How To Earn Bitcoin Without Mining for Dummies

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This can optimize your mining earnings. USA, east coast: stratum+tcp://us-east. Stratum.slushpool.com:3333 Europe stratum+tcp://eu.stratum.slushpool.com:3333 China, mainland stratum+tcp://cn.stratum.slushpool.com:3333stratum+tcp://cn.stratum.slushpool.com:443 Asia-Pacific/Singapore: stratum+tcp://sg.stratum.slushpool.com:3333 Which are Slush Pools Fees Slush Pool costs 2% of all payouts. This may seem like a great deal but unlike other pools it stocks the transaction fees with its miners. At current prices, these amount to 1-2 BTC more per block.

They also make the Bitcoin TREZOR hardware pocket and Coinmap.org. Ethereum Mining Pool Many individuals want to use the pools above for Ethereum too. However, most of the pools listed above are only for Bitcoin mining. Please visit our post on Ethereum mining pools to get more info on ETH specific pools.

 

 

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To get LTC mining you may need separate hardware and a separate pool. Bitcoin Mining Pool Taxes Youll need to consult an accountant or attorney in your town. But most probably you will need to pay income tax on income from mining pools just like you would for any other kind of income.

Bitcoin mining pools are a means for Bitcoin miners to pool their funds together and share their hashing power while splitting the reward equally according to the amount of stocks they contributed to solving a block.

A"share" is given to members of the Bitcoin mining pool that present a valid proof of work their Bitcoin miner solved. Bitcoin mining in pools began when the problem for mining increased to the point where it could take years for slower miners to generate a block.

 

 

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The solution for this difficulty was for miners to pool their resources so they could generate blocks quicker and therefore obtain a portion of the Bitcoin block reward on a consistent basis, rather than randomly once every few years.

If you solo-mine, meaning you do not mine using a Bitcoin mining pool, then you'll need to ensure you are in consensus with the Bitcoin network. The very best way is to use the official BitCore client.

If you take part in a Bitcoin mining pool then you might want to ensure they are engaging in behaviour that is in agreement with your philosophy towards Bitcoin.

 

 

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By way of instance, some rogue developers have threatened to launch applications that may hard-fork the network which would likely result in tremendous financial harm.

Because of this, it's your responsibility to make sure that any Bitcoin mining power you direct into a mining pool does not try to enforce network consensus rules that you click this disagree with.

When segwit is triggered, you are going to want to be in a position to mine and relay segwit-style blocks. The following mining software has been upgraded to support segwit.

 

 

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Please note that applications that supports the GetBlockTemplate (GBT) RPC has to be updated to support both the BIP9 and BIP145 changes to GBT. Each of the programs linked previously that aid GBT have been upgraded.

Segwit is triggered and enforced on testnet, which means you could find it helpful to test your infrastructure update by mining with some small amount of hashrate on testnet. Alternatively, Bitcoin Core 0.13.1s regression test style (regtest) also supports segwit by default.

There are many fantastic Bitcoin mining pools to select from. Even though it's tempting to pick the very popular one, it is better for the health of the network to mine with smaller pools in order to avoid potentially damaging concentration of hashing power.

The following pools are believed to be currently fully validating cubes with Bitcoin Core 0.11 or later:

 

 

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BTCC: BTCC is a Bitcoin exchange, wallet, and mining pool located in China. Its mining pool currently controls around check this 15 percent of the network hash speed.

Slush Pool: Slush Pool is run by Satoshi Labs, a Bitcoin company based in the Czech Republic. Slush Pool was the first mining pool and maintains around 7% of the network hash speed.

Antpool: WARNING - Bitmain operates Antpool and some consider them to be a malicious actor in the Bitcoin ecosystem due to their AntBleed scandal where they had been intentionally including malware within mining equipment they sell. In a corporate communication, Bitmain claimed this was a feature and not a bug. This malware would enable Bitmain to shut down equipment of consumers or competitors thus increasing their own profitability.

Eligius: Eligius was one of the very first Bitcoin mining pools and has been founded by Luke Dashjr, a Bitcoin Core developer. Today, the pool controls just under 1 percent of the network hash rate.

 

 

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BitMinter: BitMinter, once one of the biggest Bitcoin mining pools, now controls less than 1% of their network hash speed.

Kano CKPool: Kano CKPool was founded in 2014 and currently has around 3 percent of their network hash rate under its control.

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