Transaction mining

Gennady

Member
Now there is a "winner takes all" game when mining new blocks. Is it possible to mine transactions instead? I mean, generating as many zero bits not in block, but in single transactions, then counting all these leading zero bits in total and have required block difficulty based on that. Then, the block reward will not be sent to just one winner, but splitted between all people mining their transactions.
 

Kellan

Member
Maybe take a look at p2pool, which kind of allows you to get paid for mining almost-blocks.

While of course anything is possible, I think it would be a huge mistake to try conflate mining and transactions in a proof-of-work system, as the people making transactions are not going to be in a position to contribute more than a negligible amount of hash power (better to just pay for that hash power, via fees).
 

Izaiah

Member
Now there is a "winner takes all" game when mining new blocks. Is it possible to mine transactions instead? I mean, generating as many zero bits not in block, but in single transactions, then counting all these leading zero bits in total and have required block difficulty based on that. Then, the block reward will not be sent to just one winner, but splitted between all people mining their transactions.
A pool has the effect that you are looking for. The block reward is split among all of the members of the pool.

BTW, the process of counting zero bits was mentioned in the white paper, but it was never implemented that way.
 

Jerry

Member
Now there is a "winner takes all" game when mining new blocks. Is it possible to mine transactions instead? I mean, generating as many zero bits not in block, but in single transactions, then counting all these leading zero bits in total and have required block difficulty based on that. Then, the block reward will not be sent to just one winner, but splitted between all people mining their transactions.
what is difference between mining block and mining transactions?
Miners shares bitcoins if they are connected to mining pool.
 

Marvin

Member
You do not mine transactions. You include transactions in a block and hash the block headers (which includes its merkle root) to generate a hash with the matching difficulty. It is more of a security feature to have a certain level of difficulty when mining blocks.

Mining pools have payment strategies (PPS, PPLNS) which gives the rewards when you attempt to contribute to the pool's efforts to getting a block
 

Mathew

New member
This feels like newbie spam merit hunting.

I'll be keeping an eye on the userID and will report this thread for removal if it turns out I'm right
 

Jamari

Member
This feels like newbie spam merit hunting.

I'll be keeping an eye on the userID and will report this thread for removal if it turns out I'm right
au contraire, there are people who purport to take themselves (and similar ideas to the OP) seriously who are promoting this basic concept. I expect them (and their alts) to arrive in the thread fairly promptly.

But this newbie is most certainly not one of the alts, trying to astro-turf this approach to consensus algorithms.
Smiley
How fortunate it is though for that contingent, that the OP is expressing a simplified handful of lines bringing the topic up
 

Mauricio

Member
Your idea is similar with IOTA, except IOTA require you to verify 2 transaction & don't give you any coins as reward.
Pool (whether it's centralized or decentralized) can do it better anyway.

Besides, if we don't mine block, but only "mine transaction", there are other technical problem such as :
1. How to ensure Bitcoin is generated at designed rate. See https://en.bitcoin.it/wiki/Controlled_supply
2. How to handle double-spend attack?
 
Top