Bitcoin Wiki - User contributions [en]

BitPenny

2011-10-12T05:36:35Z

OneFixt:

BitPenny is a bitcoin mining pool that uses an [https://github.com/ForceMajeure/BitPenny-Client open-source client] to protect against potential abuses and [[Weaknesses|security vulnerabilities]] resulting from centralized mining power.

Client-side verification prevents the server from executing double-spending and other attacks. Automatic fail-over to solo mining allows the pool to disintegrate into individual mining nodes and to continue supporting the bitcoin network in a case of server unavailability, preventing a catastrophic slowdown of the entire network. The instant solo fail-over also works to increase miner efficiency by utilizing time that would normally be spent waiting for work from the server due to network lag or other issues.

BitPenny uses a delayed pay-per-share (CPPSRB) payout model that is immune to pool-hopping. Shares are paid in last-in-first-out order and never decay in value, with transaction fees included in order to help avoid large backlogs of unpaid shares. More details can be found at the [http://www.bitpenny.com BitPenny website].

==Background History==

BitPenny is the second-oldest mining pool, first available for beta testing starting February 08, 2011. It was the first pool to introduce the Pay-Per-Share model, instant payouts, and address-only connections that do not require registration or a password.

==Community==

The IRC channel [irc://irc.freenode.net/bitpenny #bitpenny] ([http://webchat.freenode.net/?channels=bitpenny&uio=d4 webchat]) offers conversation with fellow miners and information from BitPenny's operator.

==See Also==

* [[Pooled Mining]]

==External Links==

* [http://www.bitpenny.com BitPenny] web site
* [https://bitcointalk.org/index.php?topic=36371.0 bitcointalk] forum thread
* [irc://irc.freenode.net/bitpenny #bitpenny] [http://webchat.freenode.net/?channels=bitpenny&uio=d4 webchat] IRC channel

[[Category:Pool Operators]]

BitPenny

2011-10-12T05:35:06Z

OneFixt:

BitPenny is a bitcoin mining pool that uses an [https://github.com/ForceMajeure/BitPenny-Client open-source client] to protect against potential abuses and [[Weaknesses|security vulnerabilities]] resulting from centralized mining power.

Client-side verification prevents the server from executing double-spending and other attacks. Automatic fail-over to solo mining allows the pool to disintegrate into individual mining nodes and to continue supporting the bitcoin network in a case of server unavailability, preventing a catastrophic slowdown of the entire network. The instant solo fail-over also works to increase miner efficiency by utilizing time that would normally be spent waiting for work from the server due to network lag or other issues.

BitPenny uses a delayed pay-per-share (CPPSRB) payout model that is immune to pool-hopping. Shares are paid in last-in-first-out order and never decay in value, with transaction fees included in order to help avoid large backlogs of unpaid shares. More details can be found at the [http://www.bitpenny.com BitPenny website].

==Background History==

BitPenny is the second-oldest mining pool, first available for beta testing starting February 08, 2011. It was the first pool to introduce the Pay-Per-Share model, instant payouts, and address-only connections that do not require registration or a password.

==Community==

The IRC channel [irc://irc.freenode.net/bitpenny #bitpenny] ([http://webchat.freenode.net/?channels=bitpenny&uio=d4 webchat]) offers conversation with fellow miners and information from BitPenny's operator.

==See Also==

* [[Pooled Mining]]

==External Links==

* [http://www.bitpenny.com BitPenny] web site
* [https://bitcointalk.org/index.php?topic=36371.0] forum thread
* [irc://irc.freenode.net/bitpenny #bitpenny] IRC channel

[[Category:Pool Operators]]

BitPenny

2011-10-12T05:34:14Z

OneFixt:

BitPenny

2011-10-12T05:33:53Z

OneFixt:

BitPenny is a bitcoin mining pool that uses an [https://github.com/ForceMajeure/BitPenny-Client open-source client] to protect against potential abuses and [[Weaknesses|security vulnerabilities]] resulting from centralized mining power.

Client-side verification prevents the server from executing double-spending and other attacks. Automatic fail-over to solo mining allows the pool to disintegrate into individual mining nodes and to continue supporting the bitcoin network in a case of server unavailability, preventing a catastrophic slowdown of the entire network. The instant solo fail-over also works to increase miner efficiency by utilizing time that would normally be spent waiting for work from the server due to network lag or other issues.

BitPenny uses a delayed pay-per-share (CPPSRB) payout model that is immune to pool-hopping. Shares are paid in last-in-first-out order and never decay in value, with transaction fees included in order to help avoid large backlogs of unpaid shares. More details can be found at the [http://www.bitpenny.com BitPenny website].

==Background History==

BitPenny is the second-oldest mining pool, first available for beta testing starting February 08, 2011. It was the first pool to introduce the Pay-Per-Share model, instant payouts, and address-only connections that do not require registration or a password.

==Community==

The IRC channel [irc://irc.freenode.net/bitpenny #bitpenny] ([http://webchat.freenode.net/?channels=bitpenny&uio=d4 webchat]) offers conversation with fellow miners and information from BitPenny's operator.

==See Also==

* [[Pooled Mining]]

==External Links==

* [http://www.bitpenny.com BitPenny] web site

==References==
<references />

[[Category:Pool Operators]]

MtGox/API

2011-07-10T23:39:24Z

OneFixt: /* Number Formats */ spelling

The [[MtGox]] API provides various methods to access different informations from the market, place orders, and more.

Two APIs are available at this point: the HTTP api (available by posting to mtgox.com/code/*) and the websocket API.

==Number Formats==

In the "old API", currency- and amount-values (price, volume,...) were given as '''float'''. These values are likely being deprecated and replaced by fields of the same name with "_int" as suffix. These are '''fixed-decimal''', so you have to move the decimal point yourself (divide). The exponent differs based on the kind of the value.

In order to convert the '''int''' to a '''decimal''' you can...

{| class="wikitable"
|-
! kind of field !! ...divide by !! ...multiply by
|-
| BTC (volume, amount) || 1E8 (10,000,000) || 0.00000001
|-
| USD (price) || 1E5 (100,000) || 0.00001
|-
| JPY (price) || 1E3 (1,000) || 0.001
|}

Implementation advice: it's probably best to use '''int''' or '''Decimal''' (if your language/db offers such a type) in your clients. Using '''float''' will likely lead to nasty rounding problems.

== Legacy API ==
This API is available in <nowiki>https://mtgox.com/code/*</nowiki>, and provides various informations. It also supports making an order, a withdraw, a deposit, etc.

=== Authentication ===
Authentication is performed by posting a username and a password in variables "name" and "pass". Some methods do not require authentication.

=== Methods ===

==== data/getTrades.php ====
This allows retrieving all trades which happened in the last 24 hours. The returned data is cached and may not reflect latest activity.

Parameters:
* since: Passing a tid in "since" allows retrieving all trades since that trade. The passed id is may not exist. Ie. to get all trades from the very beginning one would just call https://mtgox.com/code/data/getTrades.php?since=0 . since returns only 100 trades, and you can call the method again by passing the latest trade you have imported in since.

== Websocket API ==
ported on 7/10/2011 from http://forum.bitcoin.org/index.php?topic=5855.0

===Connecting===

You can connect via: ws://websocket.mtgox.com/mtgox

===Channels===

The websocket will subscribe you to some channels automatically:

{| class="wikitable"
|-
! Channel ID !! Description
|-
| dbf1dee9-4f2e-4a08-8cb7-748919a71b21 || trades (each time a trade happens, you get something here)
|-
| d5f06780-30a8-4a48-a2f8-7ed181b4a13f || the mtgox ticker (lots of updates, with often the same data)
|-
| 24e67e0d-1cad-4cc0-9e7a-f8523ef460fe || depth information in realtime (price + amount + type... type=1=Ask, type=2=Bid)
|}

Additionally each user has a "own" channel which streams informations about orders (new order, deleted order, etc) and trades only the user's trades).

Each message is a JSON-encoded object, with at least "op" element. The "op" element contains the operation to be done (for outgoing messages), or the type of message (for incoming messages).

===Possible outgoing commands===

'''unsubscribe''' Stop receiving messages from a channel (parameter "channel")

===Incoming Data===

====Ticker====
<source lang="javascript">
{
"channel":"d5f06780-30a8-4a48-a2f8-ed181b4a13f",
"op":"private",
"origin":"broadcast",
"private":"ticker",
"ticker":{
"buy":0.9515,
"high":1,
"low":0.91,
"sell":0.9697,
"vol":34349
}
}
</source>

'''ticker''' contains the following:

{| class="wikitable"
|-
! Name !! Value
|-
| buy || lowest bid as float
|-
| sell || highest ask as float
|-
| high || maximum rate since last close as float
|-
| low || minimum rate since last close as float
|-
| vol || traded volume since last close
|}

====Trade====

<source lang="javascript">{
"channel":"dbf1dee9-4f2e-4a08-8cb7-748919a71b21",
"op":"private",
"origin":"broadcast",
"private":"trade",
"trade":{
"amount":2.71,
"amount_int":"271000000",
"date":1310279340,
"item":"BTC",
"price":14.43,
"price_currency":"USD",
"price_int":"1443000",
"tid":"1310279340877902",
"trade_type":"bid",
"type":"trade"
}
}
</source>

'''trade''' contains the following:

{| class="wikitable"
|-
! Name !! Value
|-
| amount || the traded amount in item (BTC), float, deprecated
|-
| amount_int || the traded amount * 1E8
|-
| date || unix timestamp of trade
|-
| item || What was this trade about
|-
| price || price per unit, float, deprecated
|-
| price_int || price in smallest unit as integer (5 decimals of USD, 3 in case of JPY)
|-
| price_currency || currency in which trade was completed
|-
| tid || Trade id (big integer, which is in fact trade timestamp in microseconds)
|-
| trade_type || Did this trade result from the execution of a bid or a ask?
|-
|}

====Depth====

Changes to the market depth data are broadcast so an up-to-date market depth can be kept by clients.

<source lang="javascript">{
"channel":"24e67e0d-1cad-4cc0-9e7a-f8523ef460fe",
"depth":{
"currency":"USD",
"item":"BTC",
"price":"14.43",
"price_int":"1443000",
"type":1,
"type_str":"ask",
"volume":"-2.71",
"volume_int":"-271000000"
},
"op":"private",
"origin":"broadcast",
"private":"depth"
}</source>

'''depth''' contains the following:

:{| class="wikitable"
|-
! Name !! Value
|-
| currency || the currency affected
|-
| item || the item (BTC)
|-
| price || price as a float, deprecated
|-
| price_int || the price at which volume change happened (5 decimal for USD, 3 for JPY)
|-
| type || 1=ask, 2=bid. deprecated, use type_str
|-
| type_str || type of order at this depth, either "ask" or "bid"
|-
| volume || the volume change as float, deprecated
|-
| volume_int || volume change * 1E8
|-
| ||
|-
| ||

|}

====Order update (private)====

<source lang="javascript">
{
"channel":"(partial key)",
"op":"private",
"order_upd":{
"amount":1000,
"darkStatus":0,
"date":1302836027,
"oid":"(oid)",
"price":0.9899,"status":1
},
"origin":"broadcast",
"private":"order_upd"
}</source>

'''order_upd''' cointains the following:

:{| class="wikitable"
|-
! Name !! Value
|-
| amount || change in volume of the order
|-
| darkStatus ||
|-
| oid || ID of the affected order
|-
| price ||
|-
| status ||
|}

Millibit

2011-05-30T22:21:56Z

OneFixt: /* Popular Alternates */

The name chosen by popular vote in poll on the Bitcoin forum to represent the SI unit of 0.001 bitcoins (BTCs).

The poll was announced on May 14, 2011 to come to an agreement of a more commonly used name<ref>[http://forum.bitcoin.org/index.php?topic=8282.0 What to call 0.001 BTC?]</ref>. With the market exchange rate nearing $10 USD per BTC, a name for the sub-bitcoin unit was needed.

A milli is the International System of Units (SI) prefix representing one thousandth (1/1000th)<ref>[http://en.wikipedia.org/wiki/SI_prefix#List_of_SI_prefixes SI prefix]</ref>.

==Examples==

* One thousand (1000) milliBits refers to 1 bitcoin or 1 BTC.
* Twenty seven milliBits refers to 0.027 bitcoins, or 0.027 BTC.
* 1.375 BTC may be referred to as one bitcoin and three hundred seventy-five (375) milliBits.

==Criticism==

A milliBit does not follow the SI standard verbatim, so at best this is an ad-hoc naming convention.

The poll was concluded without participation by a majority of the Bitcoin community nor even was there a statistically significant sample of votes from the community. The adoption of milliBit to refer to the SI mBTC or millibitcoin is seen by some to be a mistake.

==Popular Alternates==

In addition to the proper SI prefix, another reference to the 0.001 BTC measure is the "Millie". One milliBit equals one Millie.

Similarly, the reference to the 0.000001 BTC measure (i.e., microbitcoin using the SI prefix) is the "Mikey". One microbitcoin equals one Mikey.

==See Also==

* [http://en.bitcoin.it/wiki/Units Units]

==References==
<references />

BitPenny

2011-03-12T18:18:10Z

OneFixt: /* See Also */

BitPenny is the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. Each share submitted to BitPenny is worth a fixed (based on current [[Difficulty|difficulty]]) amount of bitcoins. The user's account is credited immediately upon submission, and the balance is instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifts the risks associated with bad luck, cheating, and transaction-reversal [[Weaknesses|attacks]] from the user to the pool operator, resulting in a virtually zero-variance payout curve.

The service is operated for-profit and thus self-insures against variances.<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.0 Instant-Payout Mining - BitPenny.com]</ref>.

The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011.

==Community==

The IRC channel [irc://irc.freenode.net/bitcoin-penny #bitcoin-bitpenny] ([http://webchat.freenode.net/?channels=bitcoin-bitpenny&uio=d4 webchat]) offers conversation with fellow miners and information from BitPenny's operator.

==See Also==

* [[Pooled Mining]]

==External Links==

* [http://www.bitpenny.com BitPenny] web site

==References==
<references />

[[Category:Pool Operators]]

BitPenny

2011-03-09T07:04:41Z

OneFixt:

BitPenny is the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. Each share submitted to BitPenny is worth a fixed (based on current [[Difficulty|difficulty]]) amount of bitcoins. The user's account is credited immediately upon submission, and the balance is instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifts the risks associated with bad luck, cheating, and transaction-reversal [[Weaknesses|attacks]] from the user to the pool operator, resulting in a virtually zero-variance payout curve.

The service is operated for-profit and thus self-insures against variances.<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.0 Instant-Payout Mining - BitPenny.com]</ref>.

The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011.

==Community==

The IRC channel [irc://irc.freenode.net/bitcoin-penny #bitcoin-bitpenny] ([http://webchat.freenode.net/?channels=bitcoin-bitpenny&uio=d4 webchat]) offers conversation with fellow miners and information from BitPenny's operator.

==See Also==

* [[Pooled Mining]]
* [[Bitcoin Pooled Mining]]

==External Links==

* [http://www.bitpenny.com BitPenny] web site

==References==
<references />

[[Category:Pool Operators]]

Pooled mining

2011-03-08T09:07:32Z

OneFixt: /* External links */ BitPenny links added

'''Pooled mining''' is an approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time.

==Introduction==

With increasing generation difficulty, mining with lower-performance devices can take a very long time before block generation, on average. For example, with a mining speed of 1000 Khps, at a difficulty of 14484 (which was in effect at the end of December, 2010), the average time to generate a block is almost 2 years.

To provide a more smooth incentive to lower-performance miners, several pooled miners, using different approaches, have been created. With a mining pool, a lot of different people contribute to generating a block, and the reward is then split among them according to their processing contribution. This way, instead of waiting for years to generate 50btc in a block, a smaller miner may get a fraction of a bitcoin on a more regular basis.

A '''share''' is awarded by the mining pool to the clients who present a valid [[proof of work]] of the same type as the proof of work that is used for creating [[block|blocks]], but of lesser complexity, so that it requires less time on average to generate.

==Pooled mining approaches==

The problem with pooled mining is that steps must be taken to prevent cheating by the clients and the server. Currently there are two different approaches used.

===The slush approach===

[[Bitcoin Pooled Mining]] (BPM), sometimes referred to as "slush's pool", follows a score-based method. Older shares (from beginning of the round) has lower weight than newer shares, which demotivate cheater from switching between pools inside one round.

===The puddinpop approach===

(As of February, 2011, there are no puddinpop pools running.)

Another approach is the 'metahash' technique, used by puddinpop's [[remote miner]]. Clients generate hashes, and also submit 'metahashes', which are hashes of a large chunk of generated hashes. The server checks that the metahashes are correct (in a round-robin fashion, picking up a metahash from a client that hasn't been checked on the longest), thus preventing clients from simply claiming that they have done work without actually doing the work. The withholding of good blocks by the clients is prevented via the server being in possession of the private key, just as in the previous approach. Rewards are distributed based on the number of metahashes submitted by the clients.

Cheating by the server, by way of the pool operator fraudulently granting himself extra shares, is also not addressed, requiring the clients to trust the operator.

The generated blocks contain multiple keys in the generation transaction, giving fractional bitcoin amounts to each key, in proportion to their hashing contribution for that block.

===BitPenny===

The [[BitPenny]] approach is to offer an instant, flat payout for each share that is solved. The payout is offered from the pool's existing balance and can therefore be withdrawn immediately, without waiting for a block to be solved or confirmed. The possibility of cheating by the pool operator and by timing attacks is thus completely eliminated.

This method results in the least possible variance for miners while transferring all risk to the pool operator. The resulting possibility of loss for the server is offset by setting the payout lower than the full expected value.

===DeepBit===

[[DeepBit]] offers both a proportional reward distribution as well as a fixed-rate pay-per-share mode.

===Comparison===

The slush approach uses a lot fewer resources on the pool server, since rather than continuously checking metahashes, all that has to be checked is the validity of submitted shares. The number of shares sent can be adjusted by adjusting the artificial difficulty level.

Further, the slush approach allows the clients to use existing miners without any modification, while the puddinpop approach requires the custom pool miner, which are as of now not as efficient on GPU mining as the existing GPU miners.
[[File:Smallgeneration.png|thumb|Puddinpop miners receive coins directly.]]

Additionally, the puddinpop approach of distributing the earnings by way of including precise sub-cent amounts in the generation transaction for the participants, results in the presence of sub-cent bitcoin amounts in your wallet, which are likely to disappear later due to bugs in all current (as of February 2011) bitcoin nodes. (E.g., if you have a transaction with 0.052 in your wallet, and you later send .05 to someone, your .002 will disappear.).

Puddinpop miners receive coins directly, which eliminates the delay in receiving earnings that is required on slush's server. However, bitcoind is incapable of detecting generation transactions, so earnings sent directly to MyBitcoin, MtGox, etc. will disappear.

This all seems to point to the slush approach being the better one. Its only downside is that the server software is not open source, while the puddinpop software is.

==External links==

* [http://mining.bitcoin.cz slush's mining pool]
* [http://www.bitcoin.org/smf/index.php?topic=1458.0 puddinpop's mining pool thread]
* [http://www.bitpenny.com BitPenny website] [http://www.bitcoin.org/smf/index.php?topic=3266.0 forum thread] [http://webchat.freenode.net/?channels=bitcoin-bitpenny IRC Channel]

==References==
<references />

[[Category:Mining]]

BitPenny

2011-03-07T22:49:32Z

OneFixt:

BitPenny is the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. Each share submitted to BitPenny is worth a fixed (based on current [[Difficulty|difficulty]]) amount of bitcoins. The user's account is credited immediately upon submission, and the balance is instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifts the risks associated with bad luck, cheating, and transaction-reversal [[Weaknesses|attacks]] from the user to the pool operator, resulting in a virtually zero-variance payout curve.

The service is operated for-profit and thus self-insures against neagative variances.<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.0 Instant-Payout Mining - BitPenny.com]</ref>.

The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011.

==Community==

The IRC channel [irc://irc.freenode.net/bitcoin-penny #bitcoin-bitpenny] ([http://webchat.freenode.net/?channels=bitcoin-bitpenny&uio=d4 webchat]) offers conversation with fellow miners and information from BitPenny's operator.

==See Also==

* [[Pooled Mining]]
* [[Bitcoin Pooled Mining]]

==External Links==

* [http://www.bitpenny.com BitPenny] web site

==References==
<references />

[[Category:Mining]]

Pooled mining

2011-03-07T22:00:04Z

OneFixt: /* BitPenny */

'''Pooled mining''' is an approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time.

==Introduction==

With increasing generation difficulty, mining with lower-performance devices can take a very long time before block generation, on average. For example, with a mining speed of 1000 Khps, at a difficulty of 14484 (which was in effect at the end of December, 2010), the average time to generate a block is almost 2 years.

To provide a more smooth incentive to lower-performance miners, several pooled miners, using different approaches, have been created. With a mining pool, a lot of different people contribute to generating a block, and the reward is then split among them according to their processing contribution. This way, instead of waiting for years to generate 50btc in a block, a smaller miner may get a fraction of a bitcoin on a more regular basis.

A '''share''' is awarded by the mining pool to the clients who present a valid [[proof of work]] of the same type as the proof of work that is used for creating [[block|blocks]], but of lesser complexity, so that it requires less time on average to generate.

==Pooled mining approaches==

The problem with pooled mining is that steps must be taken to prevent cheating by the clients and the server. Currently there are two different approaches used.

===The slush approach===

[[Bitcoin Pooled Mining]] (BPM), sometimes referred to as "slush's pool", follows a score-based method. Older shares (from beginning of the round) has lower weight than newer shares, which demotivate cheater from switching between pools inside one round.

===The puddinpop approach===

(As of February, 2011, there are no puddinpop pools running.)

Another approach is the 'metahash' technique, used by puddinpop's [[remote miner]]. Clients generate hashes, and also submit 'metahashes', which are hashes of a large chunk of generated hashes. The server checks that the metahashes are correct (in a round-robin fashion, picking up a metahash from a client that hasn't been checked on the longest), thus preventing clients from simply claiming that they have done work without actually doing the work. The withholding of good blocks by the clients is prevented via the server being in possession of the private key, just as in the previous approach. Rewards are distributed based on the number of metahashes submitted by the clients.

Cheating by the server, by way of the pool operator fraudulently granting himself extra shares, is also not addressed, requiring the clients to trust the operator.

The generated blocks contain multiple keys in the generation transaction, giving fractional bitcoin amounts to each key, in proportion to their hashing contribution for that block.

===BitPenny===

The [[BitPenny]] approach is to offer an instant, flat payout for each share that is solved. The payout is offered from the pool's existing balance and can therefore be withdrawn immediately, without waiting for a block to be solved or confirmed. The possibility of cheating by the pool operator and by timing attacks is thus completely eliminated.

This method results in the least possible variance for miners while transferring all risk to the pool operator. The resulting possibility of loss for the server is offset by setting the payout lower than the full expected value.

===DeepBit===

[[DeepBit]] offers both a proportional reward distribution as well as a fixed-rate pay-per-share mode.

===Comparison===

The slush approach uses a lot fewer resources on the pool server, since rather than continuously checking metahashes, all that has to be checked is the validity of submitted shares. The number of shares sent can be adjusted by adjusting the artificial difficulty level.

Further, the slush approach allows the clients to use existing miners without any modification, while the puddinpop approach requires the custom pool miner, which are as of now not as efficient on GPU mining as the existing GPU miners.
[[File:Smallgeneration.png|thumb|Puddinpop miners receive coins directly.]]

Additionally, the puddinpop approach of distributing the earnings by way of including precise sub-cent amounts in the generation transaction for the participants, results in the presence of sub-cent bitcoin amounts in your wallet, which are likely to disappear later due to bugs in all current (as of February 2011) bitcoin nodes. (E.g., if you have a transaction with 0.052 in your wallet, and you later send .05 to someone, your .002 will disappear.).

Puddinpop miners receive coins directly, which eliminates the delay in receiving earnings that is required on slush's server. However, bitcoind is incapable of detecting generation transactions, so earnings sent directly to MyBitcoin, MtGox, etc. will disappear.

This all seems to point to the slush approach being the better one. Its only downside is that the server software is not open source, while the puddinpop software is.

==External links==

* [http://mining.bitcoin.cz slush's mining pool]
* [http://www.bitcoin.org/smf/index.php?topic=1458.0 puddinpop's mining pool thread]

==References==
<references />

[[Category:Mining]]

BitPenny

2011-03-04T10:04:07Z

OneFixt:

BitPenny is the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. Each share submitted to BitPenny is worth a fixed (based on current [[Difficulty|difficulty]]) amount of bitcoins. The user's account is credited immediately upon submission, and the balance is instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifts the risks associated with bad luck, cheating, and transaction-reversal [[Weaknesses|attacks]] from the user to the pool operator, resulting in a virtually zero-variance payout curve.

The service is operated for-profit and thus self-insures against variances from the percent of generation proceeds retained over time<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.0 Instant-Payout Mining - BitPenny.com]</ref>.

The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011.

==Community==

The IRC channel [irc://irc.freenode.net/bitcoin-penny #bitcoin-bitpenny] ([http://webchat.freenode.net/?channels=bitcoin-bitpenny&uio=d4 webchat]) offers conversation with fellow miners and information from BitPenny's operator.

==See Also==

* [[Pooled Mining]]
* [[Bitcoin Pooled Mining]]

==External Links==

* [http://www.bitpenny.com BitPenny] web site

==References==
<references />

[[Category:Mining]]