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F2Pool Talks Bitcoin Halving and Enhanced Share of Network Hashrate

By Kyle Torpey Jun Two, 2016 8:00 AM EST

Recently, F2Pool became the clear leader ter bitcoin mining pools (once again). The pool has mined 31 procent of all blocks overheen the past four days (spil of Wednesday evening), while its usual playmate at the top, Antpool, has mined 17 procent of the blocks.

Inwards Bitcoins reached out to F2Pool Administrator Wang Chun to get his thoughts on the pool’s recently enlargened share of the network hashrate. Chun also collective his thoughts on the potential effects of the upcoming halving event, te which the block prize will druppel from 25 to 12.Five BTC vanaf block.

F2Pool’s Stay at the Top May Be Makeshift

When asked for his thoughts on why F2Pool has liked an enhanced share of Bitcoin’s network hashrate overheen the past few days, Chun responded, “Luck.”

Albeit the amount of hashing power pointed at a particular mining pool affects the frequency at which the pool earns a block prize, the reality is there is also a bit of randomness involved ter the process. Chun added, “Antpool should surpass us again once their S9 is deployed te batch.”

Inwards Bitcoins also reached out to Bitcoin.com and Bitcoinist Editor-in-Chief Scott Fargo, who has bot following the bitcoin mining industry closely overheen the past few years. He believes more than plain luck could be at play. “F2Pool is interesting spil they have a loterijlot of Chinese miners that are very loyal,” he stated. “When a fresh gear comes online they get a hashrate uptick quick.”

Fargo went on to discuss the various 16nm chips from BitFury and Bitmain that are coming online, which could lead to further switches te the distribution of mining power among the various pools.

None of Their Own Equipment

Some have wondered whether a latest increase ter the network difficulty could be due to F2Pool bringing fresh equipment online, but the mining pool is said to have no gear of their own. “We don’t own any mining equipments, so wij cannot [bring fresh equipment online],” Chun told Inwards Bitcoins.

When Fargo wasgoed also asked about this point, he stated, “F2Pool, for the most part, does not seem to have gear of their own, but those close ties with gegevens centers could have more to it that I’ve not found out about yet.”

Thoughts on the Upcoming Halving

Many te the Bitcoin community are also worried about a possible laagconjunctuur caused by the upcoming halving event, but Chun does not show up to be worried. “I don’t think it will affect Bitcoin too much, except miners’ revenue may decrease significantly, but I think most miners will be still mining at profit,” he stated.

KNCMiner CEO Sam Cole recently exposed that the bitcoin mining company will not be profitable after the halving takes place.

Kyle Torpey is a freelance writer and researcher who has bot following Bitcoin since 2011. His work has bot featured on VICE Motherboard, Business Insider, NASDAQ, RT’s Keiser Report, and many other media outlets. You can go after @kyletorpey on Twitter.

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At 12.Five BTC vanaf block, assuming 12 cents vanaf kWh of tens unit and assuming no significant switch te difficulty or difficulty delta, the S9 generates a profit of only

$195 vanaf unit te the very first month, $183 ter the 2nd month, $170 te the third month, $159 ter the fourth month, etc, peaking ter the 24th month at an accumulated total of about $Two,000. Beyond that point you operate it at a loss. Thesis things retail for overheen $Three,000 each, so you’ll never make back your initial investment no matter how many you buy.

I justify the “no significant switch ter difficulty or difficulty delta” on the poot that when the halving from 50 to 25 BTC vanaf block happened, there wasgoed no significant switch ter difficulty or difficulty delta. Why should there be one this time?

Bitcoin mining pools are a way for Bitcoin miners to pool their resources together and share their hashing power while splitting the prize identically according to the amount of shares they contributed to solving a block.

A “share” is awarded to members of the Bitcoin mining pool who present a valid proof of work that their Bitcoin miner solved. Bitcoin mining ter pools began when the difficulty for mining enhanced to the point where it could take years for slower miners to generate a block.

The solution to this problem wasgoed for miners to pool their resources so they could generate blocks quicker and therefore receive a portion of the Bitcoin block prize on a consistent poot, rather than randomly once every few years.

Network Overeenstemming

If you solo-mine, meaning you do not mine with a Bitcoin mining pool, then you will need to ensure that you are ter overeenstemming with the Bitcoin network. The best way is to use the official BitCore client.

If you participate ter a Bitcoin mining pool then you will want to ensure that they are engaging te behavior that is te agreement with your philosophy towards Bitcoin.

For example, some rogue developers have threatened to release software that could hard-fork the network which would likely result ter tremendous financial harm.

Therefore, it is your duty to make sure that any Bitcoin mining power you onmiddellijk to a mining pool does not attempt to enforce network overeenstemming rules you disagree with.

Segregated Witness

When segwit is activated, you will want to be able to mine and relay segwit-style blocks. The following mining software has bot upgraded to support segwit.

Please note that software that supports the GetBlockTemplate (GBT) RPC voorwaarde be upgraded to support the BIP9 and BIP145 switches to GBT. All the programs linked above that support GBT have bot upgraded.

Segwit is already activated and enforced on testnet, so you may find it useful to test your infrastructure upgrade by mining with some petite amount of hashrate on testnet. Alternatively, Bitcoin Core 0.13.1’s regression test mode (regtest) also supports segwit by default.

Bitcoin Mining Pools

There are many good Bitcoin mining pools to choose from. Albeit it’s tempting to pick the most popular one, it’s better for the health of the network to mine with smaller pools so spil to avoid potentially harmful concentration of hashing power.

The hash rate distribution is best when split among more Bitcoin mining pools.

Bitcoin Mining Pool Hash Rate Distribution

Bitcoin Mining Pool Options

For a fully decentralized pool, wij very recommend p2pool.

The following pools are believed to be presently fully validating blocks with Bitcoin Core 0.11 or zometeen:

BTCC: BTCC is a Bitcoin exchange, wallet, and mining pool located te China. Its mining pool presently controls around 15% of the network hash rate.

Slush Pool: Slush Pool is run by Satoshi Labs, a Bitcoin company based ter the Czech Republic. Slush Pool wasgoed the very first mining pool and maintains around 7% of the network hash rate.

Antpool: [WARNING] – Bitmain operates Antpool and some consider them to be a malicious actor ter the Bitcoin ecosystem because of the AntBleed scandal where they were intentionally including malware within mining equipment they sell. Ter a corporate communication, Bitmain claimed this wasgoed a feature and not a bug. This malware would enable Bitmain to remotely shut down equipment of customers or competitors thus enhancing their own profitability. Additionally, such behavior could pose a risk to the entire Bitcoin network.

Eligius: Eligius wasgoed one of the very first Bitcoin mining pools and wasgoed founded by Luke Dashjr, a Bitcoin Core developer. Today, the pool controls just under 1% of the network hash rate.

BitMinter: BitMinter, once one of the largest Bitcoin mining pools, now controls less than 1% of the network hash rate.

Kano CKPool: Kano CKPool wasgoed founded te 2014 and presently has around 3% of the network hash rate under its control.

F2Pool: F2Pool is the 2nd largest Bitcoin mining pool, with around 25% of the network hash rate. Its user interface is te Chinese, making it difficult for English speakers to join.

BW Pool: BW Pool controls around 7% of the network hash rate. Like F2Pool, its user interface is te Chinese, making it difficult for English speakers to join.

Bitfury: Albeit seen publically ter block explorers and hash rate charts, BitFury is a private mining pool and cannot be joined.

Bitcoin Mining Pool Payment Methods

Calculating your share of the bitcoins mined can be ingewikkeld. Te an ongoing effort to come up with the fairest method and prevent gaming of the system, many calculation schemes have bot invented. The two most popular types are PPS and DGM. PPS, or ‘pay vanaf share’ shifts the risk to the mining pool while they assure payment for every share you contribute.

PPS payment schemes require a very large reserve of Ten,000 BTC ter order to ensure they have the means of bearing a streak of bad luck. For this reason, most Bitcoin mining pools no longer support it.

One of the few remaining PPS pools is EclipseMC. DGM is a popular payment scheme because it offers a nice balance inbetween brief round and long round blocks. However, end users vereiste wait for total round confirmations long after the blocks are processed.

PPS: The Pay-per-Share (PPS) treatment offers an instant, ensured payout for each share that is solved by a miner. Miners are paid out from the pools existing balance and can withdraw their payout instantly. This prototype permits for the least possible variance te payment for miners while also transferring much of the risk to the pool’s technicus.

PROP: The Proportional treatment offers a proportional distribution of the prize when a block is found amongst all workers, based off of the number of shares they have each found.

PPLNS: The Pay Vanaf Last N Shares (PPLN) treatment is similar to the proportional method, but instead of counting the number of shares te the round, it instead looks at the last N shares, no matter the boundaries of the round.

DGM: The Dual Geometric Method (DGM) is a hybrid treatment that enables the technicus to absorb some of the risk. The technicus receives a portion of payouts during brief rounds and comebacks it during longer rounds to normalize payments.

SMPPS: The Collective Maximum Pay Vanaf Share (SMPPS) uses a similar treatment to PPS but never pays more than the Bitcoin mining pool has earned.

ESMPPS: The Equalized Collective Maximum Pay Vanaf Share (ESMPPS) is similar to SMPPS, but distributes payments identically among all miners te the Bitcoin mining pool.

RSMPPS: The Latest Collective Maximum Pay Vanaf Share (RSMPPS) is also similar to SMPPS, but the system prioritizes the most latest Bitcoin miners very first.

CPPSRB: The Capped Pay Vanaf Share with Latest Backpay uses a Maximum Pay Vanaf Share (MPPS) prize system that will pay Bitcoin miners spil much spil possible using the income from finding blocks, but will never go bankrupt.

BPM: Bitcoin Pooled mining (BPM), also known spil “Slush’s pool”, uses a system where older shares from the beginning of a block round are given less weight than more latest shares. This reduces the capability to cheat the mining pool system by switching pools during a round.

POT: The Pay on Target (POT) treatment is a high variance PPS that pays out te accordance with the difficulty of work returned to the pool by a miner, rather than the difficulty of work done by the pool itself.

SCORE: The SCORE based treatment uses a system whereby a proportional prize is distributed and weighed by the time the work wasgoed submitted. This process makes zometeen shares worth more than earlier shares and scored by time, thus prizes are calculated te proportion to the scores and not shares submitted.

ELIGIUS: Eligius wasgoed designed by Luke Jr., creator of BFGMiner, to incorporate the strengths of PPS and BPM pools, spil miners submit proofs-of-work to earn shares and the pool pays out instantaneously. When the block prizes are distributed, they are divided identically among all shares since the last valid block and the shares contributed to stale blocks are cycled into the next block’s shares. Prizes are only paid out if a miner earns at least. 67108864 and if the amount owed is less than that it will be flipped overheen to the next block until the limit is achieved. However, if a Bitcoin miner does not submit a share for overheen a period of a week, then the pool will send any remaining balance, regardless of its size.

Triplemining: Triplemining brings together medium-sized pools with no fees and redistributes 1% of every block found, which permits your share to grow quicker than any other Bitcoin mining pool treatment. The administrators of thesis Bitcoin mining pools use some of the Bitcoins generated when a block is found to add to a jackpot that is triggered and paid out to the member of the pool who found the block. Ter this way, everyone ter the pool has a better chance to make extra Bitcoins, regardless of their processing power.

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