4 ms·
That's what a mining pool is. There is no other type of mining pool. The purpose of mining is to find valid blocks to add to the blockchain. A transaction is "
by rlpb 10y ago
That's what a mining pool is. There is no other type of mining pool.
The purpose of mining is to find valid blocks to add to the blockchain. A transaction is "confirmed" when it is part of a block in a blockchain that has some number of blocks after it. The number of blocks after it is the number of confirmations the transaction is considered to have.
- akerro 10y agoDon't mining pools concentrate on mining new blocks, as it's more profitable? Can't we have a mining pool with old ASIC/GPU miner that would do ONLY confirmations, and would do all confirmations, even those with minimal fee?
- AndrewDucker 10y agoTransactions are confirmed through the mining of new blocks. There is no other way to confirm transactions, and it's the purpose of block-mining.
- akerro 10y agoAh, ok thanks. SO the only way to fix it is by deploying new miners.
- alemhnan 10y agoIf you deploy more miners the average difficult to mine each block will increase (as for the bitcoin rules) so you are back to square one.
- sanswork 10y agoNo that wouldn't actually fix it. There is a limit to how many transactions can be processed regardless of how many miners are running. Adding more miners doesn't actually increase capacity just the difficulty.
- ominous 10y agoThe new blocks are the incentive for the confirmations to be accomplished. There are no "types" of mining, afaik.
- rlpb 10y ago> The new blocks are the incentive for the confirmations to be accomplished. Not quite. The new blocks are the confirmations. > There are no "types" of mining, afaik. Right.