If I buy miner Can I speed up bitcoin transactions?

[Trixoempire]

If I buy bitcoin miner for 10k can I open bitcoin transaction accelerator site and speed up transactions for people?
Is this possible?

[NotFuzzyWarm]

Short answer: NO

Accelerator sites are ran by pools with thousands of miners behind them. They work by including requested transactions in new blocks they work on. Given a large enough pool that gives a good chance of your stuck/slow tx to be processed quickly.

A single miner, hell even enough miners to give 10PH, have a very very very low chance of finding a block -- far too low of a chance to be a successful solo operation much less one able to accelerate Tx's.

[philipma1957]

A longer answer is no one will want the service unless you make about 2 blocks a day.

That means you need to have 1.5% of the network mining to your pool.  You could accelerate for extra fees if you were that big.

So about 3eh on a pool that is yours.

.300 ph is 6 s17's
 3.0 ph is 60 s17's
30 ph is 600 s17's
300 ph is 6000 s17's
3000 ph or 3eh is 60,000 s17's

the cheapest price s17's were was about 1000

so 60,000 x 1000 = 60,000,000 so 60 million when they were at the low price.

at todays price used maybe 300 million worth of them.

[mikeywith]

The first thing you need to understand is how mining and transactions work, the miner/person/pool who finds the block decides which transactions to include, everyone else has no say in what transactions to be included.

Now, let's evaluate what a 10k miner can do, let's just assume you magically managed to get 2*S19 for super cheap, that will give you a total of 200 terahash, the current total hashrate is 167 MILLION terahash, I won't even bother calculating what percentage that makes because the number of zeros will be huge, I can, however, put this in a different way, your 200TH will (in theory) find 1 block once every 16 years, so you can only speed up transactions once every 16 years, good business? probably no.

A pool like Viabtc offers the same service and has a hashrate of 15,515 MILLION terahash, they find a block every 2 hours, that's a lot more reasonable, what Viabtc can do to reduce the 2 hours (they probably do this) is to collaborate with other large pools, let's say 3 major pools who together find every other block, so a maximum of 20 mins wait, they can pool together to accelerate transactions and share the super-high fees people have to pay to accelerate their stuck transactions.

[kano]

The correct answer is effectively No.
The reason is that the only way to speed up transactions would be to increase the number of blocks found
(or get rid of all the large pools that mine empty blocks - which is pretty much every large pool - or move their miners to pools like mine)

There's effectively a fixed number of blocks per month and thus a fixed number of transactions per month.
Even adding another 100PH to the network of miners, if that 100PH didn't already exist on the network, will only expect a few more blocks until the next diff change, and from then on have no such effect at all.
Thus adding a very large amount of miners may increase the number of blocks, and thus the number of transactions, for a maximum of two weeks only.

Of course, pointing 100PH at my pool would mean a long term small increase in the number of transactions confirmed since we have never mined a single empty block in the whole history of the pool (2432 blocks) since the pool is coded to never ignore transactions

[mikeywith]

Not sure what has your pool to do with the subject in hand, OP's question is crystal clear, he is not asking if he can increase the capacity or the volume of the blocks, he is asking about transactions accelerator which is possible and is being done on daily bases, of course, this can only be done with pools that find blocks on regular bases and not once in a blue moon.

[NeuroticFish]

If I buy bitcoin miner for 10k can I open bitcoin transaction accelerator site and speed up transactions for people?
Is this possible?

No.
You would have to solo mine and actually find blocks in order to have that working.
And since you'll have only one miner, you may have better chance for winning the lottery...

[kano]

If I buy bitcoin miner for 10k can I open bitcoin transaction accelerator site and speed up transactions for people?
Is this possible?

Not sure what has your pool to do with the subject in hand, OP's question is crystal clear, he is not asking if he can increase the capacity or the volume of the blocks, he is asking about transactions accelerator which is possible and is being done on daily bases, of course, this can only be done with pools that find blocks on regular bases and not once in a blue moon.

I bolded it above ...

and since you clearly didn't read the quote you deleted:

To speed up transactions for people you need to find blocks and choose to put other's transactions in them, like a transaction accelerator, or confirm more transactions.
The only way to confirm more transactions long term (i.e. more than a single diff change) is to reduce the number of empty blocks.

Now you can add 1 and 1 together and get 2 instead of zero understanding

... and of course the blatantly obvious that I stated, if someone pointed 100PH at my pool that would find a few blocks every diff change for each 100PH added.

Edit: and in the last 6 blocks ... there have been 2 empty blocks, 679774 and 679779, meaning that around 5000 transactions were delayed by that - thus if they where not empty, it would have sped up about an extra 5000 transactions being confirmed ...
(the mempool currently has over 150000 transactions waiting to be confirmed)

[mikeywith]

Kano you are making stuff up just to trash other pools and promote your pool, you don't need more blocks to accelerate transactions, you just need to include them in blocks to be found sooner, OP's question is crystal clear if you don't get it - you have bigger issues to worry about.

(the mempool currently has over 150000 transactions waiting to be confirmed)

Your pool has not found a block for almost a year now, it's as bad as those mining empty blocks, in fact it's even worse because empty blocks strengthen the blockchain by making it longer at least, your pool on the other hand does exactly nothing but waste energy, so maybe stop with the " my pool is the best pool" drama of yours.

 

[NotFuzzyWarm]

Kano you are making stuff up just to trash other pools and promote your pool, you don't need more blocks to accelerate transactions, you just need to include them in blocks to be found sooner, OP's question is crystal clear if you don't get it - you have bigger issues to worry about.

(the mempool currently has over 150000 transactions waiting to be confirmed)

Your pool has not found a block for almost a year now, it's as bad as those mining empty blocks, in fact it's even worse because empty blocks strengthen the blockchain by making it longer at least, your pool on the other hand does exactly nothing but waste energy, so maybe stop with the " my pool is the best pool" drama of yours.

The exact same thing can be said about ANY small pool eg -ck's solo pool. Been a mighty long time since they've found a block as well...

Worse yet is the rental runs there where folks have spent a fair amount of coin to run them only to have their rentals end without cracking a block. The only entity to make money there was NH. So sad...  

[philipma1957]

I know that timestamps for blocks are not that accurate.

It would be nice to force super accurate timestamps  But give that I went and looked at the 2 empty blocks



In this case 9 minute gap which seems to be impossible to happen with accurate time stamp.

2021-04-19 11:48
679799



2021-04-19 11:39
679798


In this case

2021-04-19 05:32
679774


2021-04-19 05:31
679773


it is possible to be under 0.001 second apart and an empty block is not unlikely If gap is under 0.001 second.

This is a crypto coin issue not having good time stamp accuracy.
Frankly the answer to the op was he needs 1 or 2 % of the network to run that side business.

But that empty block 679798 coming a full 9 minutes after the prior block is wild.

[mikeywith]

Same thing can be said about ANY small pool eg -ck's solo pool. Been a mighty long time since they've found a block as well... Worse yet is the rental runs there where folks have spent a fair amount of coin to run them only to end without cracking a block. So sad...  

Yes, this applies to all small pools, but the irony is that only 1 pool owner who spends most of his time bashing other pools, nobody does that but him, he thinks ALL mining pools are bad except his, which is funny for a pool that has not cracked a single block for nearly 300 days.

Also, there is a major difference between a solo pool where people know in advance that they are playing a lottery and a mining pool where people actually expect payouts, I point a tiny bit of my hashrate to cksolo for fun, knowing very well that it's most likely going to be a waste, but I get daily payouts mining on PPS pools, I can only imagine that I would feel like shit if my miners were hashing for nearly 300 days with not a single payout, and for all I know a small pool like Kano might never ever find a block again, it needs a lot of luck to be a luck of 100% which I don't see happening.

Anyone instead of Kano would try to make friends and attract people to his pool, but no, he continues to be mean and only make enemies instead of friends, anyway I hope whoever uses that pool gets lucky with the next epoch since we will likely have a major difficulty drop.

[kano]

...
Anyone instead of Kano would try to make friends and attract people to his pool, but no, he continues to be mean and only make enemies instead of friends, anyway I hope whoever uses that pool gets lucky with the next epoch since we will likely have a major difficulty drop.

Says the guy going around trashing my valid and correct posts and gets upset when I respond ...

[kano]

I know that timestamps for blocks are not that accurate.

It would be nice to force super accurate timestamps  But give that I went and looked at the 2 empty blocks
...

As explained on my pool site, the timestamp is normally when the work was sent to the miner.

The miner can't change it for every hash it does otherwise it would double the time required to do each hash.
It is part of the work template sent to the miner.
Thus for all pools that are sending work out every 30 seconds (as they all should) the timestamp in the work should be within about 30 seconds of when the block was found.
Alas of course this isn't a rule set in stone, but should be correct for most blocks.

As for the time between 2 blocks being an excuse for building an empty one ...
Not a chance in hell - there's over 150000 transactions waiting to be confirmed - each block confirms around 2500 of them thus still a truck load left over.
In fact since I mentioned that amount yesterday when it was around 150000, it's now over 190000

[BitMaxz]

Why most of you said no but actually you can  

Honestly no if you mine with solo but if you mine on f2pool you can
Did you ignore the f2pool?

If you are one of the participants on F2pool you are allowed to submit transactions as many as you can they don't have a limit(Based on what I heard).
But you can only submit a transaction to them if you have a referral code you can get them by contacting the f2pool support.

Once you have the referral code you can submit your raw transaction with this link below
- https://www.f2pool.com/pushtx

[philipma1957]

Why most of you said no but actually you can  

Honestly no if you mine with solo but if you mine on f2pool you can
Did you ignore the f2pool?

If you are one of the participants on F2pool you are allowed to submit transactions as many as you can they don't have a limit(Based on what I heard).
But you can only submit a transaction to them if you have a referral code you can get them by contacting the f2pool support.

Once you have the referral code you can submit your raw transaction with this link below
- https://www.f2pool.com/pushtx

pretty good perk from that pool.

[mikeywith]

Once you have the referral code you can submit your raw transaction with this link below
- https://www.f2pool.com/pushtx

That's most likely just a re-submit feature because if they really do add your transaction to the next block or at any block which it doesn't deserve to be in then they will hurt their profit and the miners who use them, it makes zero economical sense for anyone to include transactions that are not paying the highest fees at the time of creating the block template, in fact, even those pools that provide it for a fee should share the profit with the miners because most pools are PPS+ and not FPPS, so the higher the fees the more the profit, if the pool is going to include low fee transactions then they are indirectly stealing from you.

Says the guy going around trashing my valid and correct posts and gets upset when I respond ...

I was never upset by you Kano, I just feel bad for you, you were one of the first pools in the mining industry, your attitude brought you down to the bottom of the list, you are not only hurting yourself but the folks who use your pool, if you were nice to the members here your pool's hashrate would have been a lot higher, I gave you this advice 2 years ago, but you just wouldn't listen.

Good luck.

[kano]

...
your attitude brought you down to the bottom of the list, you are not only hurting yourself but the folks who use your pool, if you were nice to the members here your pool's hashrate would have been a lot higher, I gave you this advice 2 years ago, but you just wouldn't listen.

Good luck.

I wasn't one of the first, I didn't start the pool until Sep 2014

My 'supposed' attitude that I guess you like to spread falsely, has nothing to do with the lost hash rate.
I've explained quite clearly, in the past, on the forum and in discord, the miner's reasons when the hash rate has dropped.

The three main drops were:
1) See Oct 2017 mentioned below, he left coz of that, but he came back about 4 months later - then 2) happened with the same miner

2) IPOd his mining company and the board couldn't handle variance in one quarter, even though the years profits was higher than any other pool, even including the later bad quarter that was the issue.
I'm still friends with the guy who owned it and still hear from him on occasion - last time was only a few weeks ago.

3) The other was from a group that got shut down by the US government
That I've mentioned in discord who that was. They're nowhere to be seen anywhere any more

Phil's false claims he made that he hid behind the word 'theory' were simply that he's clearly having memory loss issues.
It was well known and well documented by myself that in Oct 2017 we had the two worst blocks of all time on the pool.
875% and 928%. which was at the same time as a massive rental running more than half the pool hash rate.
Those two numbers quite clearly mean we were 16 blocks behind in luck - which would account for the dip in luck history.
Alas he made 'theory' claims that I was somehow, magically stealing blocks.

Anyway, as you both do seem to like spreading such falsehoods about my pool, and you both think that what I have stated above is not the cause of the lost hash rate, then all I can say is that indeed if you were actually correct, it would be you two spreading such falsehoods, that are the cause of it ...
However, that's not the case, it is indeed as I've stated further above.

I've had various large miners contact me about joining the pool since the last major drop, but alas in each case there have been issues with their requirements.
One was basically that they wanted free mining forever (they wanted to get part of the pool)
Another ended up saying they just wanted me to do cgminer coding and not actually mine.
Another said they mined on ViaBTC and got kick backs (which are illegal) and wanted them from me also even though the pool fee was already WAY less than ViaBTC was charging them back then.
The last one with around 900PH failed to convince the company board due to the size of the pool - though that seemed rather missing the point - since the size of the pool would have been 900PH+ so not really an issue at all - but alas that point was clearly missed.

I run the pool at a loss at the moment (about $30k a year), as the miners all know, but I don't mind doing that since most of the BTC I have came from running the pool, and I certainly don't want anyone donating anything to me - just mine on the pool
We'll see how we do this year

By the way, you two got some such theory you want to make up and spread about why Bitminter and that SPLNS pool disappeared also?