Understanding the Blockchain

[Alasala]

Hi all,

New to BTC and trying to learn fast. Whilst studying the live blockchain transactions on Blockchain.info, I noticed 1 address with a significant number of newly generated coins.

https://blockchain.info/address/1Baf75Ferj6A7AoN565gCQj9kGWbDMHfN9 for example has at least 10 awards of 25 BTC each since the beggining of February alone - i.e. at prevailing rates the best part of a quarter of a million dollars worth of newly generated coins in just a few days.

Am I to understand that this will be an address for one of the larger Bitcoin mining pools? I presume that all the newly generated coins are awarded to the main pool address, and then shared out amongst the miners?

I must admit I am surprised that even a large pool manages to be awarded so many new coins - seemingly around 3 batches per day.

Just trying to get my head around it all

Thanks
Alasala

[Sonny]

If you did a google search on that address, you will find this thread.
https://bitcointalk.org/index.php?topic=110704.0

The second address is where your pool receives its generated coins; you can get this from blockchain.info by digging back through the transaction history for recently-mined coin.  (For instance, Eclipse receives its generated coins at 1Baf75Ferj6A7AoN565gCQj9kGWbDMHfN9.)  A recursive search is done on transactions on your address to filter out those which can be traced back to your pool.  It's probably not perfect; for instance, coins sent to your address by someone else that originated at some point at the same pool will be counted. 

[Alasala]

Ahh, thanks. It did not occur to me to google a blockchain address... I guess that answers my question.

[Sonny]

Ahh, thanks. It did not occur to me to google a blockchain address... I guess that answers my question.

No problem

[edd]

Hi all,

New to BTC and trying to learn fast. Whilst studying the live blockchain transactions on Blockchain.info, I noticed 1 address with a significant number of newly generated coins.

https://blockchain.info/address/1Baf75Ferj6A7AoN565gCQj9kGWbDMHfN9 for example has at least 10 awards of 25 BTC each since the beggining of February alone - i.e. at prevailing rates the best part of a quarter of a million dollars worth of newly generated coins in just a few days.

Am I to understand that this will be an address for one of the larger Bitcoin mining pools? I presume that all the newly generated coins are awarded to the main pool address, and then shared out amongst the miners?

I must admit I am surprised that even a large pool manages to be awarded so many new coins - seemingly around 3 batches per day.

Just trying to get my head around it all

Thanks
Alasala

Blocks in general are solved at a rate of about once every ten minutes.

[DannyHamilton]

- snip -
I must admit I am surprised that even a large pool manages to be awarded so many new coins - seemingly around 3 batches per day.

Just trying to get my head around it all

Thanks
Alasala

Blocks in general are solved at a rate of about once every ten minutes.

So that means that there are approximately 144 blocks generated per day.

At the time that I'm writing this, the GHash.IO pool has about 34% of the hash power on the entire bitcoin network, this means that they solve approximately 34% of the blocks.

144 X 34% = 48.96

So the GHash.IO pool is awarded approximately 49 blocks per day.  Each block has 25 newly minted bitcoins.  So the GHash.IO pool is awarded approximately 1,225 BTC per day.