Build a bitcoin mining pool
While this is simplified, it is basically how the system works. You work for shares in a block and when complete you get a percentage of the block based on the number of workers alongside you, less fees. The astute among you will note that I probably used twice that amount of electricity.
My buddy Tom explained how to set up a pooled mining account so I thought it would be interesting to share the instructions. You can either store your wallet locally or store it online. Wallets require you to use or download a fairly large blockchain file — about 6GB — so downloading and updating a local wallet may be a non-starter. There is no preferred wallet type and there are obvious trade-offs to both. Privacy advocates would probably say a local wallet is best.
You can download a local wallet here but make sure you keep a copy of your data backed up. This, without the period, is a direct way to send bitcoins to your wallet. Make a note of your address. In Coinbase, the wallet address found under linked accounts. To mine in a pool you have to work with a group of other miners on available blocks. You can also try guilds like BTC Guild as well as a number of other options. Pools with fewer users could also have a slower discovery time but pools with many users usually result in smaller payments.
However, as one pool owner, Slush, notes:. First, create a pool login. The workers are sub-accounts with their own passwords and are usually identified by [yourlogin]. I have three workers running, currently — one on my iMac and two on my old PC. You must create workers to mine. Like any online club, you can dig deeply into the subculture surround bitcoin as you gain experience.
Also be sure to enter your wallet address into the pool information. This will ensure you get your bitcoins. There are a number of mining options for multiple platforms although OSX users may find themselves in a bit of a pickle.
Miners, on the other hand, use these cycles to help handle peer-to-peer processes associated with bitcoins. They will connect to it using the stratum protocol as they would in any other pool. They will find everything running great and will love you for that! Yes, merged mining is available! Configure if you want to mine just one coin or more than one at the same time.
Same mining power, double the benefits. We allow a good set of coins and are working to add even more. You are the pool operator and deserve a profit for it. You can configure how much profit you want to get. We also take a profit to maintain the platform, but it is low enough to give you the freedom you need to operate.
And all of this without you having to worry about servers, chains, deployments, security, etc. Our platform will take care of everything so you can focus on your community. You will not only save money and time, you will get coins for that!
You will have access to an advanced tool to configure and monitor everything about your pool in real time. Even advanced statistics and graphics will be there for you from the first minute.
Your miners need to feel at home in your pool and sure they will! With the miner panel they will have real time access to their mining and pool statistics. They will manage their workers, track their balance and transfers and much more in a nice and mobile-friendly interface! Every time your pool finds a block, you and your miners' balance will be updated. You can track your balance in real time in you control panel.
Once a day, you and your miners will receive a transfer with your coins. Your miners will be able to join your pool, reset their password and close their accounts without you having to worry about that.