Anyone with the requisite technical expertise can operate a mining pool using software developed by the Burstcoin community. Pool mining is preferred by most small capacity miners because it provides a stream of smaller but more regular payments. With Burstcoin pool mining, individual capacity is contributed to an independent pool operation and the mining revenue that is earned cooperatively is shared in accordance with the pool’s reward distribution policies (generally proportional). Pool mining is the alternative to solo mining. In this case, however, profit is not the primary objective. It is not unusual for a small miner to choose solo mining in order to further decentralize the network. With the current size of the network, successful solo mining requires multiple terabytes of storage capacity. Because the probability for any individual plot to win a block is low, consistent success with solo mining requires a large number of plot files. If a solo miner submits the best deadline to the network, they alone will be credited with the entire block reward and 100% of the transaction fees associated with that block. * Burstcoin employs a sophisticated and decentralized API network to verify and records transactions within its distributed and immutable ledger.Ī solo miner benefits only from those plot files which are specifically bound to their account. Stage 2: Mining software reads quickly through a subset of the data contained in the plot files and submits the best deadline (cryptographic solution) to the Burstcoin network.* The miner submitting the best deadline is granted the right to forge the related block and earns the associated block rewards and transaction fees when the block is successfully forged. Plotting satisfies the “nothing at stake problem” and can be thought of as a modified proof-of-work component. Because the calculations are retained rather than being discarded immediately (as is done in traditional “proof-of-work” systems), mining capacity is built over time. These plot files contain all of the data and computations necessary to forge blocks, including what is referred to as a deadline. Stage 1: Plotting software pre-computes and stores the results of cryptographic hash functions in plot files. It is this unique division which differentiates Burstcoin’s proof-of-capacity consensus algorithm from its functional counterpart, the proof-of-work consensus algorithm, and earns Burstcoin the designation of “environmentally friendly”. There are two distinct processes in Burstcoin mining, a preparatory stage referred to as plotting and a processing stage referred to as mining. Burstcoin mining is the foundation for adding blocks to the Burstcoin blockchain.
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