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Author Topic: Holy crap I found a block!  (Read 7846 times)
Harley997
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June 11, 2014, 02:50:39 AM
 #61

Yeah so technically you havent found a block. The pool has and you would of likely not found the same block solo.
It was a team effort I'm afraid.

The chances of finding a block solomining with a block erupter is so slim it is ridiculous

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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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mysidia
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June 13, 2014, 05:40:14 AM
 #62

The pools really ought to give some small reward to the miner who found the block, such as an extra 0.1BTC  for being the lucky finder of the block.

Otherwise....  all the small time miners  are better off witholding and discarding the block that they solved,  instead of sharing with the network; in case they do find the solution..   so although the pool as a whole will be slightly less profitable...  lower network difficulty, that way Smiley

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Harley997
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June 14, 2014, 12:19:56 AM
 #63

The pools really ought to give some small reward to the miner who found the block, such as an extra 0.1BTC  for being the lucky finder of the block.

Otherwise....  all the small time miners  are better off witholding and discarding the block that they solved,  instead of sharing with the network; in case they do find the solution..   so although the pool as a whole will be slightly less profitable...  lower network difficulty, that way Smiley

What good would the small time miners be doing for themselves if they withheld a block? Ignoring the fact that most small miners would not have the technical inclination as to how to withhold blocks, they would still lose out over the long run as they would receive a lower amount of payouts. 

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mysidia
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June 14, 2014, 03:38:58 AM
 #64

they would still lose out over the long run as they would receive a lower amount of payouts. 

If your mining operation is a block eruptor.... you have nothing to lose.
A "lower amount of payouts" from nearly zero, is hardly distinguishable from nearly zero.    Many of the pools have a mechanism such as pay per share, so the withholder doesn't lose any payouts  even if the pool is strangely 'unlucky'.

They're paid just by "proving" they are working on the solution.

Without an extra kickback for providing the solution when they find it, however... the pool operator, and the majority of the miners need the solution to be found early a LOT  more than the individual miner does.

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thejewelrytech
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June 15, 2014, 04:54:06 PM
 #65

Grat's on finding a block especially since also mining on Elig you helped us all Grin I found a block with one of my eruptors back in december but it was also during pool mining and wished it was solo hehe But at the end of the day you can truly say You Made Bitcoin and there's a piece of you in 25 bitcoins added too the infrastructure with your name on it and made a difference! You did your part to contribute for Everybody and Bitcoin as a Whole!That alone is Priceless and a good feeling as you contributed and helped make Bitcoin work ! not everybody  can actually say they did do it but only tried? Wink

Your either part of THE SOLUTION?Or your part of THE PROBLEM!
Harley997
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June 17, 2014, 01:43:27 AM
 #66

they would still lose out over the long run as they would receive a lower amount of payouts. 

If your mining operation is a block eruptor.... you have nothing to lose.
A "lower amount of payouts" from nearly zero, is hardly distinguishable from nearly zero.    Many of the pools have a mechanism such as pay per share, so the withholder doesn't lose any payouts  even if the pool is strangely 'unlucky'.

They're paid just by "proving" they are working on the solution.

Without an extra kickback for providing the solution when they find it, however... the pool operator, and the majority of the miners need the solution to be found early a LOT  more than the individual miner does.

If you had a block eurpter then you would be loosing out anyway as your electric costs would exceed your revenue.

We can ignore the fact that the chances of a block eurper finding a block are slim to none.

You also have the ethical issue that when you are mining on a pool you are essentially promising that you will provide the pool with work that your miner does and in return the pool gives you payment based on your shares. If the work your miner does involves finding a block then that work is due the pool.

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boliu
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6th BTC reached. Thank you for your support


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June 18, 2014, 02:33:11 PM
 #67

wow, congrats, I think new pools should be created to reward block founder a FULL bitcoin and the rest divided normally, so everybody take a share of 24 BTC and give the remaining BTC to the block founder.

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