Episode notes
In this episode of Bitcoin, Explained, Aaron and Sjors explain what features are offered by Ocean, the relaunched and rebranded Eligius mining pool. They discuss how payouts from this pool are (partially) non-custodial, how the block template creation is fully transparent, and how payout distribution is determined. Aaron and Sjors also briefly touch on the “spam” filtering employed by Ocean, and how that potentially affects profitability of the pool.
Our new sponsor: CoinKite, maker of the ColdCard
Chapters
00:00:00 Introduction and Coinkite sponsorship
00:01:01 Ocean launches: reviving Eligius and decentralizing mining
00:02:08 Custody-minimized mining and direct coinbase payouts
00:06:40 Payout limits, hardware constraints and small miners
00:10:18 Future payouts with Lightning and CHECKTEMPLATEVERIFY
00:12:28 Transparent block templates and Stratum V2
00:15:06 Mining shares: proving work to a pool
00:17:05 TIDES: sharing rewards through a rolling work window
00:24:56 Block luck, difficulty and the TIDES accounting window
00:29:08 Transaction filtering, fees and pool profitability
