https://aznot.com/index.php?action=history&feed=atom&title=OpenWest_2014%2FBitcoinOpenWest 2014/Bitcoin - Revision history2026-04-30T05:51:33ZRevision history for this page on the wikiMediaWiki 1.41.0https://aznot.com/index.php?title=OpenWest_2014/Bitcoin&diff=116&oldid=prevKenneth at 02:29, 18 May 20142014-05-18T02:29:57Z<p></p>
<p><b>New page</b></p><div>Summary - better to just horde Bitcoins than to mine them<br />
<br />
Common languages - SHA256 and Scrypt-N, Script-Jane, XU-coming up<br />
<br />
No universal wallet<br />
<br />
Wallet is API for each coin<br />
* stores "block chain" (can reference)<br />
* communicates P2P with networks<br />
* provides APIs for interacting with "coin"<br />
* Some have built in wallet (not recommended)<br />
<br />
Mining Software<br />
* works with "wallet" to "get work"<br />
** what "data" & "difficulty"<br />
* cgminer, bgfminer, sgminer, cudaminer<br />
** vary in support of hardware, similar APUs<br />
<br />
CPU Mining - came first, uses desktop or laptop *maybe* kHash/sec<br />
<br />
GPU Mining - still around - kHash/sec in a rig<br />
<br />
ASIC mining - future - uses custom hardware - MHash/sec -> THash/sec<br />
* Can hook to Raspberry Pi<br />
* Cost is going down exponentially<br />
* Newer chips go obsolete in 6-12 months<br />
* Protocol designs<br />
** rewards decrease over time<br />
** difficulty increases w/ more miners<br />
* Solo mining - huge rewards / low probability<br />
* Pool mining - split work - miners split reward<br />
<br />
Pools<br />
* Stratum pools or PzPool<br />
* Pool talks to wallet<br />
* Pool dives the work, and manages miners<br />
* Pool is rewarded and shares rewards<br />
* Many payout methods<br />
** PPS/PPLNS/PPLNSG/etc<br />
** shelved earnings<br />
* Pool LUCK decides a lot!!<br />
<br />
How to choose a POOL:<br />
* Pool % of network hashrate<br />
** Dominate pools solve more blocks<br />
* Your % of pool<br />
** You want to leverage the pool < 50% but > 1%<br />
* DDOS resilience<br />
** Pools are always under attack! Ransom!<br />
* Pool fees<br />
** 0% - 3% or more transfer fees<br />
* Reputation & communication<br />
** BitcoinTalk and IRC<br />
* Payout methods vary threshholds or Payout Queues<br />
* Transfer threshold limits<br />
* Automated transfger to wallet or exchange<br />
<br />
Exchanges<br />
* Just like stock exchange<br />
** BTC-e, Cryptsy, Bittrex, Poloniex, CryptoRush<br />
** Most go to BitcCoin & LiteCoin<br />
* Deposit address for each coin<br />
* Buy & sell orders - auto-sell orders<br />
* Few exchanges to USD<br />
* LocalBitcoins.com<br />
<br />
Strategies:<br />
* What is your end goal?<br />
* Mine to hoard - keep a %?<br />
* Mine to sell - sell to what?<br />
* If you want to mine to BTC:<br />
** multipools (http://poolpickers.eu)<br />
** manual (http://coinwarz.com)<br />
* Rig leasing<br />
** lease your hashtag power<br />
** get pain in BTC<br />
* LeaseRig.net - one of the first<br />
* BetaRigs.com<br />
* NiceHash.com - thresholding!<br />
* Buy Bitcoin - going up by 110% a year and estimated to continue<br />
<br />
'' Notes by Bethany ''</div>Kenneth