Cryptocurrency Q&A
Is Pooled mining a part of the bitcoin protocol?
Is Pooled mining a part of the bitcoin protocol?
CryptoAce
Sat Jun 22 2024
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5 answers
1032
As a cryptocurrency and finance professional, I'm curious to delve into the intricacies of bitcoin mining. Specifically, I'd like to inquire if pooled mining is indeed a component of the bitcoin protocol. Could you elaborate on this matter, clarifying whether pooled mining is a native feature of the bitcoin network or a subsequent development by miners seeking to optimize their mining efforts? Understanding the relationship between pooled mining and the bitcoin protocol would help me gain a deeper insight into the workings of this decentralized network.
5 answers
DigitalDuke
Mon Jun 24 2024
The inventor of pooled mining is Marek "Slush" Palatinus, who recognized the need for a collaborative mining approach.
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noah_stokes_photographer
Mon Jun 24 2024
Along with the invention of pooled mining, Palatinus also established the first Bitcoin mining pool, known as Slush Pool.
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Daniele
Mon Jun 24 2024
The existence of mining pools allows individual miners with limited resources to contribute their hashing power and share the rewards proportionally.
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SunlitMystery
Mon Jun 24 2024
The concept of pooled mining does not originate from the Bitcoin protocol itself.
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Caterina
Mon Jun 24 2024
It was introduced as a separate concept in 2011, driven by the increasing difficulty of mining Bitcoin blocks.
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