Difference between revisions of "GHash.IO"
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Revision as of 16:41, 25 April 2014
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'GHash.IO' is one of the largest Bitcoin mining pools, which entered the mining market in July 2013 and contributes to over 30% of the overall hashing power making it the #1 pool in the Bitcoin network. The company frequently adds new features and expands trading possibilities. In March 2014, GHash.IO introduced the new scrypt mining features and added a number of altcoins available for mining such as LTC, DOGE, FTR and AUR. In April 2014, the mining pool launched GHash.IO Multipool Pro, which gave users the possibility to mine the most profitable
coins with the help of new settings such as the conversion and the switch settings. GHash.IO charges 0% pool fee and provides 24/7 technical support for its users.
|Founded||July 1, 2013|
|Rewards||Pay Per Last N Shares (PPLNS)|
|Options||Cloud Mining||Hardware Mining||Merged Mining||MultiPool||Trading on CEX.IO|
|DOGE||coming soon||Yes||No||Yes||coming soon|
|AUR||coming soon||Yes||No||Yes||coming soon|
|FTC||coming soon||Yes||No||Yes||coming soon|
Connection with CEX.IO
GHash.IO and CEX.IO have the same account credentials, and therefore the pool is considered to be the mining side of CEX.IO. The connection between these two platforms allows users to benefit from simultaneous trading and mining. Mining power (GHS) purchased at CEX.IO mine new Bitcoins at GHash.IO until GHS are sold by the owner.
Although the hash rate of GHash.IO differs, on average the company has about 7 PH/s of power.
GHash.IO uses PPLNS (“Pay per last N shares”), a reward scheme, according to which payment is given to shares in a window, starting with the last share submitted and going backwards up to some number N of shares. Shares older than the window are not paid. Shares are hashes, smaller than the target for difficulty of 1 (Usually, pools use such difficulty as the target for share, but technically, any difficulty could be used). Every hash created has a 1 in 232 possibility of being a valid share. In order to get Bitcoins in a more distributed and predictable way, miners use pools. If this is the case, miners are awarded Bitcoins, according to their shares.
The pool’s policy provides compensation for CEX.IO mining hardware. Individual miners are not compensated.
GHash.IO embodies merged mining of such alternative cryptocurrencies, as NMC (Namecoin), IXC (IXCoin) and DVC (DevCoin). At the moment, users can exchange mined NMC for Bitcoins, Litecoins or reinvest them in more GHS. IXC and DVC stand only for withdrawal to other exchanges or respective wallets.
Multi Pool Pro
On April 8th, 2014 GHash.IO presented a new scrypt mining feature, GHash.IO Multi Pool Pro, which enables users to mine the most financially rewarding coins at any given moment and benefit from additional settings, such as the conversion and the switch settings. According to GHash.IO, “Pro” stands for ‘progressive’, ‘professional’ and ‘profitable’. The new features allow users to mine new crypto-currencies, as well as to convert them into Bitcoins or Litecoins, as well as to adjust the miner to withdraw from the current job when switching coins. The Multi Pool Pro functions on the basis of the proportional reward system — when a block is mined, the reward is proportionally divided among all workers according to the size of their share.
In the beginning of January 2014 GHash.IO was very close to reaching 51% of all hashing power creating a serious threat to the Bitcoin network. However, all necessary precautions have been taken to change the course of events in order to maintain stability of the Bitcoin community. In order to eliminate the threat GHash.IO temporarily stopped accepting new independent mining facilities to the Ghash.IO pool.