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ment started pushing and then exceeding the TH/sec hash rate, the mining software needed more space for nonce values in order to find valid blocks. The timestamp could be stretched a bit, but moving it too far into the future would cause the block to become invalid. A new source of “change” was needed in the block header. The solution was to use the coinbase transaction as a source of extra nonce values. Since the coinbase script can store between 2 and 100 bytes of data, miners started using that space as extra nonce space, allowing them to explore a much larger range of block header values to find valid blocks. The coinbase transaction is included in the merkle tree, which means that any change in the coinbase script causes the merkle root to change. Eight bytes of extra nonce, plus the 4 bytes of “standard” nonce allow miners to explore a total 296 (8 followed by 28 zeroes) possibilities per second without having to modify the timestamp. If, in the future, a miner could run through all these possibilities, they could then modify the timestamp. There is also more space in the coinbase script for future expansion of the extra nonce space. Mining Pools In this highly competitive environment, individual miners working alone (also known as solo miners) don’t stand a chance. The likelihood of them finding a block to offset their electricity and hardware costs is so low that it represents a gamble, like playing the lottery. Even the fastest consumer ASIC mining system cannot keep up with commercial systems that stack tens of thousands of these chips in giant warehouses near hydro- electric power stations. Miners now collaborate to form mining pools, pooling their hashing power and sharing the reward among thousands of participants. By partici‐ pating in a pool, miners get a smaller share of the overall reward, but typically get rewarded every day, reducing uncertainty. Let’s look at a specific example. Assume a miner has purchased mining hardware with a combined hashing rate of 6,000 giga-hashes per second (GH/s) or 6 TH/s. In August of 2014 this equipment costs approximately $10,000 USD. The hardware also consumes 3 kilowatts (kW) of electricity when running, 72 kW-hours a day, at a cost of $7 or $8 per day on average. At current bitcoin difficulty, the miner will be able to solo-mine a block approximately once every 155 days, or every 5 months. If the miner does find a single block in that timeframe, the payout of 25 bitcoin, at approximately $600 per bitcoin will result in a single payout of $15,000 which will cover the entire cost of the hardware and the electricity consumed over the time period, leaving a net profit of approximately $3,000. However, the chance of finding a block in a 5-month period depends on the miner’s luck. They might find two blocks in 5 months and make a very large profit. Or they might not find a block for 10 months and suffer a financial loss. Even worse, the difficulty of the bitcoin proof-of-work algorithm is likely to go up significantly over that period, at the current rate of growth of hashing power, meaning the miner has at most 6 months to break-even before the hardware is effectively obsolete and must be replaced by more powerful mining hardware. If this miner participates in Mining and the Hashing Race | 211PDF Image | Mastering Bitcoin
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