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Looking for Technical Information about Mining Pools
I'm doing research on how exactly bitcoins are mined, and I'm looking for detailed information about how mining pools work - i.e. what exactly is the pool server telling each participating miner to do. It's so far my understanding that, when Bitcoins are mined, the following steps take place:
Transactions from the mempool are selected for a new block; this may or may not be all the transactions in said mempool. A coinable transaction - which consists of the miner's wallet's address and other arbitrary data - that will help create new Bitcoin will also be added to the new block.
All of said transactions are hashed together into a Merkle Root. The hashing algorithm is Double SHA-256.
A block header is formed for the new block. Said block header consists of a Version, the Block Hash of the Previous Block in the Blockchain, said Merkle Root from earlier, a timestamp in UTC, the target, and a nonce - which is 32 bits long and can be any value from 0x00000000 to 0xFFFFFFFF (a total of 4,294,967,296 nonce values in total).
The nonce value is set to 0x00000000, and said block header is double hashed to get the Block Hash of the current block; and if said Block Hash starts with a certain number of zeroes (depending on the difficulty), the miner sends the block to the Bitcoin Network, the block successfully added to the blockchain and the miner is awarded with newly created bitcoin.
But if said Block Hash does not start with the required number of zeroes, said block will not be accepted by the network, and the miner Double Hashes the block again, but with a different nonce value; but if none of the 4,294,967,296 nonce values yields a Block Hash with the required number of zeroes, it will be impossible to add the block to the network - and in that case, the miner will either need to change the timestamp and try all 4,294,967,296 nonce values again, or the miner will need to start all over again and compose a new block with a different set of transactions (either a different coinable transaction, a different set of transactions from the mempool, or both).
Now, what I'm trying to figure out is what exactly each miner is doing differently in a mining pool, and if it is different depending on the pool. One thing I've read is that a mining pool gives each participating miner a different set of transactions from the mempool. I've also read that, because the most sophisticated miners can try all 4,294,967,296 nonce values in less than a fraction of a second, and since the timestamp can only be updated every second, the coinbase transaction is used as a "second nonce" (although, it is my understanding that, being part of a transaction, if this "extra nonce" is changed, all the transactions need to be double hashed into a new Merkle Root); and I may have read someplace that miners could also be given the same set of transactions from the mempool, but are each told to use a different set of "extra nonce" values for the coinbase transaction. Is there anything else that pools tell miners to do differently? Is each pool different in the instructions it gives to the participating miners? Did I get anything wrong? I want to make sure I have a full technical understanding of what mining pools are doing to mine bitcoin.
So I'm pretty new looking to get/download a wallet and need help.... i wanted a ledger or a trezor but ledger is out of stock until aug 28th and tremor only accepts bitcoins which is fine but mine are on coinable which they do not accept...so i need a wallet that will support bit 148 and after much research I'm finding it hard to find clear answers... it seams bread wallet does not at the moment support bit 148 so I'm coming here for help, a safe secure iOS app would be preferable... any answers for a newb hodler?
Bitcoin Mining: How does Bitcoin Mining Work. Coinmama May 11, 2020. Coinmama has all the information you need to get informed about Bitcoin mining. Discover how Bitcoin mining works, what Bitcoin pools and Bitcoin mining hardware are, and more. Uphold is a financial services platform based on the cloud, which can be accessed from 184 countries and gives the possibility to exchange with more than 30 currencies, fiduciary, cryptographic or precious metals.. Uphold Services. Add funds to a portfolio through a transfer, debit card or bitcoin wallet. Save funds securely (protected by reservations all around the world) The mining difficulty as well as a network hash rate indirectly impacts on the Bitcoin Price. Mining is an investment in the hardware which allows for obtaining Bitcoins. Increasing hash rate with the resulted increased network difficulty influence the number of miners: less and less miners are eager to make investments into the hardware as ... The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain. Bitcoins are divisible into smaller units known as satoshis — each satoshi is worth 0.00000001 bitcoin. But as Bitcoin became more popular, the mining difficulty automatically increased, and has now reached such levels that one can only seriously mine with ASICs. Mining is a profitable business, and it’s no wonder that Samsung, the world’s largest chip maker as of Jan 31, 2018, is looking to enter the space.
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