BitPenny - Revision history

Sgornick: Make reference to double spending be a link to the article.

2012-06-18T17:24:17Z

Make reference to double spending be a link to the article.

← Older revision		Revision as of 17:24, 18 June 2012
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	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.		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.		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].		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].

OneFixt at 05:36, 12 October 2011

2011-10-12T05:36:35Z

← Older revision		Revision as of 05:36, 12 October 2011
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	* [http://www.bitpenny.com BitPenny] web site		* [http://www.bitpenny.com BitPenny] web site
	* [https://bitcointalk.org/index.php?topic=36371.0] forum thread		* [https://bitcointalk.org/index.php?topic=36371.0 bitcointalk] forum thread
	* [irc://irc.freenode.net/bitpenny #bitpenny] IRC channel		* [irc://irc.freenode.net/bitpenny #bitpenny] [http://webchat.freenode.net/?channels=bitpenny&uio=d4 webchat] IRC channel


	[[Category:Pool Operators]]		[[Category:Pool Operators]]

OneFixt at 05:35, 12 October 2011

2011-10-12T05:35:06Z

← Older revision		Revision as of 05:35, 12 October 2011
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	* [http://www.bitpenny.com BitPenny] web site		* [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]]		[[Category:Pool Operators]]

OneFixt at 05:34, 12 October 2011

2011-10-12T05:34:14Z

← Older revision		Revision as of 05:34, 12 October 2011
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	* [http://www.bitpenny.com BitPenny] web site		* [http://www.bitpenny.com BitPenny] web site

	~~==References==~~
	~~<references />~~

	[[Category:Pool Operators]]		[[Category:Pool Operators]]

OneFixt at 05:33, 12 October 2011

2011-10-12T05:33:53Z

← Older revision		Revision as of 05:33, 12 October 2011
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	BitPenny ~~was the first [[Pooled mining\|~~mining pool~~]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely as-of April 2, 2011<ref>~~[~~http~~://~~www~~.~~bitcoin.org~~/~~smf~~/~~index.php?topic=3266.msg78042#msg78042 Re: Instant~~-~~Payout Mining~~ - ~~BitPenny.com~~]~~</ref>~~.		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.

	~~Each share submitted~~ to ~~BitPenny was worth~~ a ~~fixed (based on current [[Difficulty\|difficulty]]) amount~~ of ~~bitcoins. The user's account was credited immediately upon submission~~, ~~and~~ the ~~balance was instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]~~. ~~This approach shifted 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~~.		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.

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

	~~The service was~~ first available for beta testing starting February 08, 2011. ~~The second round of testing began on March 2nd~~, ~~2011~~.		==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==		==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.		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==		==See Also==
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	==External Links==		==External Links==

	* [http://www.bitpenny.com BitPenny] web site ~~(no longer operational)~~		* [http://www.bitpenny.com BitPenny] web site

	==References==		==References==

Andy1001: Add: Category:Pool Operators

2011-09-19T09:23:33Z

Add: Category:Pool Operators

← Older revision		Revision as of 09:23, 19 September 2011
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	==References==		==References==
	<references />		<references />

			[[Category:Pool Operators]]

Coroos: /* External Links */

2011-06-20T22:24:19Z

External Links

← Older revision		Revision as of 22:24, 20 June 2011
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	==External Links==		==External Links==

	* [http://www.bitpenny.com BitPenny] web site		* [http://www.bitpenny.com BitPenny] web site (no longer operational)

	==References==		==References==
	<references />		<references />

Sgornick: Remove category as this service has been discontinued.

2011-04-04T00:19:46Z

Remove category as this service has been discontinued.

← Older revision		Revision as of 00:19, 4 April 2011
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	==References==		==References==
	<references />		<references />

	~~[[Category:Pool Operators]]~~

Sgornick: Readability.

2011-04-03T05:39:02Z

Readability.

← Older revision		Revision as of 05:39, 3 April 2011
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	BitPenny was the first [[Pooled mining\|mining pool]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely on April 2, 2011<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.msg78042#msg78042 Re: Instant-Payout Mining - BitPenny.com]</ref>.		BitPenny was the first [[Pooled mining\|mining pool]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely as-of April 2, 2011<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.msg78042#msg78042 Re: Instant-Payout Mining - BitPenny.com]</ref>.

	Each share submitted to BitPenny was worth a fixed (based on current [[Difficulty\|difficulty]]) amount of bitcoins. The user's account was credited immediately upon submission, and the balance was instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifted 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.		Each share submitted to BitPenny was worth a fixed (based on current [[Difficulty\|difficulty]]) amount of bitcoins. The user's account was credited immediately upon submission, and the balance was instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifted 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.

Sgornick: Fix link, wrong reply.

2011-04-03T05:37:44Z

Fix link, wrong reply.

← Older revision		Revision as of 05:37, 3 April 2011
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	BitPenny was the first [[Pooled mining\|mining pool]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely on April 2, 2011<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.~~msg78046~~#~~msg78046~~ Re: Instant-Payout Mining - BitPenny.com]</ref>.		BitPenny was the first [[Pooled mining\|mining pool]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely on April 2, 2011<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.msg78042#msg78042 Re: Instant-Payout Mining - BitPenny.com]</ref>.

	Each share submitted to BitPenny was worth a fixed (based on current [[Difficulty\|difficulty]]) amount of bitcoins. The user's account was credited immediately upon submission, and the balance was instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifted 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.		Each share submitted to BitPenny was worth a fixed (based on current [[Difficulty\|difficulty]]) amount of bitcoins. The user's account was credited immediately upon submission, and the balance was instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifted 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.