P2P Pool

[tomsanders]

Hello All,

I have been reading about the P2P Pools and haven't really got any distinctive answers. I understand that once you set the pool up you can advertise for other people to connect and start hashing together.

What is the benefit of doing this appose to connecting to a pre-existing pool like BTC Guild or Slush...?

Thanks in advance!

[IYFTech]

Hello All,

I have been reading about the P2P Pools and haven't really got any distinctive answers. I understand that once you set the pool up you can advertise for other people to connect and start hashing together.

What is the benefit of doing this appose to connecting to a pre-existing pool like BTC Guild or Slush...?

Thanks in advance!

This would be better asked in the p2pool thread:  https://bitcointalk.org/index.php?topic=18313.0

However, main advantages are:

Decentralizing & securing the network.
No late/missing payments (freshly minted coins).
You control the node.
Open source.
No fees.
Hop/attack proof.
It's bloody brilliant.

Edit: Don't confuse p2pool with Bitmain p2p pool - the bitmain version is NOT p2pool, it is a bad copy & should be avoided.

[Meuh6879]

cons is : when you are little (less than 200GH/s) ... solo-mining and P2Pool is the same issu = 0 reward = help network only.

[tomsanders]

Thanks for that.. I have currently got 7Th spare for solo mining? Would that be enough?

Thanks

[PatMan]

Thanks for that.. I have currently got 7Th spare for solo mining? Would that be enough?

Thanks

That's plenty for p2pool. 

[tomsanders]

In your experience what's the sort of time for finding a block at that speed? Are we talking days/weeks/months.......?

Thanks

[jonnybravo0311]

In your experience what's the sort of time for finding a block at that speed? Are we talking days/weeks/months.......?

Thanks

Are you asking about how long you would expect 7TH/s to find a block solo mining?  If yes, that's easy to calculate:

43971662056 * 2^32 / 7000000000000 / 86400 = number of days expected to find a block.  So, 312.26 days at current difficulty.

If you're asking about p2pool, that's a whole different question.  You get paid for every valid share you have on the chain when p2pool finds a valid block.

Using the same formula, you can calculate expected time to find a share...

10616061.28 * 2^32 / 7000000000000 / 86400 = 0.075 days = 1.81 hours.  So, you would expect to find about 13 shares a day.  Shares are weighted depending on network difficulty when found, and those weights are used to determine your payout when the block is found.  Realize that the share difficulty retargets constantly depending on perceived network hash rate, as does the expected time to block.

[tomsanders]

Thank you for your detailed response, forget me for being blonde but how much would a share be worth.

Thanks

[IYFTech]

Thank you for your detailed response, forget me for being blonde but how much would a share be worth.

Thanks

That depends on the difficulty of the accepted share.

[tomsanders]

so really unless you have anything like 30-40 T/H's + Its best to stick as part of a team... or expect to wait a rather long time!!!

[IYFTech]

so really unless you have anything like 30-40 T/H's + Its best to stick as part of a team... or expect to wait a rather long time!!!

With p2pool you are working as a team, all nodes are connected. Have a read of the p2pool thread - there's all the info you need there 

[jonnybravo0311]

so really unless you have anything like 30-40 T/H's + Its best to stick as part of a team... or expect to wait a rather long time!!!

30-40 TH/s?  Try 300-400 to expect to find a block within a decent timeframe by solo mining.  At current difficulty, 300TH/s would expect to find a block a week give or take - so you'd likely find 2 blocks before difficulty rises again.  On average, a miner with 30TH/s on a pool would expect around 0.3431BTC a day, currently.

[tomsanders]

Thanks for that info...

What pool would you recommend to someone that is based in the UK... currently using btc china.... its ok but I feel getting one closer to home would give better results?

thanks

[IYFTech]

Thanks for that info...

What pool would you recommend to someone that is based in the UK... currently using btc china.... its ok but I feel getting one closer to home would give better results?

thanks

Check this link to find your nearest node with the lowest latency:

http://nodes.p2pool.co/

Or you can try my node & see how you get on - it's a zero fee node, I'm also in the UK - details in my sig  

[yslyung]

also, please have lots of patience with p2pool but it does pays off

[Prelude]

+1 for using a p2pool node close to you. Best way to mine.

[tomsanders]

Hey All,

I think i may know the answer to this question already but im going to ask it to clear things up.

Lets say I set my own P2P node up and connect 200T/H's to this pool, when we find a block. Who gets the entire block? All of my pool only or the entire p2p network?

May sound like a silly question but i had to ask it

Thanks

[yslyung]

You get 0.5% more and rest is shared with entire network.

The more shares you have the more the reward.

[tomsanders]

Ahh i see, so basically its just a big mining pool but you can create your own node to improve latency etc?

[yslyung]

Ahh i see, so basically its just a big mining pool but you can create your own node to improve latency etc?

Yes & you're in charge of your own pool. No need to worry about stolen coins, pool operator, delays in payout, etc...

On good runs p2pool payout are yummy. Like i said earlier just gotta be really patient.

Fun learning process too. You can dropby my node & have a look. Any questions juat post on the regular p2pool thread.

Many helpful guys are there.