Want to add to the discussion? If you are working with that much muscle it may be smarter to pool mine. You have to give the pool more than an hour to mining your earnings. Hi, Nice to see there remain some crazy guys who believe in XPM Primecoin is an experimental cryptocurrency that introduces the first pool computing proof-of-work to cryptocurrency technology. Perhaps create a merge between mining to create a standalone worker directly connected to primecoind daemon will be a primecoin solution. Will update again in 12h primecoin final balance is calculated.
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What Is an ICO? New case or new cooling? I am looking to see how many coins I could mine in and some hardware costs, or some cloud mining costs. Im going to try Primecoin.. The Proof-of-work searches for prime number chains [ 1 ],[ 2 ].
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Is it possible to tell mining pools are cheating - eg. Meaning that the amount that they did mine will eventually be absorbed by the pool. If you find helpful and useful information you can support us by donating altcoins or Bitcoin BTC to: Each bi-twin chain must obviously have even length; the first chain six primes long is: Smooth difficulty adjustment — unlike Bitcoin, primecoin adjusts its difficulty to exactly match the target rate mining 1 block per 10 minutes every blocks roughly two weeksPrimecoin adjusts its difficulty slightly every block, nudging it pool the target rate in an exponential primecoin pattern.
Can I ask which pool you are using? Another way is by setting a minimum withdrawal amount somewhat high. This is because a lot of people will mine for a little while, realize it's going to take weeks to reach even the minimum withdrawal and give up.
Meaning that the amount that they did mine will eventually be absorbed by the pool. If you are working with that much muscle it may be smarter to solo mine. Can I ask what the processor specs are? I always mined through ypool. They charge fee's and you can donate etc. I've left servers running and wll update again in 6 or 12 hours, depending on how many blocks are foudn I have reasons to believe ypool miner app is way better than hp Why would they choose a pool over solo?
However the rest of my post is pretty solid. The ypool share count takes about 24 hours to stabilize and equalize your earnings and share count.
You can look directly at the blocks and see how the shares were distributed across the users every time a block is hit. Depending on the time of day you put your servers online there could be a varying amount of workers from 35, to , And your distribution will be directly affected by it.
You say that ypool is a rip off but your shares on ypool exist for blocks and the share amount depends on how helpful they were in finding the block. So if you find a block you get 55 shares for blocks as opposed to only a sole block reward on that block. You have to give the pool more than an hour to determine your earnings. They even say that on the pool site. And if you are consistently finding the block you would earn far more than 5.
Pool mining makes more sense for someone like me who is mining with one k. With the difficulty as high as it is it will take over 45 days to hit the block which is less than 9 xpm a month.
But on the pool you get a payout over time based on shares of what type of chains you hit. For me it makes sense because I would probably never hit a block solo mining unless I got super lucky. The pool offers me the option for a payout for adding to the pool as opposed to crossing my fingers and rolling the dice hoping I hit a block before the difficulty increases and further decreases my chances.
If you have a hundred thousand dollars of hardware and electricity pointing at a pool you want your full value back, but you will never get it from a pool because they charge fees from every block dispersion. You should solo mine with those machine numbers considering you have your own pool to begin with. Just don't blanketly say that pool mining is a waste of time for everyone, because most people don't have 22, bucks to blow on processors alone just to mine primecoin. Mining at pools is just stupid.
Thank you for the research and posting. You might be in the statistics of small numbers zone, I'd suggest running longer before coming to a definitive conclusion. I'll look forward with interest to any more results.
Assume the number of blocks n you get in 24 hours is Gaussian distributed. So, the question is, how can one use this test to create granularity? That is, how can one distinguish between a chain 7. The answer is simple: In order for a prime chain to count as a valid proof of work, it must have a fractional length at least equal to the difficulty; as of the time of this writing, this parameter is floating around 7.
Since we do not want proofs of work to be reusable, Primecoin also adds another restriction. The restriction is that the origin of a prime chain must be divisible by the hash of the block that the proof of work is for. Hash functions have the property that the only way to look for a value that has a particular hash is the computationally infeasible strategy of simply trying new values until you get a result that works; thus, the only way to generate valid proofs of work is to look for prime chains targeted to one block of which you already know the hash, and these chains would only ever be useful for that specific block.
There are some places where Primecoin missed some serious opportunities for improvement. However, in practice it does the exact opposite. Here, if the price goes up by a factor of ten, the difficulty will shoot up significantly as well as more miners move in, leading to… a reduction in the Primecoin generation rate.
Thus, instead of adding the negative feedback mechanism inherent in gold, Primecoin instead creates a positive feedback mechanism that exacerbates the problem of volatility. Also, Primecoin could have set up its exponential adjustment algorithm to have a much longer period — reaching This is one innovation that would also at least somewhat stabilize the value of the currency by generating more coins when interest goes up, but unfortunately so far no currency has tried this; Primecoin, despite all of its other improvements, missed the chance to be the first.
All in all, Primecoin presents itself as an extremely interesting experiment; for the first time, we have a currency whose mining algorithm has a secondary value, and at the same time Primecoin, unlike so many other coins before it, actually makes serious attempts to improve on Bitcoin in unrelated aspects.
We are always looking for talented writers to join our team. If you have an article you'd like to have published to our audience please reach out to editor bitcoinmagazine. About Terms of use Advertise Store Contact. What Is a Blockchain? What Makes Bitcoin Valuable? What Are Bitcoin Wallets? Is Bitcoin a Good Investment? What is Bitcoin Mining? What Is an ICO? The first Cunningham chain of length 5, for example, consists of the following six primes: Here, the first length-5 chain appears much sooner: Each bi-twin chain must obviously have even length; the first chain six primes long is: Further Refinements In order to be a viable cryptocurrency, Primecoin needs a way to finely tune the difficulty of the proof of work; otherwise, new developments in technology or increased popularity may lead to new blocks being created too quickly for the blockchain to be stable or so slowly that transactions take hours to confirm.
Primecoin also adds a number of other innovations on the side: Smooth difficulty adjustment — unlike Bitcoin, which adjusts its difficulty to exactly match the target rate of 1 block per 10 minutes every blocks roughly two weeks , Primecoin adjusts its difficulty slightly every block, nudging it toward the target rate in an exponential decay pattern. For example, if network hash power or rather, prime generation power suddenly doubles, the next block would be 0.
Very fast confirmations — unlike Bitcoin, where transactions take an average of ten minutes to confirm eight minutes in practice since the difficulty must constantly catch up to increasing mining power , Primecoin blocks come at a rate of one per minute. This allows secure transactions to be made much more quickly; six confirmations may take fifty minutes in Bitcoin, but they take only six minutes in Primecoin. The underlying mathematics behind why six confirmations is a fairly safe threshold is independent of block confirmation time, so the Primecoin transaction at six confitmations is no less secure it can be argued that attackers can make double-spending attempts ten times more frequently, but going up to just seven or eight confirmations more than makes up for this.