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Title: newbie noob question Post by: Bitcoin Buyer Reload on March 31, 2015, 09:21:41 AM what are bitcoin pools??
Title: Re: newbie noob question Post by: bite my coins on March 31, 2015, 09:22:16 AM yes. details please
Title: Re: newbie noob question Post by: stupididiot on March 31, 2015, 09:23:19 AM somewhere you mine bitcoins i think, like extract them
Title: Re: newbie noob question Post by: Real14Hero on March 31, 2015, 09:23:53 AM Bitcoin Mining Pools. What is Bitcoin Mining? Mining pools are a way for miners to pool their resources together and share their hashing power while splitting the reward equally www.bitcoinmining.com/bitcoin-mining-pools/according to the amount of shares they contributed to solving a block.
source:www.bitcoinmining.com/bitcoin-mining-pools/ (http://www.bitcoinmining.com/bitcoin-mining-pools/) Title: Re: newbie noob question Post by: HiTmanSql on March 31, 2015, 09:24:06 AM ok and extract from what?
Title: Re: newbie noob question Post by: DeViLRitual on March 31, 2015, 09:31:50 AM all newbie on one noob question. sounds fun :D :D
Title: Re: newbie noob question Post by: bitkilo on March 31, 2015, 09:33:11 AM If you are talking about bitcoin mining pools then basicaly it's a group of miners who all join up to a 'mining pool' they join all there mining power together so they can compete with the big guys.
Individual mining has not been worth the effort and cost for a long time now. I guess mining pools kind of join the gap so the small BTC miner can still sort of compete. Biggest thing to watch out for would be scam pools, they pop up all the time. Title: Re: newbie noob question Post by: Josef27 on March 31, 2015, 09:35:08 AM It just like...
A bunch of miner (You and the others who participated) who looking for block of gold (block), mines together to get a gold (bitcoin) and whoever get it shares the gold with others. So, you and the others work together to get a "block" that has bitcoin in it. Then if someone found it, He/She share it with others. Title: Re: newbie noob question Post by: fluffy2015 on March 31, 2015, 09:39:50 AM if they have to input the 124wdfsxkcjoidh somewhere to define the number of bitcoins it will be equivalent to. then i can write down a bunch of 1234rewdushdiu23hcd put it wherever they put it and by trial and error see how much bitcoins it is equivalent to
Title: Re: newbie noob question Post by: Josef27 on March 31, 2015, 09:41:45 AM So much brand new... :o
What do you mean by !$HFUAGIFGA or $#FUAGFiu or whatever? do you mean this https://blockchain.info/blocks or "Hash" that every normal transaction have? Title: Re: newbie noob question Post by: Josef27 on March 31, 2015, 09:45:21 AM is there a number of posts i have to do to climb the ladder from newbie to something else? Please go to here: https://bitcointalk.org/index.php?topic=178608.0Title: Re: newbie noob question Post by: aurel57 on March 31, 2015, 10:00:59 AM party? where is my beer? ;D ;D yes, hash, relayed by, height those words does not help understand what really is a bitcoin. and where it comes from? like it was pointed out, ok from block. what block? where you see the blocks? why is a graphic card so important? can a miner (the device used to mine) be used more than once? or is there a limit of coins it can generate? All newbies buy! Title: Re: newbie noob question Post by: Netpyder on March 31, 2015, 10:25:05 AM that is a serious newbie party :D :D :D
Title: Re: newbie noob question Post by: TulipMania Troll on March 31, 2015, 10:45:23 PM Coins don't actually exist. All the are really are is a transaction history from the blockchain. A miner is used to solve a hard equation and if you solve it you get the block. Right now the block rewards you with 25 bitcoins.
Title: Re: newbie noob question Post by: Meuh6879 on March 31, 2015, 10:51:03 PM Title: Re: newbie noob question Post by: jonnybravo0311 on March 31, 2015, 11:41:28 PM So many noobs gathered together in one thread!
A mining pool is an entity that combines the power of many miners in an effort to solve a block of bitcoins and reap the reward for doing so. To successfully solve the block and be added to the blockchain - which is the public transaction register of all bitcoins - the Bitcoin network uses something called "proof of work". Essentially, you are saying, "I put in a whole lot of work to verify the contents of the transactions in this block that I'm adding to the chain." As more and more hashing power is added to the network, the difficulty in finding that magic hash increases. In other words, it becomes harder and harder for you, the miner, to find a valid hash that satisfies the conditions necessary. If you do find a solution to the block, you are rewarded for your efforts. Currently, that reward is 25 bitcoins. Since finding a solution on your own would likely take a very long time, people got the idea of combining their power in an effort to find the solution. Thus were mining pools born. Now that you had a bunch of people contributing work, you had to figure out how to reward those people for the work they contributed once a valid solution was found. Quite a few different methods were devised to reward miners: Pay-Per-Share, Pay-Per-Last-N-Shares, Proportional, Double-Geometric, etc. What really matters is that you, as a miner, are given a portion of the block reward. So, instead of waiting a tremendously long time for the full reward of 25BTC for solving a block, you join a pool and get a lot of small payouts as the pool finds blocks. party? where is my beer? ;D ;D Party - Sureyes, hash, relayed by, height those words does not help understand what really is a bitcoin. and where it comes from? like it was pointed out, ok from block. what block? where you see the blocks? why is a graphic card so important? can a miner (the device used to mine) be used more than once? or is there a limit of coins it can generate? Where is the beer - Check the fridge Hash - the magic solution that satisfied the network difficulty and allowed the block to be added to the chain relayed by - the bitcoin node that first saw this hash and broadcast it to the rest of the network. height - the block number (started at 0, which was the very first block) where does it come from - from block rewards. Every block solved creates new bitcoins (until there have been 21,000,000 created) where do you see the blocks - try looking at the blockchain explorer websites. http://blockchain.info for one Why is a graphics card so important - well, it used to be. Now, it's pointless to try and mine bitcoins with a CPU or GPU can a miner be used more than once - Yes. Is there a limit to how many coins it can generate - Yes. For example, you used to be able to generate a decent number of coins just using your computer. Now, that computer will very likely not generate any meaningful amount of coin in any reasonable time. Title: Re: newbie noob question Post by: DannyHamilton on April 01, 2015, 01:31:27 AM what are bitcoin pools?? yes. details please A bitcoin (mining) pool is a group of multiple individuals agreeing to cooperate in their bitcoin mining efforts. If anyone in the pool is successful in completing a transaction block, then all participants in the pool get a share of the block reward split up based on the amount of work each participant has contributed to the effort. somewhere you mine bitcoins i think, like extract them ok and extract from what? No. It isn't physical mining, you don't literally "extract" them. You contribute to the proof-of-work that is used to form a distributed consensus, and in exchange you receive a block reward that consists of the sum of the current block subsidy plus all the transaction fees of all transactions included in the block. the theory part from wikipedia. that we all know.. but a real explanation.. anyone? Real explanation of what? Of what a pool is? Or of what is involved in the process of "mining"? if anyone interested to help, pm me :D i dont know too ;D ;D ;D Help you with what? PM isn't necessary, I can answers right here? well i dont know but i enjoy using, no tax :D You'll need to check with a tax adviser who is familiar with your personal jurisdiction. In most tax jurisdictions you are still legally required to pay tax on bitcoin transactions. something else i want to add.. since all newbies are here, me too. the GSDFWERF@$#)(DSO@J that makes an amount of bitcoins, where do they come from? That mess of letters and symbols doesn't make any amount of bitcoins. i second that question.. how do the definition of 32dsoihfi sofoi09u3w0ds makes 1 bitcoin? That mess of numbers letters and spaces does not make 1 bitcoin. and if that is so, It's not. how do people define that !@$DSGDS is one bitcoins. They don't. There is a distributed ledger that maintains a list of unspent outputs which are encumbered with a requirement for them to be used as inputs to fund a transaction. Each output is assigned a value by the person that creates the output. The protocol rules only recognize as valid a transaction that has supplied in its inputs a total value that is greater than or equal to the sum of the values of the outputs. where are they INPUT so that the amount is defined? The initial input of value occurs with the creation of the block. The miner (or mining pool) assigns a block subsidy to themselves. The protocol will only recognize a subsidy that less than or equal to the current subsidy level. If a miner (or pool) tries to reward themselves a larger subsidy, then all other miners, and all peer nodes, and all clients, and all wallets on the network will reject the block and the miner won't get anything at all. if they have to input the 124wdfsxkcjoidh somewhere to define the number of bitcoins it will be equivalent to. then i can write down a bunch of 1234rewdushdiu23hcd put it wherever they put it and by trial and error see how much bitcoins it is equivalent to You can write down any number you like and put it wherever you like, but if you don't complete a proper proof-of-work, or your take a subsidy that is larger than the network currently allows, or there is anything else that you've done that doesn't meet the requirements to pass a test of validity, then the entire network will simply ignore what you've done. i too want to know what really is bitcoins where do they come from. ok from block. block of what? Block of transactions. The miner (or mining pool) collects a set of unconfirmed transactions and assembles them into a block. Then they create a header for the block. Finally they complete a proof-of-work on that header. If they can successfully complete the proof-of-work before any other miner does on their block, then they get to broadcast the block and receive the subsidy and fees. is there a number of posts i have to do to climb the ladder from newbie to something else? https://bitcointalk.org/index.php?topic=178608.0 i have 1 bitcoin in my wallet. i was paid by it, so now i am into bitcoins :D how do i sell Here are just a few options: https://bitcointalk.org/index.php?board=53.0 https://www.coinbase.com https://www.circle.com/en https://localbitcoins.com/ https://www.bitstamp.net/ https://www.bitfinex.com/ and what price i can get? That depends on where you sell it. obviously people wont pay me the market price. They might. It depends on your efforts and your negotiating skills. Coins don't actually exist. All the are really are is a transaction history from the blockchain. Correct. "bitcoins" are just an abstraction that we humans use to make it easier to discuss the process of transferring control of value. A miner is used to solve a hard equation and if you solve it you get the block. The equation itself is not that difficult (worldwide the calculation is completed 348,351,298,390,000,000 times per second), but it has to be calculated repeatedly with different inputs each time until the miner stumbles on a resulting value that is lower than the current difficulty target. Right now the block rewards you with 25 bitcoins. Correct. Or more specifically the protocol rules currently allow the miner (or pool) to assign a new value of 2,500,000,000 to any address (or set of addresses) that they like in the first transaction in the block that they create. Title: Re: newbie noob question Post by: DeViLRitual on April 01, 2015, 12:12:01 PM what are bitcoin pools?? yes. details please A bitcoin (mining) pool is a group of multiple individuals agreeing to cooperate in their bitcoin mining efforts. If anyone in the pool is successful in completing a transaction block, then all participants in the pool get a share of the block reward split up based on the amount of work each participant has contributed to the effort. somewhere you mine bitcoins i think, like extract them ok and extract from what? No. It isn't physical mining, you don't literally "extract" them. You contribute to the proof-of-work that is used to form a distributed consensus, and in exchange you receive a block reward that consists of the sum of the current block subsidy plus all the transaction fees of all transactions included in the block. the theory part from wikipedia. that we all know.. but a real explanation.. anyone? Real explanation of what? Of what a pool is? Or of what is involved in the process of "mining"? if anyone interested to help, pm me :D i dont know too ;D ;D ;D Help you with what? PM isn't necessary, I can answers right here? well i dont know but i enjoy using, no tax :D You'll need to check with a tax adviser who is familiar with your personal jurisdiction. In most tax jurisdictions you are still legally required to pay tax on bitcoin transactions. something else i want to add.. since all newbies are here, me too. the GSDFWERF@$#)(DSO@J that makes an amount of bitcoins, where do they come from? That mess of letters and symbols doesn't make any amount of bitcoins. i second that question.. how do the definition of 32dsoihfi sofoi09u3w0ds makes 1 bitcoin? That mess of numbers letters and spaces does not make 1 bitcoin. and if that is so, It's not. how do people define that !@$DSGDS is one bitcoins. They don't. There is a distributed ledger that maintains a list of unspent outputs which are encumbered with a requirement for them to be used as inputs to fund a transaction. Each output is assigned a value by the person that creates the output. The protocol rules only recognize as valid a transaction that has supplied in its inputs a total value that is greater than or equal to the sum of the values of the outputs. where are they INPUT so that the amount is defined? The initial input of value occurs with the creation of the block. The miner (or mining pool) assigns a block subsidy to themselves. The protocol will only recognize a subsidy that less than or equal to the current subsidy level. If a miner (or pool) tries to reward themselves a larger subsidy, then all other miners, and all peer nodes, and all clients, and all wallets on the network will reject the block and the miner won't get anything at all. if they have to input the 124wdfsxkcjoidh somewhere to define the number of bitcoins it will be equivalent to. then i can write down a bunch of 1234rewdushdiu23hcd put it wherever they put it and by trial and error see how much bitcoins it is equivalent to You can write down any number you like and put it wherever you like, but if you don't complete a proper proof-of-work, or your take a subsidy that is larger than the network currently allows, or there is anything else that you've done that doesn't meet the requirements to pass a test of validity, then the entire network will simply ignore what you've done. i too want to know what really is bitcoins where do they come from. ok from block. block of what? Block of transactions. The miner (or mining pool) collects a set of unconfirmed transactions and assembles them into a block. Then they create a header for the block. Finally they complete a proof-of-work on that header. If they can successfully complete the proof-of-work before any other miner does on their block, then they get to broadcast the block and receive the subsidy and fees. is there a number of posts i have to do to climb the ladder from newbie to something else? https://bitcointalk.org/index.php?topic=178608.0 i have 1 bitcoin in my wallet. i was paid by it, so now i am into bitcoins :D how do i sell Here are just a few options: https://bitcointalk.org/index.php?board=53.0 https://www.coinbase.com https://www.circle.com/en https://localbitcoins.com/ https://www.bitstamp.net/ https://www.bitfinex.com/ and what price i can get? That depends on where you sell it. obviously people wont pay me the market price. They might. It depends on your efforts and your negotiating skills. Coins don't actually exist. All the are really are is a transaction history from the blockchain. Correct. "bitcoins" are just an abstraction that we humans use to make it easier to discuss the process of transferring control of value. A miner is used to solve a hard equation and if you solve it you get the block. The equation itself is not that difficult (worldwide the calculation is completed 348,351,298,390,000,000 times per second), but it has to be calculated repeatedly with different inputs each time until the miner stumbles on a resulting value that is lower than the current difficulty target. Right now the block rewards you with 25 bitcoins. Correct. Or more specifically the protocol rules currently allow the miner (or pool) to assign a new value of 2,500,000,000 to any address (or set of addresses) that they like in the first transaction in the block that they create. thankyou.. i really appreciate. lots of things i didnt understand but you managed to unceil most of them in one post Title: Re: newbie noob question Post by: HiTmanSql on April 03, 2015, 05:18:19 AM considering the reward is 25bitcoins, and 20 people or more in one pool, its a lot of power usage for 1 bitcoin
Title: Re: newbie noob question Post by: monbux on April 03, 2015, 01:20:25 PM considering the reward is 25bitcoins, and 20 people or more in one pool, its a lot of power usage for 1 bitcoin No, there are usually like thousands or tens of thousands of people currently mining in one pool, from what I remember. Might be even more now.Title: Re: newbie noob question Post by: HiTmanSql on April 03, 2015, 01:29:25 PM considering the reward is 25bitcoins, and 20 people or more in one pool, its a lot of power usage for 1 bitcoin No, there are usually like thousands or tens of thousands of people currently mining in one pool, from what I remember. Might be even more now.wait what ??? and the payout is 25 bitcoins divided amongst all those people?? Title: Re: newbie noob question Post by: --Encrypted-- on April 03, 2015, 01:35:37 PM considering the reward is 25bitcoins, and 20 people or more in one pool, its a lot of power usage for 1 bitcoin No, there are usually like thousands or tens of thousands of people currently mining in one pool, from what I remember. Might be even more now.wait what ??? and the payout is 25 bitcoins divided amongst all those people?? yes. how much they get varies according to their hashing power Title: Re: newbie noob question Post by: Josef27 on April 03, 2015, 01:37:58 PM considering the reward is 25bitcoins, and 20 people or more in one pool, its a lot of power usage for 1 bitcoin No, there are usually like thousands or tens of thousands of people currently mining in one pool, from what I remember. Might be even more now.wait what ??? and the payout is 25 bitcoins divided amongst all those people?? yes. how much they get varies according to their hashing power https://en.bitcoin.it/wiki/Comparison_of_mining_pools Title: Re: newbie noob question Post by: bite my coins on April 03, 2015, 07:18:11 PM thanks guys, ive got a lot of help from coming to this forum. thanks very much. cheers
Title: Re: newbie noob question Post by: stupididiot on April 03, 2015, 07:29:07 PM thanks guys, ive got a lot of help from coming to this forum. thanks very much. cheers am glad the post was made. ive learnt many things too Title: Re: newbie noob question Post by: GreenStox on April 04, 2015, 02:37:42 AM what are bitcoin pools?? Since the probability of you getting a bitcoin block is so tiny that with a little mining capacity it would take thousands of years to get one. Instead you join a pool, the pool has alot of cumulative mining power, thus they will 100% get the blocks, if not the other pools get them. And then they will distribute that block proportionally between the miners based on their mining capacity, so that everyone gets their fair share. Title: Re: newbie noob question Post by: Netpyder on April 04, 2015, 05:24:10 AM what are bitcoin pools?? Since the probability of you getting a bitcoin block is so tiny that with a little mining capacity it would take thousands of years to get one. Instead you join a pool, the pool has alot of cumulative mining power, thus they will 100% get the blocks, if not the other pools get them. And then they will distribute that block proportionally between the miners based on their mining capacity, so that everyone gets their fair share. ah that i did not know. i thought it was just a first come first serve. its good for it to be distributed amongst the appropriate amount of capacity you are running on. makes it a fair game Title: Re: newbie noob question Post by: GreenStox on April 04, 2015, 08:45:27 AM what are bitcoin pools?? Since the probability of you getting a bitcoin block is so tiny that with a little mining capacity it would take thousands of years to get one. Instead you join a pool, the pool has alot of cumulative mining power, thus they will 100% get the blocks, if not the other pools get them. And then they will distribute that block proportionally between the miners based on their mining capacity, so that everyone gets their fair share. ah that i did not know. i thought it was just a first come first serve. its good for it to be distributed amongst the appropriate amount of capacity you are running on. makes it a fair game Well its the equivalent of a work union in real life, people unionize and work more efficiently that way. While here its called a pool. Title: Re: newbie noob question Post by: boavico on April 04, 2015, 02:23:54 PM Someone here can help me answering for this !
I have 2 acc here (both Jr.Member) but both are banned. But I have seen many members here are selling their BCT account even 10 account. Why aren't they banned ? I don't know what is the rule? Title: Re: newbie noob question Post by: LuckyBtc on April 04, 2015, 03:06:19 PM Someone here can help me answering for this ! The reason for ban might be low quality posts. You should ask this question in meta. If you keep on posting like this all of your accounts will be banned permanently. I have 2 acc here (both Jr.Member) but both are banned. But I have seen many members here are selling their BCT account even 10 account. Why aren't they banned ? I don't know what is the rule? Title: Re: newbie noob question Post by: Josef27 on April 05, 2015, 01:58:13 AM Someone here can help me answering for this ! It's seem selling account isn't againts the rules, unless you post some spam and low quality post like the above saidI have 2 acc here (both Jr.Member) but both are banned. But I have seen many members here are selling their BCT account even 10 account. Why aren't they banned ? I don't know what is the rule? |
