How To Earn Bitcoin Without Mining for Dummies

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This will optimize your mining earnings. USA, east shore: 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 What are Slush Pools Fees Slush Pool costs 2% of all payouts. This may seem like a lot but unlike other pools it shares the transaction fees using its miners. At current prices, these amount to 1-2 BTC more per block.

They also make the Bitcoin TREZOR hardware wallet and Coinmap.org. Ethereum Mining Pool Many people want to use the pools over for Ethereum too. But, the majority of the pools listed above are only for Bitcoin mining. Please see our article on Ethereum mining pools for more info on ETH certain pools.

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For LTC mining you may need separate hardware and a separate pool. Bitcoin Mining Pool Taxes Youll have to consult an accountant or lawyer in your town. But most likely you will have to pay income tax on income from mining pools exactly like you would for any other type of income.

Bitcoin mining pools are a way 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 in order that they could generate blocks quicker and therefore obtain a portion of the Bitcoin block payoff on a consistent basis, rather than randomly once every few years.

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

If you take part in a Bitcoin mining pool then you might want to ensure that 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 software that could hard-fork the network which would probably result in tremendous financial damage.

Because of this, it is your responsibility to make sure any Bitcoin mining power you lead into a mining pool does not attempt to enforce network consensus rules that you disagree with.

When segwit is activated, you will 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 the BIP9 and BIP145 changes to GBT. All the apps linked above that aid GBT have been updated.

Segwit is already activated and enforced on testnet, so you may find it helpful to check click reference your infrastructure update by mining with a small amount of hashrate on testnet. Alternatively, Bitcoin Core 0.13.1s regression test style (regtest) additionally supports segwit by default.

There are many good Bitcoin mining pools to select from. Even though it's tempting to pick the most popular one, it's better for the health of the network to mine with smaller pools so as 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 15 percent of the network hash rate.

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 rate.

Antpool: WARNING - Bitmain operates Antpool and some consider these to be a malicious celebrity in the Bitcoin ecosystem due to the AntBleed scandal where they were intentionally including malware within mining equipment they sell. In a corporate communication, Bitmain maintained 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 elevation.

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

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

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

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