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a mining pool, instead of waiting for a once-in-5-month $15,000 windfall, they will be able to earn approximately $500 to $750 per week. The regular payouts from a mining pool will help them amortize the cost of hardware and electricity over time without taking an enormous risk. The hardware will still be obsolete in 6-9 months and the risk is still high, but the revenue is at least regular and reliable over that period. Mining pools coordinate many hundreds or thousands of miners, over specialized pool mining protocols. The individual miners configure their mining equipment to connect to a pool server, after creating an account with the pool. Their mining hardware remains connected to the pool server while mining, synchronizing their efforts with the other miners. Thus, the pool miners share the effort to mine a block and then share in the rewards. Successful blocks pay the reward to a pool bitcoin address, rather than individual min‐ ers. The pool server will periodically make payments to the miners’ bitcoin addresses, once their share of the rewards has reached a certain threshold. Typically, the pool server charges a percentage fee of the rewards for providing the pool mining service. Miners participating in a pool, split the work of searching for a solution to a candidate block, earning “shares” for their mining contribution. The mining pool sets a lower difficulty target for earning a share, typically more than 1,000 times easier than the bitcoin network’s difficulty. When someone in the pool successfully mines a block, the reward is earned by the pool and then shared with all miners in proportion to the number of shares they contributed to the effort. Pools are open to any miner, big or small, professional or amateur. A pool will therefore have some participants with a single small mining machine, others with a garage-full of high-end mining hardware. Some will be mining with a few tens of a kilowatt of electricity, others will be running a data center consuming a megawatt of power. How does a mining pool measure the individual contributions, so as to fairly distribute the rewards, without the possibility of cheating? The answer is to use bitcoin’s Proof-of- Work algorithm to measure each pool miner’s contribution, but set at a lower difficulty so that even the smallest pool miners win a share frequently enough to make it worth‐ while to contribute to the pool. By setting a lower difficulty for earning shares, the pool measures the amount of work done by each miner. Each time a pool miner finds a block header hash that is less than the pool difficulty, they prove they have done the hashing work to find that result. More importantly, the work to find shares contributes, in a statistically measurable way, to the overall effort to find a hash lower than the bitcoin network’s target. Thousands of miners trying to find low-value hashes will eventually find one low enough to satisfy the bitcoin network target. Let’s return to the analogy of a dice game. If the dice players are throwing dice with a goal of throwing less than four (the overall network difficulty), a pool would set an easier target, counting how many times the pool players managed to throw less than eight. When a pool player throws less than eight (the pool share target), they earn shares, but 212 | Chapter 8: Mining and ConsensusPDF Image | Mastering Bitcoin
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