View source for BitPenny

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]]