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| Topic | *Looks at the top ethereum miner in the pool I'm in* |
| ChromaticAngel 07/24/17 3:47:10 PM #5: | DuranOfForcena posted... i never understood cryptocurrency "mining". it's not like the ethereum is just sitting there waiting for someone to find it, like mining gold or whatever, right? mining for it actually creates it somehow or something? i don't get it. The way it works is you're solving a block. A bunch of people work together to solve the block. When the block is found, it picks someone at random to give the credit, although the more you've worked, the larger the chance is that you'll get picked. When you get picked for the block, you get the currency as a thanks. pools let people with weaker machines team up to search for blocks. This increases the chance the pool will get picked and when it does, it usually automatically distributes the currency in proportion to the people who did the most work. This means you get less per block, but most people wouldn't make anything at all otherwise. There are some things out there called "bitcoin lottery tickets" which are crappy usb things that you stick into your computer and they just hash at some super slow rate, but since they're contributing to the block, there is a small chance that when the block is found you get credit for the whole block. They're as cheap as a lottery ticket and have about the same odds of paying off. Generally speaking, most people who make money do so in a pool. Some folks have access to a large amount of machines and are in a position of authority where they can use those machines to mine currency. --- ... Copied to Clipboard! |
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