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  How transactions and mining works
Posted by: mjstrand - 11-02-2017, 03:20 PM - Forum: Bitcoin Discussion - No Replies

In response to the following question of mine:

Quote:Out of curiosity, when our block takes 74 hours, does that mean the transactions we are processing have not had a single confirmation for that many hours?  Or does the bitcoin network system have all pools grab a new set of transactions once a block is found on the network?
Kano responded with the following valuable information:
Quote:It not 'our' block until we find a block and keep it [Image: smiley.gif]

What mining is, is simply hashing a set of data (work) and hoping it gets a value in the range we want.
That work of course (usually) includes a set of transactions.

Mining is a bit like rolling 2 dice and wanting snake eyes (1 + 1)
With dice it's expected to happen, on average, once every 36 rolls.
With Bitcoin, at the current difficulty of D=1,452,839,779,145.919 it expected to happen, on average, once every D*2^32 hashes = once every ~6.23x10^21 hashes.
Sometimes more often, sometimes less often, but it should average that over time.
But it's simply just random for everyone.

As for transactions, all transactions are distributed over the network to (mostly) all bitcoin nodes on the network.
Each pool generates work (usually) with the best combination of the available transactions to get the most fees in their work.
Some may have different rules about what they think is the best, and different rules about what they will include.

When one pool finds a block, the transactions confirmed in that block are of course no longer available to be used in any future blocks.
We all then start with the next best available transactions after the ones used up and of course add on any new transactions that appear, and continue on randomly getting hashes.

FYI the pool sends out new work to all the miners every 30 seconds, which of course includes all the better available transaction that have come available in the past 30 seconds.
And, as mentioned above, the pool also sends out new work each time someone on the bitcoin network finds a block, excluding all those transactions that were confirmed by that block.

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  Could mining be improved?
Posted by: mjstrand - 10-24-2017, 01:43 PM - Forum: Bitcoin Discussion - No Replies

So as I mentioned, I am new to all this.  I am with Kano.is for my bitcoin mining.  We have had a streak of bad luck for the past couple months.  It is still profitable, but decreasing a fair bit.  I often wonder if there are ways to improve the luck (and in some cases it will make it worse). 

I was shown the following forum that has lots of information. At the bottom of https://en.bitcoin.it/wiki/Mining, there is a mining simulator.  It appears that the time (with seconds) is passed into the hashing algorithm.  That has the benefit of making sure that a result can eventually be found, but it also resets everything every second.  I am curious if the "network" has any slush for the answers that can be accepted.  Since clocks are never perfectly synchronized, I would think there is some "slush" time - perhaps as much as a minute.

It sounds like miners are issued a small amount of "work" on the problem.  It also sounds like the miners never complete every computation available for that work.  Initially I thought that it would make things insane for the pool server software to keep track of everything.  But since the time is always changing, it probably means a lot of things are just tossed and the server software is just working hard to make sure no two miners are working on the same incrementing seed range during the same second (and probably minute).

The basic explanations I have seen of mining on the web are to compute the sha256 of the block plus the number 1, then 2, then 3.  I would assume that each miner is given the block info and a range of numbers to work on sequentially.  I wonder if there is a way to have the time locked for a longer time period then more carefully distribute the ranges of numbers through the network.  I have no idea of the starting and ending range for work (and I am sure it varies by miner), but lets say the first miner's work is 1 through 1000, then my thought is rather than sending 1001 to 2000 to the second miner, the pool would send a random unprocessed starting point.  For example, 1 trillion to 1 trillion + 1000.  The third miner may be 1 billion to 1 billion + 1000, etc.  Beyond that, each pool server would need to have their own range since the servers cannot communicate around the world fast enough.  On each server, a memory cache would be filled in with the next few hundred block ranges which would get mapped into a local database in the background after being assigned and repopulate more random blocks for future requests.  Of course that all gets even more insane since every miner has an individual difficulty but perhaps that could be figured in. 

Eventually someone will be assigned 2001 to 3000 when it randomly comes up.  Obviously if the block answer was found in the 2001 to 3000 work group, then this method dramatically slows what a sequential operation would do.  Anyway, that was my thought - but it is highly possible that is already happening on every pool in the world.  As I said, I'm green on this, but it makes me wonder if others are doing something similar since Kano is not having as much luck recently.

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Photo Our first MinerGain Trillionaire - yes more than a Billionaire!
Posted by: mjstrand - 10-21-2017, 11:52 PM - Forum: Crypto Fun! - No Replies

So maybe there was a little glitch in the time space continuum today, but one of our moderators pinged us and shared this photo about the US Dollar value of his .02 BTC.  Actually, I may be wrong, but this may be the next level beyond trillion - what is that??  Wouldn't that be amazing!!!  Anyway, here is the untouched proof!

[Image: attachment.php?aid=1]

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  Bitcoin Hard Forks
Posted by: Bogdan - 10-12-2017, 07:08 PM - Forum: Crypto Threats / Opportunities - Replies (1)

The Bitcoin Gold Fork is coming up as is the Segwit2x.  There are a lot of concerns around both of them right now and people seem to be flipping and flopping over whether or not to hold bitcoin.  People are saying hold it for free money.  Others are saying get out into alt coins before the hard fork.  Anybody have any further perspective on this?

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  Ark is interesting
Posted by: mjstrand - 10-09-2017, 02:35 PM - Forum: Crypto Threats / Opportunities - No Replies

I have only been involved with crypto for a couple months, and it has always bothered me that rather than trying to save the environment like "most" people of the world, bitcoin and others seem to need more and more energy just to keep going.  I was pointed in the direction of Ark (http://ark.io) which has a very different mining concept.  With Ark, you vote the coins you have to people who will mine for you.  They all have different proposals (so read them carefully), but essentially if they get enough votes to be in the top 51 delegates, they will mine for themselves and all who voted for them.  Anyway, I love the concept that the mining is done on a normal server with normal power.  I have been considering tossing my hat in the ring since I have 3 high end dedicated servers that are virtually unused for my digital signage business (http://www.strandvision.com). If you have any thoughts on this interesting twist, please let us know by posting!

[Image: usd.jpg]

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  Meet Mike the Developer
Posted by: mjstrand - 10-09-2017, 02:29 PM - Forum: Welcome - No Replies

Hi everyone and Welcome! I have been doing software development and web site creation for most of 40 years now. I finally dove into the whole crypto currency world in August 2017. I went crazy and bought an S9 asic. I initially mined to SlushPool and have since migrated to kano.is. Then my nephew helped me get into mining ethereum and sia with a four card setup. I bounced around between nicehash, minemonero and so far have ended up at nanopool for that rig. I have also invested in about a dozen coins since then too.

The biggest thing that I noticed where I spent my time is that knowing that my miner was running - and that every pool does things differently. So that is why I created minergain.com! This site will continue to evolve, but right now I am going to get a basic system running to email or text you with performance on your mining equipment. Eventually I will create a login area so that all of your previously setup miner information can be managed.

I also hope to have this be a place where you can set alerts for trading of all your coins. If you are like me, you probably have dozens of crypto coins and it is hard to know how well you are doing on them all. Having alerts texted to you when your crypto reaches a certain value will save tons of time!

So bear with us as we kick off this site. There may be bumps along the way, but it will be worth it!! Thanks for visiting and sign up for the forum if you are interested in getting updates as the site evolves.

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Posted by: Demahiser - 09-10-2017, 11:44 PM - Forum: Welcome - Replies (1)

Good day everyone! as per usual, introductions are in order! since we're probably going to be spending a fair amount of time communicating, it never hurts to take a moment to introduce who you are.

I'll start!

My name is Demahiser, I've been mining for just under 4 months now. Presently I'm Mining Etherium, Pascalcoin, and also mining using Nicehash's tool. I buy and sell Cryptocurrencies as well through Poloniex.

It's nice to meet you all!

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