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Author Topic: P2Pool beginner's guide  (Read 7760 times)
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February 17, 2012, 08:37:33 PM
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Thread contents:

1. Information
2. Installing P2Pool
3. Automation (how to start Bitcoin, P2Pool and a miner automatically when you boot your computer)

1. Information

P2Pool is a decentralized mining pool. It allows for less variance when mining Bitcoins, yet it doesn't require you to hand your mining power to a single entity, which could allow it to perform a malicious attack.

You can only get more money at P2Pool; you aren't losing out in money by using P2Pool instead of another pool. Actually, you earn more money with P2Pool, because of the optional fee and the subsidies. It is true that there is a 0.5% fee for the author, but you can disable it (more on this in the "automation" section). The only difference is that at P2Pool there is more variance - but the average money earned is the same.

It is true that, as P2Pool's hash rate increases, it will be more difficult to generate a new share. But the average money earned will still be the same. Solutions to solve this problem are being proposed.

So, you lose nothing by mining on P2Pool! You can only increase the amount of money you earn.


2. Installing P2Pool

Windows: Install Bitcoin. If you have it running, close it. Open Notepad. Write:

rpcpassword=(A password. You don't have to type it yourself - so it can be random.)
server=1

Save the file with the name "%appdata%\Bitcoin\bitcoin.conf". Right click your Bitcoin shortcut and select "open file location". Go inside the daemon folder. Double-click "bitcoind.exe" (bitcoind, not bitcoin! - Because of a bug that causes crashes, this is required. To be able to use Bitcoin normally, after you are finished using P2Pool, quit bitcoind and run Bitcoin.). Download the latest Windows binary from the P2Pool thread. Then run "run_p2pool.exe". Now P2Pool should be working.

If you don't have a miner, get the Windows binary of cgminer. Run your miner and connect it to 127.0.0.1:9332 with any username and password. Wait a few minutes. If P2Pool shows "Local: X H/s", where X is higher than 0, then P2Pool is correctly working. Although your miner should show it's earning shares, it could take a few hours until getting your first P2Pool share. Don't worry; this doesn't limit your earnings.



Mac: Install Bitcoin. If you have it running, close it. Run TextEdit. Press the Cmd, Shift, and T keys at the same time. The editor's toolbar should disappear; this is required for plain text editing. Write:

rpcpassword=(A password. You don't have to type it yourself - so it can be random.)
server=1

Save the file as "bitcoin.conf" on your "Bitcoin" folder, which is inside your "Application Support folder", which is inside your "Library folder", which is inside your home folder. Run Bitcoin.

Download the latest source from the P2Pool thread. Extract the file. Run Terminal. Type "cd " (with a space in the end), then drag the folder where P2Pool is to Terminal, then press enter. Type "python run_p2pool.py". Run your miner (cgminer?) and connect it to 127.0.0.1:9332 with any username and password. Wait a few minutes. If P2Pool shows "Local: X H/s", where X is higher than 0, then P2Pool is correctly working. Although your miner should show it's earning shares, it could take a few hours until getting your first P2Pool share. Don't worry; this doesn't limit your earnings.



Unix-like OS (GNU/Linux?) with Python installed: Install Bitcoin. Run a text editor. Write:

rpcpassword=(A password. You don't have to type it yourself - so it can be random.)
server=1

Save the file as "~/.bitcoin/bitcoin.conf".

Download the latest source from the P2Pool thread. Extract the file. Run a terminal emulator. Type "cd " and the path where your P2Pool folder is. Depending on your environment, you may be able to drag your P2Pool folder to the terminal emulator. Type "python run_p2pool.py". Run your miner and connect it to 127.0.0.1:9332 with any username and password. Wait a few minutes. If P2Pool shows "Local: X H/s", where X is higher than 0, then P2Pool is correctly working. Although your miner should show it's earning shares, it could take a few hours until getting your first P2Pool share. Don't worry; this doesn't limit your earnings.

3. Automation:
(How to start Bitcoin, P2Pool and cgminer automatically. The sleeps are neccessary to prevent the programs from exiting if the previous program didn't finish loading.)

Windows: create a text file called "bitcoin.cmd". In this file, write:

start [Path to bitcoind.exe]
timeout /T 300
start [Path to run_p2pool.exe] --give-author 0.5
timeout /T 30
start [Path to your cgminer.exe] -o 127.0.0.1:9332 -u a -p b

(You can change the number after --give-author to 0 to remove the default 0.5% fee given to the P2Pool program author. You can also increase this fee.)

Put this file in your "Startup" folder in the Start Menu.


Mac: Run TextEdit. Press the Cmd, Shift, and T keys at the same time. The editor's toolbar should disappear; this is required for plain text editing. Write:

open /Applications/Bitcoin-Qt.app
sleep 300
python [Path to run_p2pool.py] --give-author 0.5 &
sleep 30
cgminer -o 127.0.0.1:9332 -u a -p b -w 64

(You can change the number after --give-author to 0 to remove the default 0.5% fee given to the P2Pool program author. You can also increase this fee.)

Save this file as "bitcoin.sh". Right click this file and click "get info". Expand "Open with:". Select "Other...", then choose Terminal. Click "change all...". Open "Accounts" in system preferences. In your account, chooose "login items". Drag "bitcoin.sh" here. Choose "hide" to make the Terminal window hidden by default (you can show it later.)

Unix-like system (GNU/Linux?) running GNOME: create a text file called "bitcoin.sh". In this file, write:

bitcoind &
sleep 300
python [Path to run_p2pool.py] --give-author 0.5 &
sleep 30
cgminer -o 127.0.0.1:9332 -u a -p b

(You can change the number after --give-author to 0 to remove the default 0.5% fee given to the P2Pool program author. You can also increase this fee.)

Go to the system menu, preferences, then "startup applications". Add a new entry. In "Command:", write: "sh [path to bitcoin.sh]".

My Bitcoin address: 1CWnp6HBEowfZwgzuPrQywiFCjFNjVoq3i
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