18

Take the total network Th/s and divide by your total Th/s. That number gives you you a number that tells you how many blocks will occur before you get one (on average). So if there is currently 3,666 Th/s on the network, and you have a 0.55 Th/s (like you would if you have a $5,000 KNCMiner Jupiter ASIC), then 3,666/0.55 = 6,665. That means you have 1/6,...


18

Check this page: How soon might I expect to generate a block? So with the current difficulty 510,929,738, and a 1Ghash/s mining rig (faster than your CPU) you'd do this math: 510929738 * Math.pow(2,32) / Math.pow(10,9) / 60 / 60 / 24 / 365 So to find a block at this difficulty with a 1Ghash mining rig it would take you about 69 years on average. Good ...


14

As long as you're in good communication with the network and have a hashrate measured in something better than minutes per hash, yes, you technically do have a chance of successfully mining a block, even if your hashrate is tiny compared to the whole network. Then the question is, what are your chances and should you do it? I think an analogy with a lottery ...


14

A 2X rate with a 50% chance of missing a winning nonce is no advantage at all. Incrementing the nonce is the easiest mechanism of choosing the next nonce to try, so you try the most nonces per second that way. That's all that matters. Perhaps you are under the mistaken impression that everyone is trying to mine the same block. That is not so. If you are a ...


12

What do the mining workers do differently then if they would be mining solo? A miner that is mining within a third-party pool doesn't need the entire block chain. In fact it doesn't need to be connected to any peers of the Bitcoin network. These miners work entirely outside of the network and could technically just need to communicate to the administrator ...


9

Unless the lucky winner were to announce his luck, there is no way for anyone to tell the difference. So, even if one cannot find any information suggesting that someone did, it could have happened. Blockchain.info gives the current hashing power as 47,289,554.08 GHash/s, so your chance to mine any one block would be 3/47,289,554.0 = 6.3439e-8. In Germany ...


8

I do not think the question was about the "how long" it would take in average, but what are the odds, which is something completely different from my point o view. If I understand well the concept of solving blocks then there are always more people/groups/pools trying to solve one block. If that's so then solving a block is always more about the luck than ...


6

Yes Erik, the mining feature is still built-in and you can check how many hashes your CPU can perform. Although it's pointless and you cannot earn anything, it is still a fun experiment that people like to try. If you have a bitcoin core installed and synced with the network, you can just simply open the command console and type in and enter: setgenerate ...


5

If you are solo mining, then you need the entire blockchain since each block you mine references the hash code of the last block in the chain. If you don't have the last block yet, then the network will reject your mined blocks since there will already be later blocks in the blockchain. If you are mining in a pool, then you don't need the blockchain or ...


5

You need to be online because mining is sort of like a mathematical race: whoever finds the hash of the next block (with value less than the current target) wins. And in order to prove that you found this value before anybody else, you need to be online in order to broadcast it to other users.


5

The address the block reward goes to is in the data that is being hashed. That address is the pool's. If a miner finds a hash that meets the block difficulty, changing the address to the miner's own will cause a different hash, and you don't have control over the distribution of the bits in that second hash. So you don't get a block if you change the address....


4

The mining pool coordinates the workers. Think of it like a lottery. If you and your friends all buy tickets in the lottery the group has a better chance of winning. To be fair in the lottery example everyone should be rewarded proportional to the amount of money spent on tickets. So if there are 20 tickets for the pool one person purchased 10 and two people ...


4

If you mine in a pool, the pool will send you whatever work you are mining on, i.e. you don't need to download the blockchain. If you are solo-mining you will need the blockchain.


4

When you mine solo (not in a pool) then your payout is entirely based on solving the current block in the blockchain before anyone else, and collecting the "bounty" on that block. In Bitcoin terms, the block bounty was 50 BTC at the start of the blockchain, and recently decreased to 25 BTC -- it will continue decreasing steadily until all BTC are mined. The ...


4

The JSON-RPC API can be used by other programs to communicate with the Bitcoin client. That could include external mining programs, "e-commerce" software to automatically make and receive payments, or any other software that wants to interact with the Bitcoin network. It is true that you do not need this feature simply to solo mine using setgenerate true. ...


4

In order to be able to calculate the nonce for the next block you need all the information from the last known block. The time between the blocks is 10 minutes in average, so if you stay offline for more that 10 minutes you will not be able to perform any valid calculations and essentially you will be in a solo, forking mode, solving the wrong block.


4

Yes, it's possible to solo-mine using your PC. The odds are astronomically small, however. You can look up what hash rate your CPU will get here. The best possible CPU the Xeon Phi 5500 gets 140 MH/s. Current network hash rate is 570,000,000,000 MH/s. So every block, you have a 0.000000000245% chance of finding the block. You'll find one block every 76,000 ...


3

As @jtorba pointed out, your chance of finding a block is your_hashrate/total_hashrate, with total_hashrate being currently ~1.2e7 GHash/s. Average time to find a block is 10 minutes (actually somewhat lower, since the difficulty is increasing). So, today your mean time for finding a block is between 5 and 11 months (for 550 and 250 GHash/s respectively). ...


3

now you can use bitcoin-cli dumpwallet command to export all your privkeys


3

I'm solo mining AmericanCoin on a US$6/month VPS generating about 7 scrypt kilohashes per second, and just won block 55311 about an hour ago, after about 8 weeks of trying with the random-nonce scrypt-mining script linked to from my blog. so it can be done, if the difficulty is low enough. it might have worked just as well or better with the built-in linear-...


3

It's better than being in the lottery! The chance you actually find a block will sadly decrease over time (probably). Thing is, if you're lucky you win the lottery. And if you don't get lucky, you don't win and get nothing. The advantage of being in a pool is that you play in more lotteries, so your luck averages out . If you get lucky 1% of the time and ...


3

If those are reasonably decent CPUs, they could be able to mine up to 20 Mhash/s each. Together, that's 20 Ghash/s, or the same as a small ASIC, and using massively more electricity. As of december 2013, with the difficulty at 707408283, this means that you'd have approximately a 0.85% chance per month to win a block (worth 25 BTC).


3

The difficulty is not really 1. testnet has a "20-minute rule": if no block is successfully mined within 20 minutes, the difficulty drops to 1 until a block is mined. Then it reverts to its previous value. However, it appears that getdifficulty returns 1 whenever the most recent block was difficulty 1, even if it was accepted under the 20-minute rule; ...


3

When you run bitcoin-qt or bitcoind in command line, pass that argument. This way, the client indexes transactions from a file, not from the internet. bitcoin-qt -loadblock=/path/to/bootstrap.dat Source: http://eu2.bitcoincharts.com/blockchain/ Version 0.7 or later will also import this file by passing the command line argument "-loadblock=/path/to/...


3

Not only can you write such a program, you probably already have one. If you run the standard Bitcoin Core client, you will see that debug.log logs the IP addresses of every network node it communicates with. (It's irrelevant whether you use the client for mining or not - even non-mining nodes need to connect to peers, and could keep track of which peers ...


3

Check out MPOS, here is a guide to setting up an MPOS pool: https://github.com/MPOS/php-mpos/wiki/Quick-Start-Guide And, to answer your last question, it is impossible to solo mine standard coins on a single computer that does not have the alt coin wallet in question installed.


3

Now, if I discover a block, won't both my localhost GBT "pool" and the remote pool claim it as theirs? No. That isn't possible. Changing the coinbase transaction (what controls where a block reward goes) invalidates the block. All that happens is that the block propagates slightly faster. Cheating on pooled mining This appears to be known as the "...


3

The official Bitcoin full node software always had the mining feature built in, and will probably always have. If you have the line gen=1 in your .conf file, then you will start confirming transactions when you open the wallet. Take a look at https://en.bitcoin.it/wiki/Running_Bitcoin


3

You can use your GPU to mine, but it is going to mostly be a waste of time and energy now that there is specialized hardware (ASICs) to mine. You need a piece of software that will allow you to mine with your GPU. The miner built into Bitcoin Core is only for CPU mining. Check out this page on the wiki. The exact software you choose will depend on a number ...


3

Most CPUs will do a few megahash per second, which is completely worthless for anything other than testing and has been for several years now. It may be possible to improve performance in the future as Skylake Intel x86 processors include specific instructions for SHA256, but only by a few percent. Even with improvements it is a waste of time and power ...


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