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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
GPU mining no longer an option for BTC: https://bitcoin.stackexchange.com/questions/41125/is-gpu-mining-still-an-option
Mining Pool Hub: https://miningpoolhub.com/
Detailed comparison of popular BTC mining pools: https://www.buybitcoinworldwide.com/mining/pools/
Slush Pool: https://slushpool.com/home/
Ethereum Mining Pools: https://forum.ethereum.org/discussion/3659/list-of-pools
Monero Mining Pools: http://www.moneropools.com/
Bitcoin Mining software options: https://www.bitcoinmining.com/bitcoin-mining-software/
Mining Pools allow miners to come together and pool their computing power in order to increase the chance of mining a Bitcoin block.
Proof of Work mining dictates that the miner with the fastest hash rate has the best chance to mine a new block and receive not only the block rewards, which are brand new Bitcoins, but also the transaction fees paid by those who’s transactions were included in the block that they successfully mined. The use of mining pools means that you combine your computing power with others, you contribute to a faster hash rate and increase your chances of mining a new block. The rewards are then dispersed according to the amount of hash power contributed. If you want to mine Bitcoin using a GPU setup, just know that you most likely will not be contributing very much computing power to the mining pool compared to others who are using ASICs, and your payouts will reflect this.
If you want to mine using a GPU setup, I’m going to suggest that you explore other coins that are GPU mining friendly. Monero for example has recently taken a stand against ASIC mining. In fact, they’ve decided to fork their code in order to keep ASICs from taking over and potentially causing their network to centralize.
If you want to join a mining pool, this means you’ll need to have a computer or mining rig dedicated to run and be connected to the internet 24/7. You’ll also need to configure your mining rig or computer to direct its hash power towards the mining pool of your choice. Lastly, you’ll need an appropriate wallet to which your payments will be sent. There are many guides available that help you to install the Bitcoin mining software, I’ll include links down below so you can check out a few.
There are some fundamental things about mining pools that are counterintuitive when it comes to Bitcoin and other cryptocurrencies as well.
Here’s the deal.
The thing about the Bitcoin network that has always been its strength is its decentralization and open source code. I know I’ve said it many times on this channel, but it’s something that will always bear repeating. Decentralization removes the risk of a single point of failure. It keeps decision making where it should be, in the hands of the many who work to secure and maintain the network. Once we start playing around with centralization it opens the door for power grabs and corruption.
Open source code and information is also vital because it allows anyone to learn about and understand the different systems that come into play with not only Bitcoin but other networks as well.
Granted, it’s rare to find a system that is completely decentralized, but things like mining pools don’t exactly help the cause. So I want to encourage all of you to look into running your own fully validating nodes. These nodes are what monitor and ultimately keep the blockchain in check and maintain its integrity.
All of that being said, if you’re still interested in being a part of a mining pool, here are some things I urge you to be aware of:
* It’s a form of centralization
* Does the owner of the mining pool control how the entire pools hash rate affects the Bitcoin network? (AntPool)
* Is the payment system transparent?
* Do you receive portions of the transaction fees as well or just block rewards?
* Always be as aware as possible of the decisions made by the owner of the pool. If they are not transparent of their stance on issues, I would not recommend being a part of their pool.
Good tips, as much as people want to decentralize it always ends up being centralized, the bigger the mining pool the bigger the reward, someone can run a mining rig on their own but the operating cost doesn't make things possible. About asic miners they can only do one thing, however with GPUs various blockchain and other related tasks can be done.
I see bitcoin has bit it again! It’s kinda funny, watching all these people hoping and praying with every second that this crypto crap is gonna make them money and all it does is keep tanking. Yea, buy some more! BTW, I have a country I can sell ya!
Seriously, why are you people even dreaming that this crypto crap is worth wasting your time and money for? Wake up man, in just a short time all this worthless pretend currency will be ridiculed profusely and absolutely laughed at as a viable investment option. It’s happening right in front of your eyes-Bitcoin and pretty much all of the others are headed to zero. Worthless!!! Blockchain will continue, but crypto is dead.
Crypto Tips we’ll see who’s laughing last. Must be pretty tough, watching the majority of your investments dwindling further and further on their way to zero. Maybe laughing about it helps you out, better than crying I guess.
Thanks for the video CT, I agree with you running a full node helps to secure btc network, but it's not that easy too. Furthermore I would like to know if you have a link for altcoins compared with their hashrate power. Anyway always a pleasure seeing prettiest youtuber on a mysterious land of the world. See ya :D
Nice video, and well explained. Personally, I more into Proof of Stake projects. So staking rather than mining :) One of my favorites PoS projects is DeepOnion, with a really honorable stake reward at 10%. All I need to do is just have my wallet running and unlocked and that's all. Easy way to make easy money without breaking your computer.
Can someone please explain how this staking thing works ? Electricity is very expensive where I live so Mining is not profitable. Does staking use less electricity ? and what would be good coins to start staking ?
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Telegram Open Network.
Multi-blockchain Proof-of-Stake system.
About Telegram Open Network.
Instant Hypercube Routing TON blockchains use smart routing mechanisms to ensure that transactions between any two blockchains will always be processed swiftly, regardless of the size of the system. The time needed to pass information between TON blockchains grows logarithmically with their number, so scaling to even millions of chains will allow them all to communicate at top speed.
TON Services TON Services provides a platform for third-party services of any kind that enables smartphone-like friendly interfaces for decentralized apps and smart contracts, as well as a World Wide Web-like decentralized browsing experience.
TON DNS TON DNS is a service for assigning human-readable names to accounts, smart contracts, services, and network nodes. With TON DNS, accessing decentralized services can be similar to viewing a website on the World Wide Web.
TON Payments TON Payments is a platform for micropayments and a micropayment channel network. It can be used for instant off-chain value transfers between users, bots, and other services. Safeguards built into the system ensure that these transfers are as secure as on-chain transactions.
The Telegram Team will rely on its 10-year experience in building user-friendly interfaces for tens of millions to create light wallets, exchanges, and identification services that will allow users to get on board with cryptocurrencies in an intuitive way.
Please, pay your attention that Cointelegraph is not responsible for the information on this ICO as there was no official statement so far. There is no official site either.
Telegram recently announced it would launch an ICO for its blockchain platform.
TON aims to deliver a fast, scalable blockchain with support for decentralised applications, distributed file storage, and micropayments.