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Title: Is it possible to put everyone in a single large mining pool? Post by: btcusr on December 27, 2013, 02:55:55 AM Is it possible to put everyone in a single large mining pool, and share mining reward equally among miners based on hash power and shares.
Title: Re: Is it possible to put everyone in a single large mining pool? Post by: Peter R on December 27, 2013, 02:57:45 AM Yeah, it's this really big peer-to-peer pool called "bitcoin." :P
Title: Re: Is it possible to put everyone in a single large mining pool? Post by: e521 on December 27, 2013, 02:59:42 AM Is it possible to put everyone in a single large mining pool, and share mining reward equally among miners based on hash power and shares. Yes you can but you should also trust the mining pool owner Why do you want to use a decentralized system in a centralized way? Think about it... Title: Re: Is it possible to put everyone in a single large mining pool? Post by: Phantomic on December 27, 2013, 03:05:21 AM Well assuming even if the impossible happened and every pool miner switched to the same pool, we would still have solo miners who wouldn't be apart of the pool.
Title: Re: Is it possible to put everyone in a single large mining pool? Post by: btcusr on December 27, 2013, 03:11:12 AM Why should we trust pool operators? Can distribute this trust among miners?
Title: Re: Is it possible to put everyone in a single large mining pool? Post by: Phinnaeus Gage on December 27, 2013, 03:12:24 AM Well assuming even if the impossible happened and every pool miner switched to the same pool, we would still have solo miners who wouldn't be apart of the pool. Excellent point! As long as there's as least 51% of solo miners all is well. Title: Re: Is it possible to put everyone in a single large mining pool? Post by: empoweoqwj on December 27, 2013, 03:38:17 AM Is it possible to put everyone in a single large mining pool, and share mining reward equally among miners based on hash power and shares. No, because not everyone wants to be controlled by a pool - "single mining" Title: Re: Is it possible to put everyone in a single large mining pool? Post by: BitcoinBarrel on December 28, 2013, 02:51:50 AM Yes, it is possible. Is it likely? No, not at all.
Title: Re: Is it possible to put everyone in a single large mining pool? Post by: jongameson on December 30, 2013, 12:12:12 AM it would be boring as f%*$. the only reason people keep up this charade is they *think* they could beat the odds and get that 25 BTC faster.
Title: Re: Is it possible to put everyone in a single large mining pool? Post by: empoweoqwj on December 30, 2013, 03:13:08 AM it would be boring as f%*$. the only reason people keep up this charade is they *think* they could beat the odds and get that 25 BTC faster. What charade? Running solo? Title: Re: Is it possible to put everyone in a single large mining pool? Post by: byt411 on January 09, 2014, 03:54:25 PM The whole point of bitcoin is to be a decentralized currency, and now you are suggesting to centralize it?
Title: Re: Is it possible to put everyone in a single large mining pool? Post by: Akka on January 09, 2014, 03:57:36 PM Yes, it's even possible for the network to remain decentralized: https://en.bitcoin.it/wiki/P2Pool
(Althoug, basically with P2Pool everyone is solo mining and just shares the rewards) Title: Re: Is it possible to put everyone in a single large mining pool? Post by: mitty on January 09, 2014, 05:27:52 PM Yes, it's even possible for the network to remain decentralized: https://en.bitcoin.it/wiki/P2Pool Everyone mining on p2pool would be the same as solo mining at 1/60th of the actual Bitcoin network difficulty which is still really high.(Althoug, basically with P2Pool everyone is solo mining and just shares the rewards) I'm assuming the stale share rate would also significantly increase. Title: Re: Is it possible to put everyone in a single large mining pool? Post by: Akka on January 09, 2014, 05:32:39 PM Yes, it's even possible for the network to remain decentralized: https://en.bitcoin.it/wiki/P2Pool Everyone mining on p2pool would be the same as solo mining at 1/60th of the actual Bitcoin network difficulty which is still really high.(Althoug, basically with P2Pool everyone is solo mining and just shares the rewards) I'm assuming the stale share rate would also significantly increase. Both can be fixed with implementations like this: https://miner.ecki.net:444/ ("Real" Pool, that mines against P2Pool, don't know if still active) Title: Re: Is it possible to put everyone in a single large mining pool? Post by: empoweoqwj on January 10, 2014, 02:29:10 AM Any form of centralized mining is a bad idea as we have found out with ghash getting near 51%
Not sure if p2pool is the answer, but we need something. |