Yes, I know that but still blockchains are required. Isn't it?
go for pooled mining
Topic: What is the size of blockchains? (Read 507 times)
go for pooled mining
Ok. Now almost all doubts are cleared.
One last question(silly) if I want to mine litecoins in pool, which is the best pool and what mining softwares are best for litecoin mining?
Also, is there any secure online wallet for litecoins?
I just installed the litecoin Qt wallet but it would take a lot of time to download the blockchains.
I know some like blockchaininfo and coinbase for bitcoins, but I haven't heard any secure online wallet for litecoins.
Also, what should I do with the BTC & LTC address that I get when I install Qt client? Are they totally wasted?
Thanks for helping me out!!
One last question(silly) if I want to mine litecoins in pool, which is the best pool and what mining softwares are best for litecoin mining?
Also, is there any secure online wallet for litecoins?
I just installed the litecoin Qt wallet but it would take a lot of time to download the blockchains.
I know some like blockchaininfo and coinbase for bitcoins, but I haven't heard any secure online wallet for litecoins.
Also, what should I do with the BTC & LTC address that I get when I install Qt client? Are they totally wasted?
Thanks for helping me out!!
If you are mining solo, then you need the blockchain, since your miner needs to validate every transaction that it puts in the block it builds. However, there are very few people who have enough hash power to make solo-mining of bitcoin a worthwhile endeavor, and those who do have that much hash power probably have plenty of bandwidth and disk space to go along with it.
If you are mining in a pool, then the pool operator keeps the blockchain for you. The pool operator does all the work of validating the transactions and building the block. Then the pool operator sends you a data block that is less than 1 megabyte in size. You mine that block until you've either solved it or run out of nonces for your miner's hash loop, at which time your miner requests a new data block from the pool operator to try again.
How much bandwidth you'll need will depend on how much hash power you have, since higher hash power will mean more requests for new work. Your disk usage shouldn't grow much at all.
If you are mining in a pool, then the pool operator keeps the blockchain for you. The pool operator does all the work of validating the transactions and building the block. Then the pool operator sends you a data block that is less than 1 megabyte in size. You mine that block until you've either solved it or run out of nonces for your miner's hash loop, at which time your miner requests a new data block from the pool operator to try again.
How much bandwidth you'll need will depend on how much hash power you have, since higher hash power will mean more requests for new work. Your disk usage shouldn't grow much at all.
I knew there would be someone here that has betters words than me
If you are mining solo, then you need the blockchain, since your miner needs to validate every transaction that it puts in the block it builds. However, there are very few people who have enough hash power to make solo-mining of bitcoin a worthwhile endeavor, and those who do have that much hash power probably have plenty of bandwidth and disk space to go along with it.
If you are mining in a pool, then the pool operator keeps the blockchain for you. The pool operator does all the work of validating the transactions and building the block. Then the pool operator sends you a data block that is less than 1 megabyte in size. You mine that block until you've either solved it or run out of nonces for your miner's hash loop, at which time your miner requests a new data block from the pool operator to try again.
How much bandwidth you'll need will depend on how much hash power you have, since higher hash power will mean more requests for new work. Your disk usage shouldn't grow much at all.
If you are mining in a pool, then the pool operator keeps the blockchain for you. The pool operator does all the work of validating the transactions and building the block. Then the pool operator sends you a data block that is less than 1 megabyte in size. You mine that block until you've either solved it or run out of nonces for your miner's hash loop, at which time your miner requests a new data block from the pool operator to try again.
How much bandwidth you'll need will depend on how much hash power you have, since higher hash power will mean more requests for new work. Your disk usage shouldn't grow much at all.
I fear that I would not give the best example if I explain this as I'm no expert. But no for mining in a pool the entire blockchain is not required. If you are mining outside of a pool then you need some major hardware at this point. Pool mining is the way to go most likely.
Yes, I know that but still blockchains are required. Isn't it?
I mean if I start mining without blockchains, why are they required??
I mean bitcoins and litecoins wallets require that they are synched, but why are all block chains need??
Sorry for such stupid questions but I don't know the answers!!
I mean if I start mining without blockchains, why are they required??
I mean bitcoins and litecoins wallets require that they are synched, but why are all block chains need??
Sorry for such stupid questions but I don't know the answers!!
While mining you won't use all that much bandwidth. You don't need to download the entire chain to mine. You actually download very little information. Even if you had a 128Kbps connection to the internet you'd have more than enough.
It's a bit old but check out this post: https://bitcointalksearch.org/topic/how-much-bandwidth-does-mining-take-10860
It's a bit old but check out this post: https://bitcointalksearch.org/topic/how-much-bandwidth-does-mining-take-10860
I am very new to mining. I would like to know size of blockchains of cryptocurrencies like bitcoins, litecoins etc.
As I am having a slow internet connection, it would be great help to me if I could know the size of almost all block chains.
Update: If I want to start mining in pool only, then what should do with BTC & LTC address that I get when I install Qt client? Are they totally wasted?
Thanks for helping
As I am having a slow internet connection, it would be great help to me if I could know the size of almost all block chains.
Update: If I want to start mining in pool only, then what should do with BTC & LTC address that I get when I install Qt client? Are they totally wasted?
Thanks for helping
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