1 SHARE ACCEPTED..Now what?

[bigpotsUTG]

so i ran and my worker and mined 1 share. What do i do now? ( on slushs pool) is that 1 BTC? how do i get it to my wallet?

[1715272645]

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[Alarion]

No, you need a BLOCK to get BTC. Basically the way I understand it is a mining pool takes a chunk of data at the current difficulty level and breaks it up into smaller pieces for the workers, using a much lower difficulty. A "share" is just a unit of work that your machine/miner completed and has submitted back to the pool for processing/inclusion.

For comparison - I am mining LTC and have shares being submitted every so many seconds and I only get a few LTC per day. Keep mining with the pool - the more shares you mine, the more BTC you will make.

[Trongersoll]

That is a share of the work being done to find the next, i think it is a block. When the work is complete, the pool will send your portion of the bitcoin to your wallet.

[odolvlobo]

so i ran and my worker and mined 1 share. What do i do now? ( on slushs pool) is that 1 BTC? how do i get it to my wallet?

Each share represents a portion of the income that the entire pool gets from mining. 1 share is not much. Its value is can be measured in millionths of a bitcoin.

In your account settings, you tell the pool where to send your earnings and how often.

[deepceleron]

A share is currently worth about 25 / 7672999 BTC = 0.00000316 BTC

The minimum amount you can withdraw from bitcoin.cz is 0.01 BTC - find about 3500 more shares....

Correct answer: give up if you don't have one of these:

[bigpotsUTG]

ok ty for all the useful answers. I regd with bitcoin cz, and i believe i made a "wallet" with seal&clubs ? i got an address from them but dont know how to check wallet.  do i put that wallet code in the settings on gui? as destination or something?

[bigpotsUTG]

also, i  dont know what anything in the solo utilities menu is. i guess i have alot to learn. edit: update: dloaded app to my phone with wallet but mining.bitcoi.cz says address not valid? is it case sensitive and what about the spaces? my phone shows them in sets of 4? with spaces?

[Gimpeline]

I think the easiest way to learn about bitcoin is to go to we use coins https://www.weusecoins.com/en/
Looked at seal&clubs and it løooks like a gaming site, but it have a link to Bitinstant so I guess you used that.
I don't use it myself but they have a support thred here
https://bitcointalk.org/index.php?topic=128314.0
I'm pretty sure someone there can help you
Good luck

[nodesupply]

Keep mining with your pool, eventually you'll get some BTC worth paying out with.

[btc_lurker]

No, you need a BLOCK to get BTC. Basically the way I understand it is a mining pool takes a chunk of data at the current difficulty level and breaks it up into smaller pieces for the workers, using a much lower difficulty. A "share" is just a unit of work that your machine/miner completed and has submitted back to the pool for processing/inclusion.

I would like to be corrected if I'm wrong, but I view a mining pool in a very different manner (i.e., there is no work being split) -- I might also be viewing basic details of Bitcoin incorrectly, so...

Here is how I understand the mining of a given block:

1. The "Bitcoin network" has set a target hash
2. Someone (an entity) will at some point find some value that, when hashed with algorithm X (currently X = SHA-256), produces a value < target
3. The entity receives the reward for mining the block.

So, a mining pool would do the following:

1. The Bitcoin network has set a target hash
2. Everyone in the pool is working (basically a luck-based work) and producing tons of hashes
3. At some point, someone in the pool might find a value < target (same as step 2 before)
4. The pool receives the reward for mining the block
5. The pool distributes the reward according to how many hashes the individual produced.

Therefore it could happen that a person produced a single hash and solved the block, while someone else produced 100 Giga hashes but never found the solution for that block. This second person will receive a much much much larger reward than the person that actually solved the block by luck.

[deepceleron]

The above is not quite correct. What the search button would reveal to you is:

A "share" is a difficulty-1 proof-of-work that is submitted to a pool. It is the lowest bitcoin difficulty, the original difficulty in 2009, and the kind of video cards that miners use can pump out a share about every 10 seconds, they are easy to find. One is found about every 4 billion hash attempts.

The full Bitcoin difficulty changes every 2016 blocks to keep the average block finding rate at six per hour. The current block difficulty is 7672999.9. It is that much harder to find a block than a share; it currently takes 7672999 shares on average before a block is found.

When pools distribute rewards, they evaluate the number of shares that a miner has contributed. Depending on the payment scheme, you might immediately receive a reward (PPS), or an algorithm may pay you in the future over several block findings. The difficulty 1 shares are not block solves and are discarded, they are only a way to measure "attempted work" of miners by the pool reward sharing method.

[btc_lurker]

The above is not quite correct. What the search button would reveal to you is:

A "share" is a difficulty-1 proof-of-work that is submitted to a pool. It is the lowest bitcoin difficulty, the original difficulty in 2009, and the kind of video cards that miners use can pump out a share about every 10 seconds, they are easy to find. One is found about every 4 billion hash attempts.

...

Care to explain what is incorrect ? I'm assuming you are talking about my post.

A "share" being a proof-of-work doesn't invalidate anything in the text, since proof-of-work is one hash according to a target.

[deepceleron]

Care to explain what is incorrect ? I'm assuming you are talking about my post.
A "share" being a proof-of-work doesn't invalidate anything in the text, since proof-of-work is one hash according to a target.

So, a mining pool would do the following:

1. The Bitcoin network has set a target hash
2. Everyone in the pool is working (basically a luck-based work) and producing tons of hashes
3. At some point, someone in the pool might find a value < target (same as step 2 before)
4. The pool receives the reward for mining the block
5. The pool distributes the reward according to how many hashes the individual produced.

You missed the part where you describe how pool mining actually works.

[btc_lurker]

It is a combination of steps 2 and 3, huh ? I'm just not describing how the clients of the pool reports its findings to the pool server. Isn't the fundamental piece of a mining pool that many clients are calculating hashes in order to find a value < target ?

[odolvlobo]

The correction is in your step #5. The reward is not distributed according to the number of hashes. It is distributed according to the number of shares. A share is received when the miner solves a block using a much lower difficulty value. This allows the pool validate a miner's work without having to validate every hash. I think every pool uses the share mechanism, but there are a variety of distribution schemes.

[btc_lurker]

The correction is in your step #5. The reward is not distributed according to the number of hashes. It is distributed according to the number of shares. A share is received when the miner solves a block using a much lower difficulty value. This allows the pool validate a miner's work without having to validate every hash. Also the ate different distribution schemes.

Alright, thank you for the correction.

But it is nearly the same, isn't it ? The process of solving blocks is "luck-work" on producing a lot of hashes, which ultimately yields a "share" as the mining pools like to call it. Of course in this process you produce a majority of hashes that are not used, since they don't solve any block. Still the reward is directly based on the number of hashes because of the "luck-work" process, which equals to a certain amount of shares in average. Otherwise we are assuming the work is not luck-based, i.e., you broke SHA-256 and it is no longer working as a one-way function.

[bigpotsUTG]

so if i dont have a rig with 4cards i cant reach 3500?

[poponut]

if thats so where do u find a premade rig or how do u have to build one?