Can I start my own pool when mining HNS or other coins? What is a node or what does the term “start a node” mean. Thanks all and good luck
A blockchain is secured using the mining process which uses cryptography to lock the blocks and ensures no double spending is taken place. It takes up huge computational effort and electricity
So, the block reward is the incentive for miners to secure the network. As per the code of the coin, they have a plan for the block reward (Continuous reduction or halving) to regulate coin supply and introduce scarcity.
To be decentralized entity, each miner have his local blockchain stored (Bitcoin has around 250GB of Leger) and the longest chain is considered the true one. To break the network, you have to carry out an 51% attack…( I Can write a long long article, but it’s already in internet so please check out the links below)
More explanation in this video - https://www.youtube.com/watch?v=bBC-nXj3Ng4&t=1079s
Read this articles - https://2miners.com/blog/how-the-mining-pool-works-pplns-vs-solo/
https://2miners.com/blog/solo-mining-pools-how-to-catch-your-luck/
So, having the node means, having your local version of blockchain and hashing with your own capabilities
or you can try out solo pool which has fees for maintaining the local node by them.
@RonnieDennies504 The 2Miners blog is a perfect start for begineers
If you have any doubts ask me…
Thanks MRV. Much appreciated info.
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