confusing to us as you. At one point, thankful_for_today said he was okay with name change: https://bitcointalk.org/index.php?topic=563821.msg6368600#msg6368600
Then he disappeared for more than a week after the merge mining vote failed.”
(https://bitcointalk.org/index.php?topic=583449.msg6645981#msg6645981)
[eizh on the TFT-issue]
-1358: “Jadehorse: registered on 2014-03-06 and two pages of one line posts:
https://bitcointalk.org/index.php?action=profile;u=263597
https://bitcointalk.org/index.php?action=profile;u=263597;sa=showPosts
Trustnobody: registered on 2014-03-06 and two pages of one line posts:
https://bitcointalk.org/index.php?action=profile;u=264292
https://bitcointalk.org/index.php?action=profile;u=264292;sa=showPosts
You guys should really just stop trying. It is quite transparent what you are doing. Or if you want to do it, do it somewhere else. Everyone else: ignore them please."
(https://bitcointalk.org/index.php?topic=583449.msg6666844#msg6666844)
[FUD campaign still ongoing, smooth battles it]
-1387: "The world’s first exchange for Monero just opened! cryptonote.exchange.to"
(https://bitcointalk.org/index.php?topic=583449.msg6675902#msg6675902)
[David Latapie announces an important milestone: exchanger is here]
-1467: "image"
(https://bitcointalk.org/index.php?topic=583449.msg6686125#msg6686125)
[it is weird, but tft appears again, apparently as if he were in a parallel reality]
-1495: “http://monero.cc/blog/monero-price-0-002-passed/”
(https://bitcointalk.org/index.php?topic=583449.msg6691706#msg6691706)
[“trading” milestone reached: monero surpassed for first time 0.002 btc price]
-1513: "There is one and only one coin, formerly called Bitmonero, now called Monero. There was a community vote in favor (despite likely ballot stuffing against). All of the major stakeholders at the time agreed with the rename, including TFT.
The code base is still called bitmonero. There is no reason to rename it, though we certainly could have if we really wanted to.
TFT said he he is sentimental about the Bitmonero name, which I can understand, so I don't think there is any malice or harm in him continuing to use it. He just posted the nice hash rate chart on here using the old name. Obviously he understands that they are one and the same coin."
(https://bitcointalk.org/index.php?topic=583449.msg6693615#msg6693615)
[Smooth clears up again the relation with TFT and BMR. Every time he appears it seems to generate confusion on newbies]
-1543: "Pool software is in testing now. You can follow the progress on the pool bounty thread (see original post on this thread for link)."
(https://bitcointalk.org/index.php?topic=583449.msg6698097#msg6698097)
-1545: "[on the tail emission debate] I've been trying to raise awareness of this issue. The typical response seems to be, "when Bitcoin addresses the problem, so will we." To me this means it will never be addressed. The obvious solution is to perpetually increase the money supply, always rewarding miners with new coins.
Tacotime mentioned a hard fork proposal to never let the block reward drop below 1 coin:
Code: if (blockReward < 1){ blockReward = 1; }
I assume this is merely delaying the problem, however. I proposed a fixed annual debasement (say 2%) with a tx fee cap of like 0.001% of the current block reward (or whatever sounds reasonable). That way we still get the spam protection without worrying about fee escalation down the road."
(https://bitcointalk.org/index.php?topic=583449.msg6698879#msg6698879)
[Johnny Mnemonic wants to debate tail emission. Debate is moved to the “Monero Economy” thread]
-1603: “My GOD,the wallet is very very wierd and too complicated to operate, Why dont release a wallet-qt as Bitcoin?”
(https://bitcointalk.org/index.php?topic=583449.msg6707857#msg6707857)
[Newbies have hard times with monero]
-1605: "because this coin is not a bitcoin clone and so there isnt a wallet-qt to just copy and release. There is a bounty for a GUI wallet and there is already an experimental windows wallet..."
(https://bitcointalk.org/index.php?topic=583449.msg6708250#msg6708250)
-1611: "I like this about Monero, but it seems it was written by cryptographers, not programmers. The damned thing doesn't even compile on Arch, and there are several bugs, like command history not working on Linux. The crypto ideas are top-notch, but the implementation is not."
(https://bitcointalk.org/index.php?topic=583449.msg6709002#msg6709002)
[Wolf0, a miner developer, little by little joining the community]
-1888: "http://198.199.79.100 (aka moneropool.org) successfully submitted a block. Miners will be paid for their work once payments start working.
P.S. This is actually our second block today. The first was orphaned. :/"
(https://bitcointalk.org/index.php?topic=583449.msg6753836#msg6753836)
[May 16th: first pool block]
-1927: "Botnets aren't problem now. The main problem is a private hi-performance miner"
(https://bitcointalk.org/index.php?topic=583449.msg6759622#msg6759622)
-1927: "Evidence?"
(https://bitcointalk.org/index.php?topic=583449.msg6759661#msg6759661)
[smooth about the private optimized miner]
-1937: “[reference needed: smooth battling the weak evidence of optimized miner] Yes, I remember that. Some person on the Internet saying that some other unnamed person said he did something hardly constitutes evidence.
I'm not even doubting that optimized asm code could make a big difference. Just not sure how to know whether this is real or not. Rumors and FUD are rampant, so it is just hard to tell."
(https://bitcointalk.org/index.php?topic=583449.msg6760040#msg6760040)
[smooth does not take the "proof" seriously]
-1949: "image
One i5 and One e5 connected to local pool:
image"
(https://bitcointalk.org/index.php?topic=583449.msg6760624#msg6760624)
[proof of optimized miner]
-1953: "lazybear are you interested in a bounty to release the source code (maybe cleaned up a bit?) your optimized miner? If not, I'll probably play around with the code myself tomorrow and see if I can come up with something, or maybe Noodle Doodle will take an interest."
(https://bitcointalk.org/index.php?topic=583449.msg6760699#msg6760699)
[smooth tries to bring lazybear and his optimized miner on board]
-1957: "smooth, NoodleDoodle just said on IRC his latest optimizations are 4x faster on Windows. Untested on Linux so far but he'll push the source to the git repo soon. We'll be at 1 million network hashrate pretty soon."
(https://bitcointalk.org/index.php?topic=583449.msg6760814#msg6760814)
[eizh makes publics NoodleDoodle also has more miner optimizations ready]
-1985: “Someone (not me) created a Monero block explorer and announced it yesterday in a separate thread:
https://bitcointalk.org/index.php?topic=611561.0”
(https://bitcointalk.org/index.php?topic=583449.msg6766206#msg6766206)
[May 16th, 2014: a functional block explorer]
-2018: “Noodle is doing some final tests on Windows and will begin testing on Linux. He expects hashrate should increase across all architectures. I can confirm a 5x increase on an i7 quad-core + Windows 7 64-bit.
Please be patient. These are actual changes to the program, not just a switch that gets flicked on. It needs testing.”
(https://bitcointalk.org/index.php?topic=583449.msg6770093#msg6770093)
[eizh has more info on last miner optimization]
-2023: “Monero marketcap is around $300,000 as of now”
(https://bitcointalk.org/index.php?topic=583449.msg6770365#msg6770365)
-2059: I was skeptical of this conspiracy theory at first but after thinking about the numbers and looking back at the code again, I'm starting to believe it.
These are not deep optimizations, just cleaning up the code to work as intended.
At 100 H/s, with 500k iterations, 70 cycles per L3 memory access, we're now at 3.5 GHz which is reasonably close. So the algorithm is finally memory-bound, as it was originally intended to be. But as delivered by the bytecode developers not even close.
I know this is going to sound like tooting our own horn but this is another example of the kind of dirty tricks you can expect from the 80% premine crowd and the good work being done in the name of the community by the Monero developers.
Assuming they had the reasonable, and not deoptimized, implementation of the algorithm as designed all along (which is likely), the alleged "two year history" of bytecoin was mined on 4-8 PCs. It's really one of the shadiest and sleaziest premines scams yet, though this shouldn't be surprising because in every type of scam, the scams always get sneakier and more deceptive over time (the simple ones no longer work)."
(https://bitcointalk.org/index.php?topic=583449.msg6773168#msg6773168)
[smooth blowing the lid: if miner was so de-optimized, then BCN adoption was even lower than initially thought]
-2123: (https://bitcointalk.org/index.php?topic=583449.msg6781481#msg6781481)
[fluffypony first public post in Monero threads]
-2131: "moneropool.org is up to 2KHs, (average of 26Hs per user). But that's still only 0.3% of the reported network rate of 575Khs.
So either a large botnet is mining, or someone's sitting quietly on a much more efficient miner and raking in MRO."
(https://bitcointalk.org/index.php?topic=583449.msg6782192#msg6782192)
[with pools users start to notice that “avg” users account for a very small % of the network hashrate, either botnets or a super-optimized miner is mining monero]
-2137: “I figure its either:
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852)
-2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit."
(https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812)
[eizh makes official announce of last miner optimization, it is may 17th]
-2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038)
[wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools]
-2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|"
(https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946)
-2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro"
(https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548)
-2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486"
(https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109)
-2756: “So... ALL Pools have 50KH/s COMBINED.
Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?”
(https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977)
-2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.”
(https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012)
-2765: “Penalty for too large block size is disastrous in the long run.
Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.”
(https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475)
-2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes."
(https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710)
-3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin.
To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially."
(https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545)
[tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project]
-3044: "image"
(https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986)
[Monero added to coinmarketcap may 21st 2014]
-3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)."
(https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509)
[random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)]
-3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam.
In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa).
Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet."
(https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638)
[An answer to those trolls saying Monero has no innovation/unique feature]
-3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself."
(https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676)
-3119: “image
[included for the lulz]
-3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs."
(https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006)
[the initial "core team" so far, eizh post]
-3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085)
[fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading]
-3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526)
[fluffy again, worth to read it too, so follow link, don’t be lazy]
-3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.”
(https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197)
[flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner]
-3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded.
I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy."
(https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796)
[smooth takes the opportunity to remember the need of bigger target block]
-3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373”
[wolf0 makes public his open source optimized miner]
-3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools."
(https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193)
[tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it]
-3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693)
[fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins]
-3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one.
I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw).
Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar.
The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized.
That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have."
(https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720)
[smooth vision of a true p2p currency]
-3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth."
(https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061)
[smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances]
-3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them."
[fluffy-troll]
-3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do""
(https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244)
[Major FUD troll in the topic. One of the hardest I’ve ever seen]
-3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants.
Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking.
Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures.
This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)."
(https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525)
[Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on]
-3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars."
(https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770)
[Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies]
-3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412)
[partnership with i2p]
-4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373”
(https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812)
[super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining]
-4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here:
logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately."
(https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497)
[Jun 2nd 2014]
-5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0”
(https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160)
[4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner]
-5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724"
(https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061)
[miner optimization is an endless task]
-5464: "I have posted a proposal for fixed subsidy:
https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538"
(https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776)
[Nice charts and discussion proposed by tacotime, worth reading it]
-5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default."
(https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475)
[Now you can recover your wallet with a 24 word seed]
-5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623)
[Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)]
-6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715)
[Monero missives: CryptoNote peer review starts whitepaper reviewed)]
-7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333)
[android monero widget built]
This is a dense digest of the first several thousand messages on the definitive Monero thread.
A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
  • 28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
  • 30th April: First NoodleDoodle's miner optimization.
  • 11th May: First Monero exchanger
  • 13th May: Open source pool code is ready.
  • 16th May: First pool mined block.
  • 19th May: Monero in poloniex
  • 20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
  • 21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
  • 25th May: partnership with i2p
  • 28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
  • 2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
  • 4th June: Claymore's open source GPU miner.
  • 10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
  • March 2015 – tail emission added to code
  • March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
  • Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
  • Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
  • The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
  • The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
submitted by el_hispano to Monero [link] [comments]

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