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On Reward Sharing in Blockchain Mining Pools (working paper)
Can, B., Hougaard, J. L., & Pourpounehnajafabadi, M. (2020). On Reward Sharing in Blockchain Mining Pools. Department of Food and Resource Economics, University of Copenhagen. IFRO Working Paper , No. 2020/09 Abstract This paper proposes a conceptual framework for the analysis of reward sharing schemes in mining pools, such as those associated with Bitcoin. The framework is centered around the reported shares in a pool instead of agents and results in two new fairness criteria, absolute and relative redistribution. These criteria impose that the addition of a share to the pool affects all previous shares in the same way, either in absolute amount or in relative ratio. We characterize two large classes of economically viable reward sharing schemes corresponding to each of these fairness criteria in turn. We further show that the intersection of these classes brings about a generalization of the the well-known proportional scheme, which also leads to a new characterization of the proportional scheme as a corollary. Keywords: Blockchain, Bitcoin, fairness, mining pools, resource allocation, mechanism design. JEL Classification: D63, G20, L86, D31. Direct link: https://static-curis.ku.dk/portal/files/246830915/IFRO_WP_2020_09.pdf Or find it here: https://bcm.ku.dk/publications/
HODL HEATING? Making $5,000-$20,000 While Heating my House for the winter - Can it be done?
We can start with a disclaimer by saying that: this might be a crazy or weird concept, but I believe it is possible; and I will be doing it to ensure that it is possible for anyone. Thought: “I am going to heat my house and make $5000 this winter” Possibility: Who knows? I contacted a local mining operation who has always been great to me (Info about them below) and store last month and they let me know that they have been selling off some of the miners as they had one of their warehouses shut down by the town (they said they were selling them at a price point where payoff was taken into consideration) and that they had over 5000 computers to sell. So I purchased 8 Miners to see what happened, I had them shipped as they were coming from a Georgia mining operation they had. The miners showed up today and Im getting the power ready at my own house, the mining company joked with me about the idea of heating my house for the winter, cold upstate New York. The miners, as this community knows, put off an incredible amount of heat when hashing. I plan to setup the miners in place of my central air system in my house and heat my entire house with them. I believe that I can make money while heating my house, which would normally cost me around $500 a month for around 5 months, so $2500 in savings. And my calculator says that I should make around $470 a month, and i plan to buy more miners anyways from BCM, as they were very cheap and great condition for used miners. The savings and profit should make me around $5000 in the winter alone. I will keep everyone updated and post a list of all my transactions and endeavors within the crypto and bitcoin market/space for anyone interested below. Last year, I came across BCM (BigCatMining) as they have a location in my area upstate New York. I had been into bitcoin and crypto for a little while and I toyed with the idea of mining and realized that I missed the boat, so cloud mining sounded like the option for me. I contacted BCM at their website Link about a year ago asking about a cloud contract, and they were very helpful with setting me up, (huge shoutout). I think I spent around $500 on a contract and by the time the contract was up I had generated around $720 or so. With the confidence boost from that return I decided to buy a $5000 Contract expecting to get $2000 in profit and after a few months of waiting generated $12000 which was $7000 in Profit. I proceeded to invest with them a few times where I either gained or lost money but it was an overall positive and they kept me updated throughout the entire process. I believe I profited around $15,000 overall through my cloud mining experience. But again a huge shoutout to bigcatmining.com for giving me all the opportunities they have, and just overall friendly and fair services (Rare to come by, especially in this market). List 2017-Now MISC BITCOIN purchases/investments: -Bought 5 Bitcoin at around $8500 before 19k upsurge sold around $13,000 on the downward cycle (Profit: $22000 or so) -Bought a total of $12,000 in mining contracts from bigcatmining.com Made around $27000 (Profit: $15000) HODL HEATING Setup: -Bought 8 Miners $2800 (Might buy 12 more?) (Profit/savings: TBD) -Rerouted the Central air from a small room with an outward air handler Cost $600 Materials.
June 2009 1 BTC = 0.0001 USD June 2010 1 BTC = 0.07 USD June 2011 1 BTC = 15 USD June 2012 1 BTC = 7 USD June 2013 1 BTC = 100 USD June 2014 1 BTC = 600 USD June 2015 1 BTC = 220 USD So judging by this $100 investment in 2009 would of netted you $600,000,000 today.. Unreal. Now where did you even buy bitcoin at that time?
The result of my malware scan, in particular the lines below, was very interesting. Obviously I can't tell if MalwareBytes is correct in flagging these. Some of them indicated "PUP.BitcoinMiner" which seems valid but others were marked as "Trojan.BitMiner.TS" or "PUP.Proxy.BCM" ... those may very well be valid downloads but I do know that MalwareBytes did not indicate ALL of the Bitcoin miners I had downloaded... http://www.reddit.com/Bitcoin/comments/1xe2t7/fug_looks_like_i_was_hacked_can_anyone_confirmhelp/ M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.03.zip (PUP.BitCoinMiner) -> No action taken. M:\Bitcoin\phoenix-2.0.0.zip (PUP.Optional.BitCoinMiner) -> No action taken. M:\Bitcoin\stratum_proxy.exe (PUP.Proxy.BCM) -> No action taken. M:\Bitcoin\cgminer-3.8.2-windows.zip (PUP.Optional.Cgminer) -> No action taken. M:\Bitcoin\stratum_proxy(1).exe (PUP.Proxy.BCM) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.04.zip (PUP.BitCoinMiner) -> No action taken. M:\Bitcoin\cgminer\cgminer-3.1.0-windows.7z (PUP.BitCoinMiner) -> No action taken. M:\Bitcoin\cgminer\cgminer-3.1.0-windows\cgminer.exe (PUP.BitCoinMiner) -> No action taken. M:\Bitcoin\phoenix-2.0.0\phoenix.exe (PUP.Optional.BitCoinMiner) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.03\poclbm.exe (Trojan.BtcMiner.TS) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.03\cgminer\cgminer.exe (PUP.BitCoinMiner) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.03\stratumproxy\mining_proxy.exe (PUP.Proxy.BCM) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.03-2\poclbm.exe (Trojan.BtcMiner.TS) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.03-2\cgminer\cgminer.exe (PUP.BitCoinMiner) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.03-2\stratumproxy\mining_proxy.exe (PUP.Proxy.BCM) -> No action taken. M:\Bitcoin\cgminer-3.8.2-windows\cgminer-3.8.2-windows\cgminer.exe (PUP.Optional.Cgminer) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.04\poclbm.exe (Trojan.BtcMiner.TS) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.04\cgminer\cgminer.exe (PUP.BitCoinMiner) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.04\cudaminer\cudaminer.exe (Trojan.BitcoinMiner) -> No action taken. M:\Bitcoin\guiminer-scrypt_win32_binaries_v0.04\stratumproxy\mining_proxy.exe (PUP.Proxy.BCM) -> No action taken.
The following post by L14dy is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ BitcoinMarkets/comments/7ogdxs The original post's content was as follows:
Hi guys, Starting a post for the new BCM fork. I personally have decided that I would want us to start from Satoshi’s genesis block and fork at block 1. What do you think? Main reasoning for doing a fresh BCM fork at ock 1 is to ensure that no one’s coins on the BTC chain are in any way linkable to their reddit account! Maybe we can sign block 2 with “1m by 2020 u/nannal” in the coinbase tx? I don’t want there to be an unfair advantage to anyone who has more coins than anyone else. The first (genesis) block is unspendable anyways and we would all have the same opportunity to mine on the XBM chain starting at block 2 (which we all mine with the “1m by 2020 u/nannal” in the coinbase tx (I’d say we make block 2 unspendable as well)! Otherwise, we stick to the same rules as Satoshi bestowed upon us. Here are some thoughts:
We include SegWit, so that We can use Lightning in the future
Block times will be 4.20 minutes for the lulz
Mining should be CPU mining... I can try to dick around with some of the mining parameters to make sure the miner won’t run on any ASICs or GPUs for now. If anyone wants to write a GPU miner, that’s up to them. My main reasoning for doing this is that I have a fuckton of GPUs at my disposal, and it would be unfair to anyone without GPUs if we went with Equihash. I have to see what we can do for mining.
Of course it’s just a memecoin, but I would really like it if we did this memecoin right ;) Any ideas are very welcome. I’m also not trying to be the one who runs the show here, feel free to speak your mind, it’s an open community and BitcoinMarkets is IMO the best Bitcoin sub! Shoutout to the mods for letting this happen!
Just the weirdest, most inexplicable sht I've ever dealt with in a rig. [PC, blackscreening, semi-random]
Hi all. I'm utterly, utterly baffled. Stumped. Bemused. Befuddled. Bamboozled. I cannot explain this. At all. I crash on my desktop, often (but not always) while opening Chrome. Crash can be 1m after boot, or 4 hours after boot. Machine blackscreens, stops responding, doesn't send anything to the monitor or respond to scroll lock or capslock. Fairly standard - but I do NOT crash if there's a game running. Literally can run GW2 for as long as I need to, or warframe, or Titanfall, and it's solid as a rock. I've arranged an RMA for my GPU as it's the most recent addition to the sytem (25 Feb 2014) and it was blackscreening on wake (but with a responsive PC/keyboard and the media server was still up), but I'm stumped. I've never seen anything like this. What causes a rig to blackscreen when browsing or opening explorer, but doesn't have ANY problems when it's running high end games at max rez? 2500k @ 4.5GHz R9 290 4GB Factory OC 700W Seasoninc PSU 1 SSD (OS + Games) 2 HDD (Stuff) Midrange Gigabyte mobo, nothign special 8GB DDR3 @ 1600MHz Win 8 64 Bit etc etc. EDIT: Memtest results are in. No problems found. Ran for 8 hours, zero errors. http://imgur.com/wDBxVES Ran MS Defender, no viruses found. Instaleld Avast, turned off MS Defender, full scan, no viruses found. Ran MWAB: Files Detected: 11 D:\Media\Downloads\cgminer-3.8.5-windows.7z (PUP.Optional.Cgminer) -> Quarantined and deleted successfully. D:\Media\Downloads\DuplicateCleaner_setup (1).exe (PUP.Optional.OpenCandy) -> Quarantined and deleted successfully. D:\Media\Downloads\DuplicateCleaner_setup.exe (PUP.Optional.OpenCandy) -> Quarantined and deleted successfully. D:\Media\Downloads\FileBot-setup.exe (PUP.Optional.OpenCandy) -> Quarantined and deleted successfully. D:\Media\Downloads\guiminer-scrypt_win32_binaries_v0.03.zip (PUP.BitCoinMiner) -> Quarantined and deleted successfully. D:\Media\Downloads\pooler-cpuminer-2.3.2-win64.zip (Riskware.BitcoinMiner) -> Quarantined and deleted successfully. D:\Media\Downloads\cgminer-3.8.5-windows\cgminer.exe (PUP.Optional.Cgminer) -> Quarantined and deleted successfully. D:\Media\Downloads\cpuminer\minerd.exe (Riskware.BitcoinMiner) -> Quarantined and deleted successfully. D:\Media\Downloads\LTC_minerz\poclbm.exe (Trojan.BtcMiner.TS) -> Quarantined and deleted successfully. D:\Media\Downloads\LTC_minerz\cgminer\cgminer.exe (PUP.BitCoinMiner) -> Quarantined and deleted successfully. D:\Media\Downloads\LTC_minerz\stratumproxy\mining_proxy.exe (PUP.Proxy.BCM) -> Quarantined and deleted successfully. Nuked 'em. Wonder if I have (or hopefully had) a malware issue. GW2 is running in the background and it's still not crashed... Ideas anyone? Am thinking about ordering a new CPU/Mobo and seeing if that fixes it - next on the list (after another crash) is going to be a W8 re-install. OS re-installed and BIOS updated, still crashes. Definitely hardware. Definitely not RAM, definitely not storage (SSD or HDD). Crashes still independent of load - but most common when clicking on something (Firefox, Chrome or Evernote for example). So the candicate list as far as I can work out is: CPU (moderately likely, though stressing with linpack or OCCT or prime does not cause crashes, and it's happy while playing GW2) mobo (happy while gaming, unhappy when asked to execute a crappy little prgraom like Chrome. Weird? gotta be unlikely) PSU - Feeling like this is a likely candidate. GPU - but doesn't crash when rendering ~100 players at max res in GW2. Soooooo.... can anyone think of a thing to test next? Final edit: running on the onboard GPU on mah telly. Flawless, no crashes at all. I think it's the GPU, the 2D processing chip or whatever must've been borked. Recap: new GPU, no crashes. All is now good!
Bitcoin Mining Hardware Guide The best Bitcoin mining hardware has evolved dramatically since 2009. At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 ... Bitcoin also is the first digital exchange and it remains the number one crypto token in the industry. 2. ETH Ethereum Cryptocurrency. This was founded and launched by the Russian-Canadian mathematical and programming prodigy Vitalik Buterin while he was still in his late teens. Ethereum enhances the blockchain technology pioneered by Bitcoin. BCMining design, build and maintain cryptocurrency mining farms. With more than 7 years working experience in the crypto industry, we have developed our own series of mining products. Learn more about our projects and products. BCM Group began as “Bayswater Contracting”, a family firm in Western Australia in the early 1950s, primarily in the civil works and mining construction business. Under the same family ownership, BCM Group expanded into Ghana in 1990 and thereafter further into Mali, Tanzania, Guinea and Niger. The Bitcoin Mobile Environment Bitcoin Mobile Mining and Exchange. Our Bitcoin Mobile mining protocol is POU, simple use of your smartphone generates BCM’s at a steady pace, these coins are then transferable within the Bitcoin Mobile Exchange, with fiat pairs, crypto coin pairs, as a quicker route in and out of crypto using Bitcoin Mobile (BCM).
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