Terracoin pools - Crypto Mining Blog

Terracoin

Terracoin (TRC) is a person to person digital currency. It shares many similarities to Bitcoin in that it utilizes the SHA 256 algorithm and relies on the concepts outlined in Satoshi's white paper. Terracoin originated in late 2012 after a series of difficulties arose in other digital currencies. There will only be 42 million Terracoin produced. To learn about using and/or mining Terracoin visit the bitcointalk forum or the Terracoin website, Terracoin.io.
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September 21st Terracoin Update - Mandatory!!

MANDATORY UPGRADE OF THE TERRACOIN WALLET!
There is a mandatory upgrade of the Terracoin wallet in preparation for the hard fork on block 1087500 which will enable masternodes and decentralized governance.
Everyone must upgrade their wallet by block 1087500, which with current block timing is falling between the 29th and the 30th of this month!
We really need to get the word out to as many people as possible. So please post and talk to everyone you know.
This is a mandatory update which means if you continue to use the old wallet you will be on the wrong block chain and you won't be able to send or receive TRC from that wallet.
We also need to make sure that all of the mining pools (or whoever is throwing that crazy hash at TRC) have updated their wallets, otherwise the coins they mine will be worthless.
Always back up your wallet.dat file! Always back up your wallet.dat file!
Download the new wallets here: https://github.com/terracoin/terracoin
We will be using this repository going forward, but the old one has been updated as well.
The first time you run the binaries (or exes) it will create a new terracoincore folder. You can manually make it use your old terracoin app folder, but I recommend using the new folder. Stop (or close) the binaries and copy all of your files, except the peers.dat file over from the old folder into the new folder. That way you have an exact duplicate of your old data. (Except the peers.dat file, you will find .12.1.5 nodes faster without it, and you won't fully sync till you connect to a .12.1.5 masternode.)
Restart new binaries/exes.
It will say that it needs to reindex, so let it. Once it is done reindexing just sit back and wait for it to find .12.1.5 peers and masternodes. If it gives you an error saying network sync has failed, don't worry you just haven't gotten a .12.1.5 masternode yet. It will try again later.
If you are not sure how to do this please ask on one of the many forums. It is better to be safe then sorry!
I will be posting close to daily updates on which exchanges have updated their wallets and which haven't. If you see an exchange put the Terracoin wallet in maintenance that probably means they are upgrading it!
Hopefully we will have a Mac wallet out middle of next week.
In other news, the whale is now almost done with only ≈231,000 TRC left. He won't be around much longer. If you can get your TRC cheaper somewhere else then please do, but he has been consistantly selling to buy orders at .00003001 on Cryptopia. Once he is gone the price will most likely rise, so get it while you can!
Oh yeah, if you want you can set up your masternodes now, though you won't get rewards until the hard fork.
Numbers
30 days ago we were at 0.00001935 BTC (.0771 USD) and today we are at 0.00003010 BTC (.1098 USD).
A year ago we were at 0.00000442 BTC (.0026 USD).
We are ranked 321 on coinmarketcap with a market cap of $2,341,404 USD. Last week our market cap was $2,157,630 USD.
Source: http://coinmarketcap.com/currencies/terracoin/#charts
Donation Addresses
Terracoin: 12bTKJL3UiypnVQMyFXg7eCJudAyAtgh6p
Bitcoin: 14LW52k8vhHvHaGfmgx48d3su4RcKPyKcc
Terracoin Donations for the World Address
1BQH6gBzkxxyMQG3VSJCHnmVGfWu64nbPL
Public Discord Invite
https://discord.gg/r3QVQRN
Public Slack Invite
https://join.slack.com/t/terracoin/shared_invite/enQtMjQxNzU5NTY5NTIwLWJkNzIzOThhYzkyNGEyMDBmNjY2OWM2NmNhYzM0YjNmNzdlZWJkYjA3ZDgwYzkwMmMyYmM3OWNkMDQ2ZTIxYzk
Public Telegram Invite
https://t.me/terracoin
Newsletter Subscription
http://eepurl.com/cYRTwn
Youtube
https://www.youtube.com/channel/UCVt88faiKRWbMqaH_i6gXPA
submitted by clockuniverse to Terracoin [link] [comments]

September 7th Terracoin Update - Date

We have set a block, and date for the hard fork!
We will be hard forking on block 1,087,500 which is approximately September 29th. This hard fork block won't change unless the community finds something catastrophic in the code, which is highly unlikely.
This also means that the public testnet is ready for testing!
DO NOT TEST ON YOUR CURRENT TERRACOIN WALLET/WALLET FOLDER
Also, always back up your wallet.dat file before messing around. No joke. Back that file up!
The code is here: https://github.com/terracoin/terracoin and we have Windows EXEs available on the releases tab. You can open issues directly on github, or contact me on one of the many forums, etc.
We are excited to have the whole community jump in and help out, and like I said in a previous weekly update, we need everyone to be as critical as possible. A week from now I would like to start contacting mining pools, exchanges, etc and have them update their wallets in preparation for the hard fork.
If you need help compiling the code on Linux, or setting up a masternode feel free to ask. I have a feeling we are going to get swamped with questions, so please be patient as we work our day jobs, and sleep. I will also be posting a rough draft of my masternode/compile setup guide, so please give any input on it that you can.
Once you get your wallet all ready to go (remember to run it with the -testnet option) then post your tTerracoin address (fake Terracoin) and I can send you 5000 tTRC so you can set up a masternode. I know some people want to test out two at a time, so once the first wave is done I can send you another 5,000 tTRC. If you are done testing then please send the tTRC back to the address below so other people can get a chance to test too. Return tTRC address: mjirbjPj1AaMViNDntVMCA8W12QGzyNUJy
The testnet does allow two masternodes for one IP. This will not work once the hard fork happens.
(I know this is a long weekly update, but keep reading. We are on a new exchange and we have a Discord server set up.)
Last week I opened up the discussion about the cost of a proposal (5 TRC to put in a proposal), but I didn't really like the fact that the 5 Terracoin was destroyed once a proposal was accepted for vote.
The team agreed with me, and the proposal cost is now sent into the block chain as a block reward which will be split between the miners and the masternodes.
We are not sure if any other coin has done this before so we need this part tested with extreme critical thought.
There is one problem with this idea. A masternode owner can look up when they are going to get paid next, and then spam proposals for 2.5 Terracoin (since the know they will get the 2.5 reward).
In an effort to combat this we have decided to raise the proposal cost to 10 TRC, which is currently about a $1.40 per proposal.
If you feel passionate about the cost of a proposal fee, or about proposal fees getting destroyed/not destroyed feel free to post on any of the forums/social media below.
Thanks to Jacob Kerr for coming to the rescue and turning the DASH wallet Terracoin green for us!
Also thanks to the whole community! Everyone has been amazing and understanding while we have been working on this!
Other News
Alex_Under got Terracoin on Coinexchange.io! https://www.coinexchange.io/market/TRC/BTC
Peace has set up a Discord server, and here is the invite: https://discord.gg/r3QVQRN
I have started updating the Cryptopia forum, which can be found here: https://www.cryptopia.co.nz/Forum/Thread/815
C-Cex is saying they are going to delist Terracoin. I guess we don't have the volume that is required. According to their front news page Terracoin needs .2 Bitcoin volume a day, but after talking with their support we need .4 Bitcoin a day. This means we need 12 bitcoins worth of volume a month, which really isn't that much.
We have until the 20th to up our volume, if you want to help keep us listed there then please trade on there. If you just have Terracoin sitting on there make sure to get it to another exchange or a local wallet before then.
I am going to keep trading on there until around the 19th to see if we make it. I will keep everyone up to date on the situation.
Numbers
30 days ago we were at 0.00002920 BTC (.0987 USD) and today we are at 0.00003209 BTC (.1479 USD).
We are ranked 311 on coinmarketcap with a market cap of $3,139,664 USD. Last week our market cap was $2,985,813 USD.
Source: http://coinmarketcap.com/currencies/terracoin/#charts
Fake tTRC Return Address
mjirbjPj1AaMViNDntVMCA8W12QGzyNUJy
Donation Addresses
Terracoin: 12bTKJL3UiypnVQMyFXg7eCJudAyAtgh6p
Bitcoin: 14LW52k8vhHvHaGfmgx48d3su4RcKPyKcc
Terracoin Donations for the World Address
1BQH6gBzkxxyMQG3VSJCHnmVGfWu64nbPL
Public Discord Invite
https://discord.gg/r3QVQRN
Public Slack Invite
https://join.slack.com/t/terracoin/shared_invite/MjI4NDQ2ODM0MDIxLTE1MDMwMTgwNzMtYmMzZmExZDIxNg
Public Telegram Invite
https://t.me/terracoin
Newsletter Subscription
http://eepurl.com/cYRTwn
Youtube
https://www.youtube.com/channel/UCVt88faiKRWbMqaH_i6gXPA
submitted by clockuniverse to Terracoin [link] [comments]

BITCOIN 2013 SAN JOSE - 61 Videos (17 playlists)!

Hello fellow Bitcoiners! It's taken me over a week of effort, but I've finally completed uploading all 61 of my 'Bitcoin 2013 San Jose' conference amateur videos and organizing them into 17 playlists for easy viewing. Feel free to do whatever you want with these. Special thanks to the Bitcoin Foundation who organized the conference (fyi, I'm not associated with them), and the many outstanding lecturers - I was definitely impressed. I personally got a lot out of the conference, especially the networking with everyone, and getting to see the 'face' of Bitcoin, which might be quite different than one might imagine from only reading reddit or hanging out on IRC. I strongly recommend attending these events in the future if you can. Below I've provided a list of the 17 playlists, but please note that there were many more lectures that I could not attend occurring in parallel to these and thus I could not record those. As such, keep an eye out for the Bitcoin Foundation to release official videos to all the lectures in the near future, until then, enjoy these!
If you got something out of these, please drop me a small tip, thanks:
My Youtube channel stats thus far: 61 videos, 13,780 views ; 52,014 minutes (36 man-days!) watched, 92 subscribers (thanks!), aprox 0.5 BTC of donations (double thanks!), Top country watchers USA, Canada, UK, Germany, Spain, Finland. Gender (93.7% male, 6.3% female); Devices: 80.1% web browser, 11.4% Mobiles, 8.5% other. Most watched videos: Winklevoss twins (sigh), Entering the Convention, and Avalon Asics (what a surprise! /not).
Full Bitcoin 2013 Schedule (3 pages), so you can see missing lectures I could not record: http://www.bitcoin2013.com/uploads/1/4/9/4/14946598/bitcoin_2013_schedule_updated_5-10-13.pdf
Other:All videos were recorded on a Canon Powershot Elph 110HS 16.1 Mpixel compact camera w/ 2x 32GB SD memory + 2x batteries & tiny tripod.
submitted by digitalmagus to Bitcoin [link] [comments]

Mining Guides

I put together a couple of basic mining guides for Litecoin and Terracoin recently. Also, the Terracoin guide will more or less work for Bitcoin you'll just need to set up an account with a Bitcoin mining pool instead such as Slush's pool. I'm working on a few tutorials for Bitcoin at the moment.
Beginner's Litecoin Mining Guide
Beginner's Terracoin Mining Guide
There seem to be a lot of newcomers to the Crypto Currencies so these guides should help you get started playing around with mining if you're interested. There are much more detailed and technical guides available in the respective forums.
EDIT: Apparently the hosting company I work with is experiencing difficulties so the site is down for the moment. Hopefully we can get it back up shortly. Apologies for the inconvenience.
Back up.
submitted by CryptoJunky to CryptoCurrency [link] [comments]

1st BTC/Altcoin Mining Guide, Feedback Welcome!

When I decided to write this guide, I was throwing cryptocurrencies around like they were nothing. I was foolish in the fact that I disregarded the exchange fees that are attached with the services that those exchanges provided. I'm in by no means a cryptocurrency genius, and I'm still not extremely seasoned at it, but I've learned enough about cryptocurrencies in the past month that I feel confident to pass on the knowledge I have learned and to help those who are overwhelmed on where to start.
So what exactly is a cryptocurrency? According to technopedia (n.d.) a Cryptocurrency is a type of digital currency that is based on cryptography. Cryptocurrency uses cryptography for security, making it difficult to counterfeit. Public and private keys are often used to transfer the currency from one person to another.
When mining cryptocurrencies, one important concept needs to be established, and that's hash rate. Hash rate is simply a unit of measurement of processing power. The more your hash rate is, the more profitable mining becomes.
This guide uses specific sites and software, chosen by myself, as a great springboard into the cryptocurrency world. These sites and software are extremely flexible, easy to use, and integrate very well together. The mining pools I've chosen are multiple currency pools, designed to consolidate a major of the cryptocurrencies together, and instead of using several mining pools, you use three.
These are the things you'll need to get started: MultiMiner
Accounts at Coinotron, The Mining Pool Co., and BitMinter
Accounts at Cryptsy and Coinbase
There are a few different ways to mine for cryptocurrencies, the common of which are using your Central Processing Unit (CPU), Graphics Processing Unit (GPU), and Application Specific Integrated Circuit (ASIC) devices. CPU based mining is not profitable any longer, and will cost you money in the end by increasing electricity costs. GPU based mining is still popular, but losing steam against ASIC based mining. If you choose to use your GPU for mining, AMD/ATI based graphics cards (especially the Radeon HD 79xx series of cards), are the most efficient. If you have an nVidia based graphics card, I'm sorry. You can still mine on nVidia cards, but your hash rates are going to be much slower when compared to their AMD/ATI counterparts. If you chose to use GPU mining, Black Friday or Cyber Monday are you best bets for upgrading your equipment. ASIC based mining is quickly losing value with the changing difficulty on all networks, but it's the most cost effective way to increase your hash rate, and see a positive return on any equipment purchases. If my math is correct, using the methods in this guide, in order for any ASIC device to yield a positive cash flow, you've got to get a device that has at least a 5Gh/s rate (such as the Butterfly Labs Jalapeno).
Now for the fun part, explaining how everything in this well greased machine is going to work. Patience plays a big part in the cryptocurrency world, and when I first started, I had none. I was so eager to see the amount of Bitcoin go up, regardless of how much I was getting penalized in fees from trading. So, that's the first step on your journey. PATIENCE. I CANNOT emphasize this enough. Sometimes, you've just got to hurry up and wait, the effects of waiting things out on the cryptocurrency market WILL PAY OFF.
Step one of this machine is signing up for all three pools (BitMinter, Coinotron, and Mining Pool Co.). This is so that you can actually get server addresses to plug into MultiMiner, after signing up for these services though, you've still got a ways to go.
Step two is sign up for Cryptsy. I chose Cryptsy because of the features they're going to offer at a later time, as well as support for 60 cryptocurrencies (which covers all but one of which we can mine). When your Cryptsy account is setup, you will need to go into the Balances portion of Cryptsy, and find all of the currencies in which you will be mining from the pools. Once Balances are loaded up, you will need to click on the Actions button next to the currency, and click Deposit / Autosell, and then Generate Address. There's a small clipboard near the address it generated, and that will copy the address for pasting in the mining pool websites. You will want to copy, and paste all of them to a text document, along with which currency it belongs to. Not only does this keep you from juggling back and forth trying to figure out things, but it helps for reference and setting up MultiMiner.
Once you have those accounts setup, you'll want to sign up for Coinbase. A WORD OF WARNING FOR THOSE WHO ARE PARANOID... Coinbase will want to link to a bank account, this is mandatory if you want to trade your currencies for cash. If you want to trade currencies, just for the sake of trading, then you can skip Coinbase altogether. You can transfer your Bitcoins from Cryptsy straight into Coinbase, and then sell the Bitcoins from Coinbase, and straight into your designated bank account.
MultiMiner, oh how amazing you are. For every cryptocurrency available in all pools, you will need to add these coins, along with server addresses, log-ins and passwords. To do so, click on the drop down next to the Settings button, and click Coins. From there, click on Add Coin, and choose each coin from a pool. This will list it in the box to the left, and give you the ability to add information on the right. You can add multiple servers as well, in case the current server you're mining on goes down. After all your coins are setup, you'll need to setup your Strategies. Click the drop down next to Settings, and chose Strategies. Check the Enable Strategies check box, choosing Straight Profitability from the drop down, and checking the Strategy every five minutes (that way you're not losing money by mining something that has dropped in price). This aggressive price checking makes it to where you're always on top with whatever you're mining. Also make sure you have Mine the Single Most Profitable Coin selected. Stick with CoinChoose as your price source (under Settings), as CoinWarz charges for there services beyond a certain point. Click Start, and take a vacation.
Reading the charts on Cryptsy can be a little tricky, and scary if you've never saw those types of graphs before. Those graphs are called Candlestick Charts, and are used primarily in the stock market. I won't go in to great detail on this, however, you can find a nice cheat sheet on the subject here.
I hope everyone enjoyed the guide, sorry for being punctual and brief, but there isn't anything too elaborate of complicated about searching for cryptocurrencies. I love mining as a hobby, mining's fun, and if there is any money to be made off of mining from my end, great, if not, I had fun mining.
While compiling a spreadsheet of the minable currencies in this guide, if everything is set up correctly (and assuming servers aren't down), you should be able to mine the following:
And while Mining Pool Co. offers ASICcoin and Unobtainium, ASICcoin isn't supported in MultiMiner, and Unobtanium isn't supported in Cryptsy. I still mine for Unobtanium in hopes that Cryptsy will include it one day.
References
Cryptocurrency. (n.d.). In technopedia. Retrieved from http://www.technopedia.com/
submitted by ford0415 to BitcoinMining [link] [comments]

Maxcoin Fundamentals -- Concept of Difficulty, Difficulty Retargeting & The Kimoto Gravity Well

Dear friends.
Below a full article that explains what the Kimoto Gravity Well is and the mathematics involved.
TL;DR -- "Difficulty is a measure of how difficult it is to find a new block compared to the easiest it can ever be. Originally its calculated by averaging the time it took to mine blocks during a 2 week period. Due to the influx of ASIC miners and "pool-hopping", mining difficulty can fluctuate dangerously killing or seriously harming the coin (It happened to Terracoin, Frathercoin, Megacoin and Anoncoin). KWG means that difficulty is adjusted after every single block that is mined on the network. It also determines the number of blocks which contribute to the evaluation of the new difficulty. It gives fewer blocks for high hashrate changes and is therefore more adaptive."
What Is a Mining Difficulty Readjustment Algorithm, Anyway?
To understand what the Gravity Well algorithm is and what it does, you first need to understand what a "mining difficulty readjustment algorithm" is and why is it important for all current cryptocurrencies based off of the original Bitcoin source code. First, let's pull a few important definitions from the Bitcoin wiki:
Difficulty
Difficulty is a measure of how difficult it is to find a new block compared to the easiest it can ever be.
Difficulty Readjustment (for Bitcoin)
The difficulty is adjusted every 2016 blocks based on the time it took to find the previous 2016 blocks. At the desired rate of one block each 10 minutes, 2016 blocks would take exactly two weeks to find. If the previous 2016 blocks took more than two weeks to find, the difficulty is reduced. If they took less than two weeks, the difficulty is increased. The change in difficulty is in proportion to the amount of time over or under two weeks the previous 2016 blocks took to find.
So basically, the "difficulty" of a coin determines how hard it is for miners to find and mint blocks of that coin. The more miners there are mining a coin, the faster blocks will be found and at the end of this difficulty readjustment period (approximately every two weeks for Bitcoin), the difficulty will change accordingly so that the number of coins minted will follow the intended distribution curve. This has worked well for Bitcoin (so far) because of it's extremely slow adoption rate in the early days and now because of the sheer number of miners on the network. However, this method of difficulty readjustment is flawed for new altcoins entering the market today for a number of reasons which I will discuss below.
The History of the Gravity Well Mining Difficulty Readjustment Algorithm
When some alternative crypto's like Megacoin were first launched, they used a more traditional difficulty readjustment algorithm based off of Bitcoin's original proposal. In the case of Megacoin, the difficulty was set to retarget every 22.5 minutes based on the same algorithm as Bitcoin, however, the developers later modified the source code to implement Kimoto Gravity retargetting because, by this time, some SHA-256 coins had already felt the pain of difficulty readjustment problems due to the influx of ASIC miners and an activity known as "pool-hopping".
If you are familiar with cryptocurrency mining at all, you may already know that in most cases, solo mining is usually impossible without extremely powerful hardware due to the large number of people now aware of cryptocurrencies and willing to mine for them. Most miners mine through pools, which provide proportional payouts of coins based on the amount of hashing power you provide to the network. This mitigates some of the risk of mining in that you receive a steady stream of coins based on your network hashing rate, so even small-time miners can still earn their share of the pie. However, as pool mining became more popular and more altcoins arrived on the market, services known as "multipools" began to appear. These were special pools that allowed miners to automatically switch to the "most profitable" coin to mine based on the current exchange rates. However, these new multipools introduced some new problems to the cryptocurrency landscape, one of those being major difficulty readjustment woes.
As some altcoins began to rise in price several months after its inception, it started to become a target for these multipools. What happens when this occurs is that suddenly the You-Name-It-Coin network gets barraged by an influx of new (and very powerful) miners. This causes the block confirmation time to plummet and subsequently causes the difficulty to skyrocket at the next difficulty readjustment. When this occurs, the mining profitability also drops due to the higher difficulty which then in turn causes all of the multipool miners to leave the network in search of the next most profitable coin. What remains is an extremely high difficulty and only the "core" group of a certain altocin's miners left to deal with the aftermath. In extreme cases, the difficulty may be so high in proportion to the number of miners left that the entire network grinds to a halt. This has happened in the past to Terracoin and Feathercoin, among others. The only solution if this occurs is to hard fork the coin in an attempt to readjust the difficulty (or change the difficulty readjustment algorithm) or simply grind out the mining at an extremely slow pace (during which time the coin is basically unusable) until enough blocks are found to make it to the next difficulty readjustment. The more blocks required until the next difficulty readjustment, the longer this period of unusability will be, and in some cases could mean the death of the coin completely unless drastic measures are taken.
When this happened to Megacoin for example, Kimoto decided to come up with a better way to perform difficulty readjustment, and the result is the Kimoto Gravity Well (which is now also used as the difficulty readjustment algorithm for Megacoin, Maxcoin, Anoncoin among others).
Gravity Well: Explained
Now that you know how the Gravity Well came to be, let's take a look at what exactly it does and how it works. At the most basic level, Kimoto has changed how difficulty readjustment works so that the difficulty is adjusted after every single block that is mined on the network.
The formula for the Kimoto Gravity Well (KGW) is the following
KGW = 1 + (0.7084 * (PastBlocksMass/144)-1.228)
The goal is to have a more adaptive way of adjusting the difficulty instead of just averaging the last 2016 blocks like bitcoin. This is needed because of multipools which might switch the coin they are mining, and a sudden change in hashrate can occur (both increasing or decreasing). Especially when a multipool switches away you get stuck too long with a too high difficulty.
The algo loops backwards through the blocks, starting from the current one. The PastBlocksMass is just the number of blocks, so it starts at one and increases in each loop.
In each loop an adjustment factor is computed, which is the target block time divided by the actual block time, in a cumulative fashion, so at loop 10 we would have the 25 minutes target time divided by the time it actually took to compute the last ten blocks. When the hashrate increases, we get shorter times and an adjustment factor greater than one and vice versa.
The loop ends whenever the average adjustment factor is larger than the kimoto-value, or smaller than 1/kimoto-value.
Summary: the Kimoto gravity well algo has a fancy name and determines the number of blocks which contribute to the evaluation of the new difficulty. It gives fewer blocks for high hashrate changes and is therefore more adaptive.
More details on the math's involved and a practical example can be found here :: https://bitcoin.stackexchange.com/questions/21730/how-does-the-kimoto-gravity-well-regulate-difficulty
NOTE:: The two original post that inspired this article were focused solely on Megacoin. I made some small modifications to them so the post can be applied to any cryptocurrency on the market. Below the references.
Original Post 1 (History & Background) --- https://forum.megacoin.co.nz/index.php?topic=893.0
Oroginal Post 2 (Mathematics & practical example) -- https://bitcoin.stackexchange.com/questions/21730/how-does-the-kimoto-gravity-well-regulate-difficulty
Original Release note of the Kimoto Gravity Well -- https://bitcointalk.org/index.php?topic=240861.msg3040291#msg3040291
We have to know very well the fundamentals of what we love.
Have a great day
submitted by lapsaroundthesun to maxcoin [link] [comments]

Thought I was going to be rich for a second...

So I was watching the terracoin block explorer (waiting for the new difficulty retargeting algorithm to kick in), and in anticipation I fired up my TRC wallet and started solo mining right around when 101631 was discovered.
Instantly I started noticing, about every minute my miner was discovering new blocks! I got an insane rush, as I had within a matter of minutes amassed about 220 TRCs! I thought, better ride this out until the other miners catch on. It was amazing to have the feeling that only those with lots of GH/s or the early Bitcoin pioneers have...
Sadly, I quickly came to the realization as the balance disappeared from my wallet that it had not fully synchronized with the network yet. Guess I'm gonna keep going in the hopes that I'll at least find one block with my paltry 6870 while Coinotron's TRC pool is down and the difficulty is still relatively low.
TL;DR Solo miners always make sure your wallet is up to date. Like any high, it only lasts for a little while.
submitted by smallthingsinlife to Terracoin [link] [comments]

Megacoins explanation of Kimoto Gravity Well

The Newbie's Guide to the Kimoto Gravity Well
Many of you may have heard of Kimoto's Gravity Well and that it is supposedly a major part of what makes Megacoin unique from other cryptocurrencies. However, many of you may also not know what exactly it is and what makes it so special. If that is the case, then this guide is for you.
What Is a Mining Difficulty Readjustment Algorithm, Anyway? To understand what the Gravity Well algorithm is and what it does, you first need to understand what a "mining difficulty readjustment algorithm" is and why is it important for all current cryptocurrencies based off of the original Bitcoin source code. First, let's pull a few important definitions from the Bitcoin wiki:
Difficulty Difficulty is a measure of how difficult it is to find a new block compared to the easiest it can ever be.
Difficulty Readjustment (for Bitcoin) The difficulty is adjusted every 2016 blocks based on the time it took to find the previous 2016 blocks. At the desired rate of one block each 10 minutes, 2016 blocks would take exactly two weeks to find. If the previous 2016 blocks took more than two weeks to find, the difficulty is reduced. If they took less than two weeks, the difficulty is increased. The change in difficulty is in proportion to the amount of time over or under two weeks the previous 2016 blocks took to find.
So basically, the "difficulty" of a coin determines how hard it is for miners to find and mint blocks of that coin. The more miners there are mining a coin, the faster blocks will be found and at the end of this difficulty readjustment period (approximately every two weeks for Bitcoin), the difficulty will change accordingly so that the number of coins minted will follow the intended distribution curve. This has worked well for Bitcoin (so far) because of it's extremely slow adoption rate in the early days and now because of the sheer number of miners on the network. However, this method of difficulty readjustment is flawed for new altcoins entering the market today for a number of reasons which I will discuss below.
The History of the Gravity Well Mining Difficulty Readjustment Algorithm When Megacoin first launched, it used a more traditional difficulty readjustment algorithm based off of Bitcoin's original proposal. (Author's note: I have forgotten what the original implementation was for Megacoin, but if anyone knows the details please let me know so I can put that here for perspective and history's sake.) By this time, some SHA-256 coins had already felt the pain of difficulty readjustment problems due to the influx of ASIC miners and an activity known as "pool-hopping".
If you are familiar with cryptocurrency mining at all, you may already know that in most cases, solo mining is usually impossible without extremely powerful hardware due to the large number of people now aware of cryptocurrencies and willing to mine for them. Most miners mine through pools, which provide proportional payouts of coins based on the amount of hashing power you provide to the network. This mitigates some of the risk of mining in that you receive a steady stream of coins based on your network hashing rate, so even small-time miners can still earn their share of the pie. However, as pool mining became more popular and more altcoins arrived on the market, services known as "multipools" began to appear. These were special pools that allowed miners to automatically switch to the "most profitable" coin to mine based on the current exchange rates. However, these new multipools introduced some new problems to the cryptocurrency landscape, one of those being major difficulty readjustment woes.
As Megacoin began to rise in price several months after its inception, it started to become a target for these multipools. What happens when this occurs is that suddenly the Megacoin network gets barraged by an influx of new (and very powerful) miners. This causes the block confirmation time to plummet and subsequently causes the difficulty to skyrocket at the next difficulty readjustment. When this occurs, the mining profitability also drops due to the higher difficulty which then in turn causes all of the multipool miners to leave the network in search of the next most profitable coin. What remains is an extremely high difficulty and only the "core" group of Megacoin miners left to deal with the aftermath. In extreme cases, the difficulty may be so high in proportion to the number of miners left that the entire network grinds to a halt. This has happened in the past to Terracoin and Feathercoin, among others. The only solution if this occurs is to hard fork the coin in an attempt to readjust the difficulty (or change the difficulty readjustment algorithm) or simply grind out the mining at an extremely slow pace (during which time the coin is basically unusable) until enough blocks are found to make it to the next difficulty readjustment. The more blocks required until the next difficulty readjustment, the longer this period of unusability will be, and in some cases could mean the death of the coin completely unless drastic measures are taken.
When this happened to Megacoin, Kimoto decided to come up with a better way to perform difficulty readjustment, and the result is the Kimoto Gravity Well (which is now also used as the difficulty readjustment algorithm for Anoncoin as well after it met a similar fate as that described above). And thus, we have the Megacoin we know and love today. Next I will discuss what exactly the Gravity Well does and how it works to keep mining stable and fair for all Megacoin miners and users.
Gravity Well: Explained Now that you know how the Gravity Well came to be, let's take a look at what exactly it does and how it works. At the most basic level, Kimoto has changed how difficulty readjustment works so that the difficulty is adjusted after every single block that is mined on the network. I'm not 100% sure about the exact mathematics behind the calculations, but so far since its introduction on the network the difficulty has adjusted smoothly and flawlessly no matter how many miners there are on the network and even throughout the huge price (and subsequent mining hash rate) increase we have seen over the past couple of weeks. This keeps mining fair and secure for all miners and users of the coin, and prevents the rampant multipool abuse that was (and still is) common with most all other altcoins out on the market today. This is even more important to consider when one day ASIC miners are developed for Scrypt coins and a small number of miners will suddenly have access to extremely powerful mining hardware. If and when this occurs, a malicious (or simply greedy) miner can simply point his or her ASIC miner at any Scrypt-based coin and cripple it because of the extreme difficulty fluctuation this will cause. (This is actually what happened with Terracoin after SHA-256 ASICS began to flood the market.) Megacoin, however, will be safe from this type of malicious mining behavior due to the smooth difficulty readjustment that Kimoto's Gravity Well provides.
Hopefully this will act as a guide for new investors to Megacoin who may have heard about Gravity Well but are not quite sure what it means or what it even is. If any of you have anything else to add to this, please post! Information is power. :)
submitted by RangerHammond to bunnyshibes [link] [comments]

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