Tech 10 November 2018Jasmine Solana
New BCH mining pool Mempool stays true to ‘miners choice’ philosophy and supports Bitcoin SV
Bitcoin Cash (BCH) mining pool Mempool is in business.
On Saturday, Mempool announced the “immediate availability” of its mining pool for miners not just on the Bitcoin BCH network, but also on BTC. For BCH. Mempool will run the Bitcoin SV full node implementation, which is designed to support the original Satoshi Vision (SV) of Bitcoin, in the upcoming November 15 protocol upgrade.
“Mempool believes in the Satoshi Vision that is described in the original Bitcoin whitepaper,” the mining pool said in its announcement. “Mempool will participate in competition between professional miners and share pool fees with its treasury depositors.”
True to the Satoshi Vision’s philosophy of “miners choice, miners first,” Mempool gives its BCH pool miners the choice to get paid either in Bitcoin BCH (SV) or in BTC. According to the mining pool, “Some miners have different preferences on coins based on the coin’s liquidity in the market, or their integration with their financial infrastructure.” During the upcoming contentious hard fork of BCH, many miners wish to support the Bitcoin SV implementation, but may be concerned about earning BCH coins that may not be immediately liquid. Mempool solves that concern by allowing its BCH pool miners to choose to receive payouts in BTC which will remain liquid during the BCH hash war, or alternatively choose to receive BCH (SV) tokens.
Using the settings page in the pool’s easy-to-navigate website, miners can choose which coin they mine, which coin they want to receive for payment, and what payout model they want—either Pay-per-last-N-shares (PPLNS) or Pay-per-share (PPS).
Another unique feature of the Mempool mining pool is the treasury deposit, which allows miners to convert their payouts into BTC, or even swap their BTC to Bitcoin BCH (SV). This, according to Mempool, will “help stabilize the payouts to the miners and share the fees that the pool collects” in the future.
If the miners want to get paid in a coin different than the chain they mined (for example, getting paid BTC even though they mine BCH (SV)), the payout will come from the Mempool treasury. The treasury uses a separate account for each coin, and when a block is mined, the block rewards are distributed to the treasury accounts used to pay the miners.
To calculate the number of coins a miner will receive Mempool uses Poloniex and BitAsiaEx to create a moving price average on a 24-hour period. The account balances can only be withdrawn after 100 block confirmations to ensure that the pool will not be affected by chain reorgs, according to Mempool.
“We encourage you to hold the coin you believe will be more valuable in the future. The decision is in your hands. If BCH becomes cash for the world, it could have more and more people using it over time and become more in demand than BTC,” the mining pool noted.
Mempool is offering a 0% mining fee (for solo mining a chain) and 0% conversion fee for a limited time. On November 15, the whole pool will focus on mining the BCH (SV) chain, although miners can still receive their payouts converted into BTC by the treasury. In the future, the mining pool fee and coin conversion fee will be coming from the miners themselves and shared among the relevant treasury accounts according to their share. For the moment, however, think of it as a way to easily convert BTC into BCH (SV) coins.
Mempool also hashed out the fees for solo mining a chain, explaining, “We will be able to solo mine BCH from the launch, but to solo mine BTC profitably, we need to have at least 2 exahash. So before we grow large enough, we will use a partner pool to point our hash to and combine with theirs. The partner pool fee starts at 5% and goes down the more hash you bring.”
Mempool uses a creative approach to demonstrate the power of miner’s choice, and its own commitment to gathering miners to support Bitcoin SV’s roadmap for the Satoshi Vision.
To learn more about the mining pool’s unique features, contact Mempool.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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