25

The first question one needs to ask before even considering adaptive blocksize limits is: Can a fee market actually work in the absence of a base emission? We first consider a blocksize large enough (or effectively infinite). In this scenario competition among miners will drive fees towards zero since there is no scarcity. This will in turn ...


20

Though your first sentence is not actually a question, I shall refute your statement. Energy is never burned using POW or wasted, every single bit of it serves an extremely valuable purpose, no miner is wasting energy, they all get paid for their contribution and that contribution is proportional to the usefulness and value of the network as a whole. It uses ...


17

No. Let me present some arguments. As an ecological dilemma Let's consider the scale of mining operations energy consumption. I will take a random mining rig consisting of 6 AMD 480 GPUs, and giving 3450h/s for my calculation. Each GPU has a TDP of 150W, and that gives us 261W/kH. Actual Monero network hashrate is 30MH/s and market cap. 90mil USD. From ...


14

One of the main reasons Cuckoo cycle is atractive when compared to Cryptonight is that it is very fast to verify. This is one drawback of Cryptonight: it makes all operations that need to verify Cryptonight hashes slower. Another reason to want a switch to Cuckoo cycle would be to keep the CPU/GPU/ASIC performance within a reasonable scale. Should ASICs pop ...


9

When you mine, you try to solve a puzzle. In a simple description, you choose a number, any number, hash it together with some info for the block you want to include in the blockchain, and then check if the resulting hash conforms to the rules. This puzzle is designed in such a way that a difficulty level can be set for its solution. When you mine for the ...


9

TL;DR Actually, with the current minimum fee, there's an incentive for 0.6% growth as long as there's enough transactions coming in. Problem is not in the formulas themselves, but in the typical transaction size / min. block size ratio. The penalty formula has an optimum block size increase for a set of transactions offering any given fee, see figure below. ...


8

This is kind of a subjective question. Currently the block reward is ~ 10.4 XMR per block or 5.2 XMR per minute. When the tail emission kicks in, the block reward will be 0.6 XMR per block (assuming 2 minute blocks) or 0.3 XMR per minute. If we further assume miners are currently mining at an equilibrium then the price should be approximately 17 times as ...


8

PoW is more secure than PoS in that it costs nothing to try to fork a PoS chain. An attacker can try to make as many different chains as they can with a PoS chain, but with PoW if you try to fork the chain and you fail, that orphaned block took time and energy, because your computer is hashing away, working. There is no work needed in PoS mining, therefore ...


8

In addition to the excellent summary by ArticMine already given, here below is shortened & updated version of my research on the topic. Dynamic Blocksize Penalty This is the penalty which will be subtracted from the block reward. In practice it means that whenever a penalty is triggered, the start of tail emission will be slightly postponed (it will ...


7

If I run a full node I am supposedly contributing to network security by keeping a copy of the blockchain That's right, but by running a node, you're most importantly securing yourself. I will get back to this statement further down. The network doesn't really need infinite nodes for security, but just enough so that TX-data can propagate fast enough to ...


7

I think the overall answer is "it's ridiculously impractical to perform by hand". The Cryptonight hash operates over a 2 megabyte data space, using multiple rounds of AES along with a variety of other cryptographic hash algorithms. What human is going to have the patience to write out 2 million bytes of data even once, let alone multiple times? I would ...


6

the miner, who found the block, will be rewarded with some Moneros, in the expenses of the sender. That also happens, and it is called a transaction fee. Transaction fees are small: 0.002 XMR (per output, or Kb, I am not sure). On the other hand, what you are observing is the block reward of about 10 XMR per block found which seems wasteful at first glance,...


6

The role of PoW is only to order transactions chronologically, nothing else. Thing is, PoW is the only known way to have the authority on transaction ordering be decentralized. PoS can't work for that purpose. There's some good research on this: https://download.wpsoftware.net/bitcoin/pos.pdf The problem boils down to the fact that, with PoS, what you're ...


6

I like the question because an answer to it will give a better understanding, from first principles, of the underlying algorithms. So question 1 has two parts: 1a) How does the CryptoNight PoW algorithm work at all? That's specified here: https://cryptonote.org/cns/cns008.txt 1b) How does it really work, on a low level, looking at elementary instructions?...


6

What if there was no gold to mine? The fact that it might be more efficient or beneficial to mine rather than buy from a collector adds needed complexity to market decisions. Beanie Babies were limited, and nobody gives a shit about them and I doubt even if they were infinitely divisible it would make a difference. Why not limit bitcoin to 10? why not 10 ...


5

Note that full nodes also verify transactions. Additionally, running a full node significantly contributes to the decentralization of the network. Bear in mind that running a full node in Monero actually has an incentive, namely privacy. That is, running a full node will give you the greatest privacy in Monero. By contrast, using a remote node via, for ...


5

You want tsiv's ccminer-cryptonight. I've never successfully compiled it on macOS, and don't have a mac desktop anymore to test it on, but I believe a few recent Issues on github answer this question... https://github.com/tsiv/ccminer-cryptonight/issues/9 https://github.com/tsiv/ccminer-cryptonight/issues/6 Your best bet is to try to follow the build ...


5

Here is the answer when it comes to Bitcoin mining pools. https://bitcoin.stackexchange.com/a/10693 TL;DR: The miner will find a valid hash based on the merkle root provided initially by the pool. Once a solution is found, the miner will submit it to the owner. The owner would not be able to change the transactions (to divert the BTC to their own address) ...


5

Assuming you refer to pool mining... This question was partially answered here: Does mining use a lot of bandwidth? 20 Mb/day download and less than 5 Mb/day upload So over a month, that's ~750 MB combined. So a 1 GB 4G plan would be more than adequate. As for latency, the general rule is that you want the minimum latency possible. Any latency in your ...


5

Yes, kind of. Your model is an idealized representation of mining, and works with one exception. The network has a certain degree of latency between nodes, and as a result miners do not know immediately when another miners finds a block, but rather have to wait something like 1-10 seconds before learning about a new block. Now, at first glance,this might not ...


5

One Monero block is (1 << 21) / 16 [Source (Lines 40, 43 and 90): https://github.com/monero-project/monero/blob/master/src/crypto/slow-hash.c#L40 ]. The Monero block reward = (M - A) * 2-20 * 10-12, where A = current circulation. Source: https://monero.stackexchange.com/a/4254/2828 . With Monero the difficulty is dynamically adjusted so that Blocks ...


5

The keccak1600 function used by Monero is based on Keccak-256 (b=1600, c=512, r=1088 and output of 256 bits, not 1600 bits), but it returns the whole internal state (1600 bits) instead of the first 256 bits of the internal state. The "squeezing phase" present in Keccak.py doesn't appear in Monero's keccak.c file because in this particular case it has no ...


4

When merge mining all you're doing is re-using your PoW calculation on different blockchains that share PoW algorithms. Merge mining is therefore equivalent to, but more efficient than, running two or more miners in parallel against a mining pool supporting multiple currencies. Since one blockchain doesn't know anything about the other (remember, you're ...


4

Value of a coin and hash rate goes hand in hand. If value of coin decrease, then miners will have less reward for their mining and will rather go mine some other more profitable coin. So if a coin is used only by 2 people and have low value. The hash rate needed to run network is tiny, but network is still secure. Motive behind doing a 51% attack is ...


4

In shortest / simplest, just to illustrate the principle (may not be 100% accurate). Take the hash of the last block Build a block made of transactions which you collect from the network, while verifying that they're valid. You also include a coinbase transaction to yourself, called block reward. Other miners will include theirs. Keep hashing (1. + 2.) ...


4

The distribution of nodes varies over time and not all nodes are visible https://monerohash.com/nodes-distribution.html Currently the United States has more publicly visible nodes than any other country. However that does not mean that US residents control the most nodes. Since nodes can be hosted remotely and run on VPS, nodes with an IP located in one ...


4

What matters is where the last block was found, and this is due to latency. So if the last block was found on a pool server in new york, another pool server located in new york will be notified of the new block a lot faster than a pool located in france. Granted, we're talking on the scale of milliseconds here, but if you do the napkin calculations of a 1 ...


4

The general steps are as follows: Call your Monero daemon's RPC method get_block_template. Take the blockhashing_blob from the response and convert the hex to binary. Set a 4 byte nonce in bytes 39..42 Hash the data with cn_slow_hash, you'll get 32 bytes back, that's your hash. Note, this result hash is binary - it's a 32 byte number. If you want to ...


4

Quoting SChernykh (one of the CryptonightR authors): CryptonightR is a modification to Cryptonight whereas RandomX is done completely from scratch. The main purpose of CryptonightR is to be the next PoW for Monero until RandomX is ready. Which leads to why RandomX needs more auditing/testing. RandomX is a completely new PoW algorithm, not just a modified ...


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