Bpool pool Alliance

Mine pool refers to:

as the computing level of the whole bitcoin network continues to rise exponentially, a single device or a small amount of computing power can not get the block reward provided by the bitcoin network on the bitcoin network

after the computing power of the whole network has been improved to a certain extent, the low probability of getting rewards has prompted some geeks on "bitcoin talk" to develop a method that can combine a small amount of computing power and operate jointly, and the website established in this way is called "mine pool"

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the existence of the mine pool reces the difficulty of bitcoin and other virtual digital currency mining, reces the mining threshold, and truly realizes the bitcoin mining concept that everyone can participate in

but its disadvantages are also very obvious, because computing power is connected to the mine pool. As a mine pool, it will have huge computing power resources. In the bitcoin world, computing power represents the bookkeeping right, and computing power is everything. If the computing power of a single mine pool reaches more than 50%, it will be easy to launch 51% attacks against virtual digital currencies such as bitcoin, The consequences are very terrible:

the mine pool can make the mine pool with 49% of the remaining computing power have no harvest, instantly quit the competition and go bankrupt. The mine pool's computing power exceeds 50%. If 51% attack is launched, it will easily occupy all the effective computing power of the whole network

After the computing power of the whole network has been improved to a certain extent, the probability of getting rewards is too low, so that some geeks on "bitcoin talk" can develop a method that can combine a small amount of computing power and operate jointly, and use this method to build websites

in this mechanism, no matter how much computing power an indivial miner can use, as long as he participates in mining activities by joining the mine pool, no matter whether he has successfully mined effective data blocks, he can get a small amount of bitcoin reward through his contribution to the mine pool, that is to say, many people cooperate in mining, and the bitcoin reward is shared by many people according to their contribution

as of January 2019, the top five bitcoin pools in global computing power are btc.com, pool, antpool, flush pool, and f2pool. At present, about 70% of global computing power is in the hands of Chinese miners

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handling charge:

bitcoin miners will charge a small amount of fees for most transactions, the main purpose of which is to prevent people from sending a large number of boring small transactions and wasting network resources. At present, most of the handling charges for each transaction are & T 3647; 0.0001/kb (0.0001btc / KB). In fact, after 0.9.0, the default handling charge will be reced to & 3647; 0.00001/KB(0.00001 btc/KB)

because the amount of data occupied by most transactions is less than 1 kilobyte, generally speaking, the amount of data is less than 3647; 0.00001 (0.00001 BTC / KB) is enough. At the same time, in the future, when the bitcoin block rewards are less, the service charge will become the main source of miners' income, and the service charge of bitcoin will be related to the number of bytes occupied by the transaction

at present, the calculation standard of service charge in bitcoin system is not mandatory, so users can not give any service charge when the transaction is in progress

however, most miners usually give priority to the transaction with higher handling charges when building data blocks, so that they can get higher remuneration when mining is successful. Therefore, the transaction without any handling charges may take a long time to be processed and incorporated into the blockchain

in addition, e to the block capacity limit of 1MB and the recent increase in bitcoin transaction volume, the handling charges have increased significantly, and the waiting time for the transaction to be confirmed has also become much longer

Mining is perhaps one of the most important components of the bitcoin ecosystem. Miners need to solve complex mathematical problems, so as to ensure the smooth implementation of the transaction. These problems are so complex that they are difficult to solve even for extremely powerful computers. Computers need work and luck to solve these mathematical problems, just as miners dig underground. The chance of solving this problem correctly is about one in 13 trillion

bitcoin mining has two purposes. Firstly, by solving mathematical problems, bitcoin miners can verify the transaction information, so as to ensure the security and reliability of bitcoin payment network. Miners are the people who ensure that transactions are accurate and that there is no "double payment."

since miners will eventually sell the bitcoin, it is also an important source of supply and liquidity. As chainalysis reports, many digital currency exchanges rely on miners to receive bitcoin and increase their liquidity. Typically, exchanges get about 88% of bitcoin from other exchanges, and bitcoin miners are the largest source of the remaining percentage. As you can imagine, there is fierce competition between exchanges to receive bitcoin directly from miners

further enlarge the map, most of the mining activities are only carried out in four provinces, the first two provinces are Xinjiang and Sichuan, accounting for nearly half of all bitcoin mining in China. Electricity prices are cheap and the weather is cold in these areas. This helps to keep mining profits and equipment cool ring the 24 / 7 operation and maintenance period of bitcoin mining

but this is nothing new for digital currency issuance. For many years, China has been a major market for bitcoin miners e to its cheap electricity and abundant resources. Bitmain, f2pool and Canaan are all located in China

whether this is a negative or positive message depends on your point of view. But for decentralized, distributed, unlicensed networks, geographic regions across multiple entities are more healthy for the entire ecosystem

the mining pool is the necessary infrastructure for the exploitation of P2P cryptography virtual currency such as bitcoin (digital currency). It is generally an open team mining server. Its significance is to improve the stability of bitcoin mining and stabilize the miners' salary. At present, the most powerful mining pools in the world are f2pool, antpool, BW pool, BTCC pool and bitfury. Except for bitfury, the rest are from China