Slush Pool, the first bitcoin mining pool, announced the inclusion of a new feature that will increase the transparency of its operations, Hash Rate Proof is an add-on that will accurately report the Pool’s total hashrate, allowing miners to see in real-time relevant statistics.
Slush Pool announced a brand new functionality that allows every single miner to continuously monitor and verify the accuracy of the pool’s hash rate. Mining Pools have been around for quite some time, since 2010 miners saw that the increasing mining difficulty was making solo mining unviable, and thus mining pools emerged.
This feature is a nice addition since it solves one of the main concerns that users face when they select a mining pool: trust. When a user starts to mine in a pool he or she contributes to it with hashrate, sending possible solutions to the block that the pool operator is sending to all its miners, the block is configured in such a way that, when a solution is found the reward goes to the pool operator which then distributes the Bitcoins to the miners according to the hashrate provided.
Users don’t have a direct way to know how much processing power does other users have, a malicious mining pool operator could incorrectly report its total hashrate, stealing a portion of the block reward to himself. This issue has never been tackled by mining pools, until now.
Slush Pool users will be able to analyze and evaluate the information that the pool is providing to make sure that they are getting their fair share of the rewards. The Hash Rate Proof is being reported at Slush Pool website, anyone -even non-registered members can access the information-
This a great initiative that adds transparency to the pool’s operation, Bitcoin is a distributed and decentralized technology, so it’s natural that companies and institutions that operate within it are equally transparent.
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