WHAT IS MINING? • Primary Method of Securing a Blockchain Network using Proof-Of-Work consensus algorithm like SHA 256 for Bitcoin and Yespower for Whive. • Use of computing power to solve a puzzle built into the protocol. • Miners get rewarded for each puzzle solved and block mined. • Rewards consist of transaction fees generated within the network. • Involves costly “Work” that uses Electricity/Energy! • Practical Mining Exercise on Slide 14
TYPES OF MINING q CPU Mining involves the use of Central Processing Unit power that is available on Laptops, Personal Computers, Mobile phones and other Small computing devices. CPU Mining is supported by consensus algorithms such as Yespower which is use in the Whive Protocol http://whive.io q GPU Mining involves the use of Graphics Processing Units power that is commonly used for Gaming rendering but is now used to mine crypto-currencies such as Ethereum Classic. q ASIC Mining involves the use of specialized computers known as Application-Specific Integrated Circuits to mine Crypto-currencies such as Bitcoin
TYPES OF PoW MINING qSolo Mining: Mining directly on the network with your hashpower which is difficult if there are more miners on the network. qPool mining: Coming together with other miners to combine hashpower and increase your chances to mine block; rewards are shared.
MINING POOL • A mining pool is a joint group of cryptocurrency miners who combine their computational resources over a network to strengthen the probability of finding a block or otherwise successfully mining for cryptocurrency. • For purposes of this module we shall be interacting with Whive Protocol Mining Pool
HOW A MINING POOL WORKS • Individually, participants in a mining pool contribute their processing power toward the effort of finding a block. If the pool is successful in these efforts, they receive a reward, typically in the form of the associated cryptocurrency. • Rewards are usually divided between the individuals who contributed, according to the proportion of each individual's processing power or work relative to the whole group. In some cases, individual miners must show proof of work in order to receive their rewards. http://whivepool.cointest.com
INTRODUCING THE WHIVE PROTOCOL q Whive, is an open source & peer- to-peer (P2P) blockchain protocol that is incentivizing the building of sustainable distributed solar energy solutions through Trustless Rewards. q The Whive protocol’s mining uses the Yespower consensus algorithm and is biased towards smaller mobile computing CPU devices built on the ARM processor architecture
YESPOWER PoW SCHEME Yespower is a proof-of-work (PoW) focused fork of yescrypt, which in turn builds upon scrypt. While yescrypt is a password- based key derivation function (KDF) and password hashing scheme, and thus is meant for processing passwords, yespower is meant for processing trial inputs such as block headers (including nonces) in PoW-based blockchains. Why Yespower? Different proof-of-work schemes in existence vary in many aspects, including in friendliness to different types of hardware. There's demand for all sorts of hardware (un)friendliness in those - for different use cases and by different communities. yespower in particular is designed to be CPU-friendly and GPU- unfriendly. In other words, it's meant to be relatively efficient to compute on current CPUs and relatively inefficient on current GPUs.
WHIVE PROTOCOL FEATURES • Efficient ARM Focused CPU Mining: The Whive protocol’s mining is biased towards smaller mobile computing devices built on the ARM architecture to encourage fast & sustainable growth of the solar energy sector • 140+ Year PoW Mining Schedule: Mining of 100M Whive Rewards ends in the year 2040 ensuring maximum distribution of solar micro-grid ecosystems across the World
LET’S START MINING 1. Download for Mac OS, Windows Os or Linux OS – http://downloads.whive.io 2. Extract/Unzip folder 3. Open ReadMe and follow instructions to Setup Wallet, Synch Blockchain, Backup Wallet, and Start Whive_Pool_Miner 4. Example Setup Video for Windows: https://www.loom.com/share/627c0ac4f 5a94e5b9ad8086416546df3 5. Calculate your Mining Returns here: http://whivecalculator.cointest.com
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