New to mining and am seeing a lot of acronyms that I have absolutely no clue about. Would appreciate if someone can help explain what each mean and which alt coin the term will be applicable to:
Luck - I assume any pool have a chance in obtaining the next block regardless of hash rate? In the event that a pool is luckier than other, workers will get more than actual hash rate of the pool? Are historical luck any point of reference for future luck of the pool? Or is this just something completely random? IE: The luckiest pool can turn out to have a string of bad luck on subsequent blocks? Does this apply for mining of all coins?
Orphan rate - I heard is no payment for work done. But then again, I heard that some alt coin/ mining pools offer payment for orphan block. Wonder what alt coin/s this term is applicable to?
Uncle rate - I heard this means less payment for work done. Again, not sure which alt coin/s will this term be applicable to? How much less would one be paid on uncle vs actual ?
Stale share rate - My understanding is that this refers to no payment for work done. Wonder when do such situation arise and if there is anything one can do to prevent stale share?
Payout scheme - PPS, PPLNS, RBPPS - These I have absolutely no clue about.
Thanks everyone for being so kind and helpful. I have already learn heck of a lot from all the other replies.
