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| author | Bob McElrath <bob@mcelrath.org> | 2021-12-14 23:33:05 +0000 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2021-12-14 23:44:58 +0000 |
| commit | 143cfcecc967849ec4306976e9e90791b33c9411 (patch) | |
| tree | 0ef6ebb2fcb995d1af23bb37a2b25d4cfe60e77a | |
| parent | 3016a515d43f5f7ec3ea065fe8d0887c6483ad5c (diff) | |
| download | pi-bitcoindev-143cfcecc967849ec4306976e9e90791b33c9411.tar.gz pi-bitcoindev-143cfcecc967849ec4306976e9e90791b33c9411.zip | |
Re: [bitcoin-dev] [Bitcoin Advent Calendar] Decentralized Coordination Free Mining Pools
| -rw-r--r-- | 1d/09c95c76e5a3ecc4b71188b3b3c30170233dc3 | 131 |
1 files changed, 131 insertions, 0 deletions
diff --git a/1d/09c95c76e5a3ecc4b71188b3b3c30170233dc3 b/1d/09c95c76e5a3ecc4b71188b3b3c30170233dc3 new file mode 100644 index 000000000..96282f836 --- /dev/null +++ b/1d/09c95c76e5a3ecc4b71188b3b3c30170233dc3 @@ -0,0 +1,131 @@ +Return-Path: <bob@mcelrath.org> +Received: from smtp2.osuosl.org (smtp2.osuosl.org [140.211.166.133]) + by lists.linuxfoundation.org (Postfix) with ESMTP id C3F87C0012 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 14 Dec 2021 23:44:58 +0000 (UTC) +Received: from localhost (localhost [127.0.0.1]) + by smtp2.osuosl.org (Postfix) with ESMTP id BF06B40597 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 14 Dec 2021 23:44:58 +0000 (UTC) +X-Virus-Scanned: amavisd-new at osuosl.org +X-Spam-Flag: NO +X-Spam-Score: -1.902 +X-Spam-Level: +X-Spam-Status: No, score=-1.902 tagged_above=-999 required=5 + tests=[BAYES_00=-1.9, SPF_HELO_PASS=-0.001, SPF_PASS=-0.001] + autolearn=ham autolearn_force=no +Received: from smtp2.osuosl.org ([127.0.0.1]) + by localhost (smtp2.osuosl.org [127.0.0.1]) (amavisd-new, port 10024) + with ESMTP id RvcGDNWX1VCo + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 14 Dec 2021 23:44:57 +0000 (UTC) +X-Greylist: delayed 00:11:50 by SQLgrey-1.8.0 +Received: from mcelrath.org (moya.mcelrath.org [50.31.3.130]) + by smtp2.osuosl.org (Postfix) with ESMTPS id 99C9540179 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 14 Dec 2021 23:44:57 +0000 (UTC) +Received: from mcelrath.org (localhost [127.0.0.1]) + by mcelrath.org (8.14.4/8.14.4/Debian-8+deb8u2) with ESMTP id 1BENX54q034735 + (version=TLSv1/SSLv3 cipher=ECDHE-RSA-AES256-GCM-SHA384 bits=256 verify=NOT) + for <bitcoin-dev@lists.linuxfoundation.org>; Tue, 14 Dec 2021 23:33:05 GMT +Received: (from mcelrath@localhost) + by mcelrath.org (8.14.4/8.14.4/Submit) id 1BENX55Z034734 + for bitcoin-dev@lists.linuxfoundation.org; Tue, 14 Dec 2021 23:33:05 GMT +X-Authentication-Warning: mcelrath.org: mcelrath set sender to + bob@mcelrath.org using -f +Date: Tue, 14 Dec 2021 23:33:05 +0000 +From: Bob McElrath <bob@mcelrath.org> +To: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org> +Message-ID: <20211214233305.GB30559@mcelrath.org> +References: <CAD5xwhgOK6p7fqZPha1jvDgo=4Syti9K46a2A48Eas44dn9v6Q@mail.gmail.com> +MIME-Version: 1.0 +Content-Type: text/plain; charset=us-ascii +Content-Disposition: inline +In-Reply-To: <CAD5xwhgOK6p7fqZPha1jvDgo=4Syti9K46a2A48Eas44dn9v6Q@mail.gmail.com> +User-Agent: Mutt/1.5.23 (2014-03-12) +Subject: Re: [bitcoin-dev] [Bitcoin Advent Calendar] Decentralized + Coordination Free Mining Pools +X-BeenThere: bitcoin-dev@lists.linuxfoundation.org +X-Mailman-Version: 2.1.15 +Precedence: list +List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org> +List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe> +List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/> +List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org> +List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help> +List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe> +X-List-Received-Date: Tue, 14 Dec 2021 23:44:58 -0000 + +This, quite simply, is not a "pool". A pool is by definition a tool to reduce +profit variance by miners by collecting "weak blocks" that do not meet the +difficulty target, so as to get a better statistical measure of each miner's +hashrate, which is used to subdivide profits. These are called "shares" and are +entirely absent here. + +The only available information here to decide payouts is the blocks themselves, +I do not have any higher statistics measurement to subdivide payments. If I +expect to earn 3 blocks within the window, sometimes I will earn 2 and sometimes +I will earn 4. Whether I keep the entire coinbase in those 2-4 blocks, or I have +100 other miners paying me 1/100 as much 100 times, my payment is the same and +must be proportional to the number of blocks I mine in the window. My variance +is not reduced. + +Further, by making miners pay other miners within the window N, this results in +N^2 payments to miners which otherwise would have had N coinbase payments. So, +this is extremely block-space inefficient for no good reason. P2Pool had the +same problem and generated giant coinbases which competed with fee revenue. +"Congestion control" makes this somewhat worse since is it is an absolute +increase in the block space consumed for these N^2 payments. + +The only thing this proposal does do is smooth out fee revenue. While hedging on +fee revenue is valuable, this is an extremely complicated and expensive way to +go about it, that simultaneously *reduces* fee revenue due to all the extra +block space used for miner payouts. + +Jeremy via bitcoin-dev [bitcoin-dev@lists.linuxfoundation.org] wrote: +> Howdy, welcome to day 15! +> +> Today's post covers a form of a mining pool that can be operated as sort of a +> map-reduce over blocks without any "infrastructure". +> +> https://rubin.io/bitcoin/2021/12/12/advent-15/ +> +> There's still some really open-ended questions (perhaps for y'all to consider) +> around how to select an analyze the choice of window and payout functions, but +> something like this could alleviate a lot of the centralization pressures +> typically faced by pools. +> +> Notably, compared to previous attempts, combining the payment pool payout with +> this concept means that there is practically very little on-chain overhead from +> this approach as the chain-load +> for including payouts in every block is deferred for future cooperation among +> miners. Although that can be considered cooperation itself, if you think of it +> like a pipeline, the cooperation happens out of band from mining and block +> production so it really is coordination free to mine. +> +> +> Cheers, +> +> Jeremy +> +> -- +> @JeremyRubin +> !DSPAM:61b626be345321821816715! + +> _______________________________________________ +> bitcoin-dev mailing list +> bitcoin-dev@lists.linuxfoundation.org +> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev +> +> +> !DSPAM:61b626be345321821816715! + +-- +Cheers, Bob McElrath + +"For every complex problem, there is a solution that is simple, neat, and wrong." + -- H. L. Mencken + + |