Genesis Mining has gone a step ahead in ensuring they are providing a daily payout to all the cryptocurrencies. It is all thanks to the blockchain protocol that is continually being developed. The continuous development has been put in place because each of the protocol networks could suffer some tremendous pressure and at times transaction congestion, as we have witnessed in the past.
Some of the challenges that arise are easy to fix in bulk, but in some situations, others would need some careful review. As a result, Genesis Mining ensures they have kept the software adequately updated and also conducts several stress tests the software’s capabilities. The reason being no software is able to be bug-free or even be immune to overload.
Additionally, the company is also continually updating their current software to ensure the system is able to react to all the market movements that take place adequately; this are things like transaction fees, prices, gas or even the occasional network congestion.
How Do Genesis Mining Daily Payouts Work?
When the company receives there daily mining shares, which comes from the various pools the company mines from, the funds have been directed to accumulate on one of their payout addresses. While that is happening, the company’s payout machine is sorting through the user’s hash power shares, and from this, it is able to distribute the correct mining shares that will be paid out.
The whole process takes place in the fly 24/7 as the company’s database and services are in constant change as the various users are upgrading their hash power, or changing their mining location, while the system, on the other hand, is also considering the minimum payout thresholds, their wallet address, just to name a few.
A mining day runs for about 24 hours, and it is only able to end once all the necessary calculations have been made that could have an impact on the payout. To make things run smoothly, the company has gone ahead to batch the transactions taking place, this way it will reduce and congestion that could arise on the Ethereum network.
It is a process where various transactions will be bundled up into a single transactional ID which will then be transferred to the blockchain. This way the company is able to reduce the number of transactions that would take place on the network while also reducing the fees.
After the payout is successfully propagated on to the company network, the transaction gets confirmed, and immediately the web services will display a report that will appear on your dashboard.
Why Are Some Payouts Not Being Received?
For this kind of situation, there is no one unique scenario, as the company’s system continually pushes out the transactions carried out. But, the average transaction fees tend to change every second and this will be adapted to the current transactions that are pending in the queue. The most common case that the company has witnessed for a failed payout is for a transition to stay pending for a long period.
But this only occurs when there are too many transactions on the system, thus, creating a bottleneck, so the transaction wouldn’t get included in the next few blocks that are being processed. But the good news is, the system the company has put in place is efficient because once the system notices that a payout did not get processed, it will be included in the next payout cycle.
What Are The Actions Being Taken To Fix The Problem?
In a small working environment, any transaction that gets to the company system will be processed flawlessly, but, just with any complicated operation, the real problem lies in scaling the efficiency. As the blockchain technology is evolving on a daily basis, developers tend to face different types of challenges, and from this, it is pushing the current boundaries.
As a result, the company has ensured they are in constant communication with the developer to ensure they are getting ahead of the problem. As they are trying to figures out the best and also most suitable solution that could be applied to all the upcoming challenges that they face.
As a short-term solution, the company is continuously testing and also employing several smart contracts that will be able to automate or even reinforce the current process for sending the payout transactions.
But this is not all as they are progressing in the improvements of the system dashboard that will enable users to manage their mining activities efficiently, these are features that users should look out for.
Genesis Mining: A Company That Is Going Places
Genesis mining has been providing daily payouts of the crypto coins for the past four years, and over the years they have ensured they have treated each payout as due of service and promise to their esteemed customers.
Thus, it is a platform investor can trust in as there are continually improving the system and working on solutions that will eradicate the problems that keep popping up. As a result, the company has put a team in place that works around the clock, to ensure all payouts are received in a timely manner.