12 - mocacinno

Thanks 

It's an interesting idear, however, it would require you to trust the other nodes.

One of the mayor reasons for running a full node is because you can verify every transaction in every block, build your own utxo db, fill your own mempool, verify every new block, check each and every transaction funding one of your address without trusting somebody else... As soon as you enter a system as described in your OP, you'd be trusting other people again.

It hurts to get negative trust, and i can only imagine it must hurt even more to have somebody open a flag against you. However, the trust system is unmoderated, so odds are that rating and flag will stay on your account forever.

Like LoyceV already said: you do have a small chance a moderator will remove posts from your thread if they've broken one of the rules.

Last thing: i wouldn't worry about the rating or the flag to much tough: brayktcristal is not in DT, his ratings are only shown as untrusted, and his flag is inactive. When i look at someone's trust page, i always read the untrusted feedback, but i take it with a big grain of salt. If there are dozens of feedbacks from different people that look credible and have a clear reference, i do check things out for myself, but i never take untrusted feedback at face value.

Sometimes red, untrusted, feedback is a badge of honour. For example: i have 3 red feedbacks from a known scammer. If i see the same untrusted feedback from the same scammer on an other user's trust page, i know this other user actually stood up against the same scammer, and said red trust actually makes me trust the person in question more.

One more for your list: when betting on dice rolls, research the martingale betting method. Use it and then complain that it's impossible to roll losing rolls 10 times in a row... The casino *must* be a scam...  

34 - mocacinno

Thanks

Nope,

First of all, don't mine bitcoin with a CPU or a GPU, only latest gen ASIC's.

Secondly, your own hashrate has very little impact on the difficulty. The difficulty is network-wide and is based on the average time between the blocks during the previous retarget period.
If the combined hashrate of all miners goes up, the average time between the blocks should go down, and during the next retarget the difficulty should go up to make sure the average time between 2 blocks is once again ~10 minutes.


I have no idear what you mean... A cpu can create x sha256d hashes/s, a gpu y hashes/s and an asic z hashes/s
x<y<z

The difficulty will ONLY be reduced at the next retarget, and ONLY if the average time between the block during the last 2016 blocks was > 10 minutes. If you want a lower difficulty, you'll probably have to bribe big miners to turn off all their ASIC's?


yes, what is there to say... They all have their own blockchain, so there is no relation between a block found on the bitcoin network and one on the litecoin network (for example), so they each have an average time between their blocks, and a different difficulty

I don't think there'll be a real extra value to the coinbase reward of the first block with a 6.25 BTC reward. I don't really see a usecase for it.

Maybe with the potential exception of one of those physical funded coin creators funding an artpiece directly with the coinbase reward of the first 6.25 BTC block... But the odds of this happening are astronomically small. But yeah, it might be a nice sales pitch in 10 years: "the address engraved on this silver coin, whose private key is pasted at the back of the coin on a scratch-away sticker was funded directly with the coinbase reward of the first 6.25 BTC block ever mined". I guess that would fetch a premium.

Depends on your power price, ASIC price, ASIC type and "other costs" (shelves, network gear, cabling, S&H, taxes,...)

I'll do a quick guestimation for one of the newest, general available ASICs (usually, the newer the asic, the more hashes/energy unit).

An S19 pro hashes @ 110 Th/s
That's 110.000.000.000.000 hashes per second (110 trillion hashes/second)

It consumes ~3250 Watt . I'm not taking the A/C into account tough, nor the overhead by other elements of your mining room.

It costs ~$2600, plus a PSU of $90, S&H, import taxes... I think a ballpark figure would be $3500 for a "complete" S19 pro delivered on your doorstep.

Now, you can plug these numbers into a calculator like https://www.coinwarz.com/mining/bitcoin/calculator?h=110&p=3250&pc=0.10&pf=0.00&d=16104807485529.00000000&r=12.508&er=1&btcer=8968.30400000&ha=TH&hc=3500&hs=-1&hq=1

I only entered an electricity price of 10 dollarcent/Kwh (i pay 27 eurocent), i added some transaction fees, no maintenance costs, no pool fee,...
But it would still take ~460 days to ROI at current diff (which might rise every ~2 weeks), current price (wich might drop every moment) and at current block reward (which will halve in ~20 days)

My own (more realistic) numbers would be:
https://www.coinwarz.com/mining/bitcoin/calculator?h=110.00&p=3250.00&pc=0.30&pf=0.50&d=16104807485529.00000000&r=12.5&er=1&btcer=8968.30400000&ha=TH&hc=3500.00&hs=0&hq=1
0.5% pool fee, transaction fee not distributed amongst the miners, 30 cent/kwh

If i would run such a miner, i'd mine at a net loss of about $6/day, meaning my electricity cost would be $6 MORE than my income. Each day i'd have a net loss, and it would only get worse after the halving

I used to be a home miner a long, long, long time ago... I live in a country where the electricity price is really, really, really high making it completely impossible to break even. If i would buy the latest gen ASIC, or try to mine GPU or CPU minable coins, i'd just be stuffing my money into the pockets of the electric company. I'd have negative profits from the moment i ordered the ASIC to the moment i decided to pull the plug (because of the negative profits).

To bad, mining was fun...

Completely depends on:

• Your electricity price
• Your country (import taxes)
• Hardware already on hand (PSU's, shelves, A/C, routers, wiring,...)
• Your knowledge level

It's perfectly possible to buy the latest gen ASIC and mine at a loss from the first day your plug it in.

Yup... That's more or less correct. It's an oversimplification, but the basic idear is defenatly in the right direction
I have no clue how many miners are mining in those big pools, but it'll likely be thousands.

The pool actually runs the mining node (basically just a normal node). The pool creates the block, the pool creates the block header.
This block header gets passed to the miners connected to the pool (there are different ways of communicating, different protocols to do this).

Each miner now works with the header they received from their pool and starts iterating trough the nonces in the hope he'll find a nonce for which the sha256d hash of the header is under the current target. If he does, he sends this info back to the pool, and the pool does all the rest of the work.

In order to decide how much of the coinbase reward is given to each individual participant, the pool works with "shares". Basically, they set a virtual target that's much higher than the actual target. If a miner finds a nonce for which the sha256d hash of the header is under the "fake" target, he sends this info back to the pool. The pool now knows the miner has actually tried x hashes (on average).
Since the fake target is much higher than the real target (and since you have to find a header whose sha256d hash is UNDER the target, this fake higher target makes it easyer for the miner to be be under the fake target), any miner with decent hardware will find several shares per hour.

Once a block is found, the pool counts the total number of shares that's been sent by all it's participants between the last block they solved together and the new block, each participant gets a share of the coinbase reward that is equal to the number of shares he sent in vs the total number of shares.

In reality it's even more complex, a mining pool can set different "fake" targets for different miners, and adjust the sharecount based on mathematical equations between the "fake" targets. There are also pools that work with a sliding window of shares (PPLNs pools), there are pools that keep the fees for themselfs, there are pools that distribute the fees, there are pools with low poolfees, pools with high poolfees, profit switching pools, pools that pay their miners directly from the coinbase reward, pools that require x confirmations,...

About electrum: HCP compiled version 4 of electrum for windows (alpha software), here's a link where you can read about it, including a link to the repo i created for him:
https://bitcointalk.org/index.php?topic=5221146.msg54134180#msg54134180

I trust HCP, i've seen him handle other people's funds without any issues. That being said, i wouldn't run alpha software on the main net, but this compiled version should be ok on the testnet. If you don't trust HCP, you can always use sandboxie to run version 4.0.0.a on the testnet in a sandbox if you want to try it out

That's true, however, if you simplify and look at a mining pool as being 1 entity, it is true that this entity either solves the current block and receives 12.5 BTC + sum (the fees of the transactions in this block). It's none of our business if this entity (the pool) distributes the coinbase reward amongst other people.
If the entity does not solve the block before a new valid block was found by a different miner and broadcasted to him, the entity receives nothing for said block.
It is indeed impossible for the entity to mine one transaction and claim the 400 satoshi's without finding a nonce so the sha256d hash of the complete block header is under the current target. The entity could, theoretically, create a block with only one transaction, and only give himself a coinbase reward of 400 satoshi's, but that would just throw away 12.5 BTC.

I know these are semantics, but it looks to me as if the OP is a bit confused about many technical aspects, and i was trying to simplify things a little bit for him. Once you start to talk about pools and start to talk about PPLN's, block templates, stratum protocol,..., i'm afraid things might get to confusing for him (no offence, OP, everybody has to learn sometimes)

Like i told you before: if somebody you don't know tells you he'll "mine" your 1 transaction at home, he's scamming you. A couple of big mining pools with petahashes worth of ASIC's sometimes created a website where you can ask them to include your stuck transaction into the blocks they try to solve for a fee, but never ever use somebody that isn't 100% verified as the owner or operator of a big mining pool.

Thas was kinda my point... He wouldn't. So mining a single transaction, eventough technically possible, isn't a real thing. You sometimes see pools mining empty blocks because they found a block very shortly after they received (or solved) the previous block, and they didn't have had the time to "fill" the block with unconfirmed transactions, but that's more of a coincidence, not a miner deciding to mine an empty block on purpose.

Once a transaction is confirmed, the miner that mined the block including this transaction added it's fee to his coinbase reward, so only the miner who solved that block gets rewarded with the fee of the tx in question (a fee can't be claimed by several miners, it can only be claimed by the person solving the block that includes said tx). Only the miner that solves the block gets money, the rest did all that work for "free".
Offcourse, the "miner" i'm talking about doesn't have to be a physical person. It can also be a mining pool operating as a single "miner". In this case, thousands of individuals can pool their resources together, giving them a much bigger chance of solving a block, when they solve a block, they distribute the coinbase rewards to everybody that was mining with them (there are different methods of dividing the coinbase rewards, but that's a completely different topic).

A miner could create a block with only the coinbase transaction and a single transaction from the mempool (or a tx that has been sent to him directly), but the difficulty of doing this would be the same as him filling the block with 2000-3000 transactions and solving it. The difference is that if he includes one transaction with a 400 sat fee he'll be able to claim a coinbase reward of 12.500004 BTC, if he adds 2000 tx's with 400 sat fee/tx, he'll be able to claim a coinbase reward of 12.508 BTC for exactly the same work. He'll just miss out on 799.600‬ sat ($60 at current preev rate) if he choses to fill his block with the coinbase tx + one extra.

If an enduser contacts you claiming he'll just mine your single transaction, he's trying to scam you. He'll have to do exactly the same amount of work as if he'd solve a "normal" block, and in order to mine a block "on call", he'd have to have access to (litterally) tenthousands of latest gen ASIC's. A guy like that won't contact endusers on a forum.

I think you need to re-read the whitepaper section about mining, there seems to be some confusion here.

Basically: every node has an UTXO db, in this database all unspent outputs from confirmed transactions are stored.

You use your private key to sign a transaction that uses these unspent outputs as input to create a new transaction (offcourse, you can only use the unspent outputs that are funding an address for which you posses the private key). The output of this new transaction is a new unspent output. The unconfirmed transaction gets broadcasted to the nodes who put this tx in their mempool. After 1 or 2 seconds ,all nodes should have the unconfirmed tx in their mempool (if it was a valid tx), but that's all that happens at this point.

A miner also runs a node (with an utxo db and a mempool). It queries it's mempool and orders the transactions from "most fee per vbyte" to "least fee per vbyte" and takes the selects the top 1Mb to fill a new block (unless it's segwit tx's, in this case the witness data doesn't count for this 1Mb, there are 3 extra Mb's for witness data).

The miner now creates a block header by taking the hash of the last confirmed block, adding the merkle root of the tx's it selected from it's mempool, adding a nonce and some extra data. The miner now iterates trough these nonces untill a new block is found by somebody else or untill it finds a nonce for which the sha256d hash of the complete header is smaller than the current target. If he finds such a nonce before an other block is solved, he now found a valid block and broadcasts it to the other nodes.

All other nodes receive the new block, parse it and remove all transactions in said valid block from their mempool, remove all used unspend outputs from their utxo db and add all new unspent outputs to their utxo db.

No.
The new (valid) block gets broadcasted, the nodes receive the new block and parse it. Any transaction in a new (valid) block that's being parsed by each individual node gets removed from this node's mempool

They stay in the mempool untill a miner includes them into a block he/she is solving (and is successfull in doing so) OR untill the nodes prune (remove) the tx from their mempool.

You use unspent outputs funding your address to create a transaction that's creating a new unspent output funding the receiving address.
This unconfirmed transaction is indeed broadcasted to the nodes you are connected to, and these nodes relay the unconfirmed transaction to the nodes they are connected to, and so on.

I have no idear how long it'll take for your unconfirmed transaction to be broadcasted to allmost all nodes in the network, but it can't take more than a couple of seconds before you tx is in the mempool of > 99% of the connected nodes.

Do be carefull tough: unconfirmed transactions are broadcasted really fast, but they just end up in the mempool. If they don't get confirmed, most nodes prune them from their mempool after ~14 days, or if the memory usage > 300 Mb. So you really need to wait untill the tx has a couple of confirmations before sending any goods or services.

Well, that's not really how i want api documentation to be written.

That being said, it's basically a cut-and-paste example in php. Which language will you use for your project?


Sure. address, amount, confirmations, hash and auth_hmac will be posted to your callback url.