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Author Topic: transaction validation  (Read 831 times)
Biodom
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December 27, 2014, 05:58:03 PM
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With network at about 315 Ph right now and 80-100K transactions/day, if you are hashing at or above 4Th/s (two S4 or one SP30/SP31 or three SP20), then you are processing/validating at least one transaction/day on average, maybe a bit more.
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newIndia
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December 27, 2014, 06:55:34 PM
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With network at about 315 Ph right now and 80-100K transactions/day, if you are hashing at or above 4Th/s (two S4 or one SP30/SP31 or three SP20), then you are processing/validating at least one transaction/day on average, maybe a bit more.

Ya... but what's your point ?

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December 27, 2014, 08:56:03 PM
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With network at about 315 Ph right now and 80-100K transactions/day, if you are hashing at or above 4Th/s (two S4 or one SP30/SP31 or three SP20), then you are processing/validating at least one transaction/day on average, maybe a bit more.

Ya... but what's your point ?

Point is ...it is nice to contribute to the actual growth of the bitcoin economy. Since I have ~12 th, and, in effect, do transactions for four people a day (or rather four transactions a day)-that would be over 1000 transactions a year for maybe 1000 different people all over the world, including India, LOL. I think that it is a pleasant thought.
goozman96
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December 31, 2014, 02:57:04 AM
 #4

That feels kind of low. 4TH/s to process just 1 transaction a day? Feels like a lot of wasted computing power.

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Window2Wall
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December 31, 2014, 06:35:01 AM
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This is really not 100% accurate. You will only actually validate (confirm) a transaction if you actually 'find' a block at which point you will most likely (depending on your, or your pool's policy on transactions) confirm several hundred (if not thousand) transactions.

If you do not find any blocks then you will not validate/confirm any transactions.
Biodom
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December 31, 2014, 03:42:33 PM
 #6

This is really not 100% accurate. You will only actually validate (confirm) a transaction if you actually 'find' a block at which point you will most likely (depending on your, or your pool's policy on transactions) confirm several hundred (if not thousand) transactions.

If you do not find any blocks then you will not validate/confirm any transactions.

Your miners work for the pool, pool operator divided earned btc between pool participants=you did process transactions (as long as your pool got blocks).
It is difficult to argue otherwise.
Biodom
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December 31, 2014, 03:43:20 PM
 #7

That feels kind of low. 4TH/s to process just 1 transaction a day? Feels like a lot of wasted computing power.

A simple answer would be that there are not enough transactions yet.
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December 31, 2014, 07:40:46 PM
 #8

That feels kind of low. 4TH/s to process just 1 transaction a day? Feels like a lot of wasted computing power.
but they also getting block mining rewards for this, can you imagine the day all bitcoin have been mined already and miners mining for tx fees, what value of bitcoin we can expect bloc rewards go below 0.0001BTC

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January 01, 2015, 01:45:18 AM
 #9

This is really not 100% accurate. You will only actually validate (confirm) a transaction if you actually 'find' a block at which point you will most likely (depending on your, or your pool's policy on transactions) confirm several hundred (if not thousand) transactions.

If you do not find any blocks then you will not validate/confirm any transactions.

Your miners work for the pool, pool operator divided earned btc between pool participants=you did process transactions (as long as your pool got blocks).
It is difficult to argue otherwise.
Only one hash solves the block. The other ~17,455,423,616,072,785,539,150 hashes are wasted. It's binary - you can't contribute to solving a block; you either solve it or you don't. If you have a 100PH/s farm and somehow mine for a year without finding a block, then scrap your equipment, you've literally contributed nothing toward solving transactions, contributed nothing to the difficulty target, and the equipment may's well have never existed except to benefit from the luck of others in your pool.

Don't mix your coins someone said isn't legal
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January 01, 2015, 02:44:00 AM
 #10

This is really not 100% accurate. You will only actually validate (confirm) a transaction if you actually 'find' a block at which point you will most likely (depending on your, or your pool's policy on transactions) confirm several hundred (if not thousand) transactions.

If you do not find any blocks then you will not validate/confirm any transactions.

Your miners work for the pool, pool operator divided earned btc between pool participants=you did process transactions (as long as your pool got blocks).
It is difficult to argue otherwise.
Like it was said above unless your machine actually finds a block your miners are not actually validating any transactions. All of the work your miner puts into unsuccessfully trying to find a block does nothing to validate transactions.
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