Bitcoin mining pools are a group of cryptocurrency miners who consolidate their computational resources on a public network. In this article, you will learn about various bitcoin mining pools and how one can start their journey in bitcoin mining.
Most individuals purchase bitcoin from crypto exchanges. Bitcoin mining usually takes place on the blockchain. This process of bitcoin mining gets carried out using advanced networks that solve complicated computational math issues. However, unlike the conventional mathematical equations, people performing bitcoin mining should solve these problems speedily. In addition, to earn bitcoin mining rewards, people must have exceptional computation ability and solve mathematical equations faster than other individuals.
Also, apart from performing bitcoin mining individually, many traders now prefer joining bitcoin mining pools to gain better earnings. These bitcoin mining pools are a consolidation of computational resources and help bitcoin miners strengthen their odds of getting a bitcoin block or otherwise favourably mine for cryptocurrency.
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Unocoin is the country’s leading bitcoin trading platform and holds the most extensive ecosystem of bitcoin dealers. It helps its clients to buy, sell, store, employ and accept bitcoin and other types of cryptocurrencies over the web portal or mobile application. Moreover, it presents OTC (Over The Counter) and bitcoin swap assistance.
What are different bitcoin mining pools?
The world’s most comprehensive bitcoin mining pools are established in China, and these pools together mine approximately 43% of all new bitcoin blocks. Choosing the appropriate bitcoin mining pool necessitates research, as a reliable mining pool can help you perform mining functions from any part across the globe.
Also, you must ensure choosing a mining pool that operates on a server that is used globally and holds excellent customer support and feedback systems to get your queries resolved expeditiously. Mentioned hereunder are some of the most dependable cryptocurrency mining pools.
Slush Pool
Slush Pool is one of the most reputed free bitcoin mining pools working in this industry for more than a decade. It is a publicly available dynamic crypto mining pool and holds an eminence for being well-built and reliable.
This bitcoin mining pool possesses an effortless sign-up process, and you can further generate a demo miner account to learn how this platform’s dashboard operates. Also, this platform holds two settings, one for novices and one for veteran miners. Moreover, Slush Pool likewise extends several features like device choice, preferences, and remote monitoring.
ViaBTC
ViaBTC is yet another one of the most exceptional free bitcoin mining pools that supports several cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Dash. This platform’s assistance stretches beyond the mining pool as it holds related products like cryptocurrency exchanges and ViaWallet. With a universal presence, ViaBTC presents steady and higher payouts for miners.
AntPool
AntPool is the most prominent bitcoin mining pool across the globe. It mines approximately 11% of all bitcoin blocks and its network operates around the world. AntPool flaunts a transcendent peer-to-peer bitcoin mining protocol that miners can link to their device during setup for a secure connection.
BTC.com
If you have heard of Bitcoin.com, BTC.com is a sister concern of the same company. Before beginning bitcoin mining, BTC.com was known for its unique bitcoin wallet. Mining in several countries like the US and Germany, BTC.com holds a medium-sized bitcoin mining pool that backs many other cryptocurrencies like Ethereum, Litecoin, and many more.
KanoPool
Founded in 2014, KanoPool is a medium-sized bitcoin mining pool holding low mining charges and an effortless setup process. Also, the registration at this platform is optional, and it only requires a username and BTC wallet address. The layout is simple, customer-friendly, and holds a comprehensive page carrying all the essential FAQ’s answers.
Binance Pool
Binance Pool is yet another bitcoin mining pool powered by the Binance exchange, one of the most extensive cryptocurrency exchanges in the world. Binance Pool is a forthcoming popular portal that mines approximately 9% of total blocks, currently.
F2pool
The reason behind F2pool is that a person can provide computing capability to find blocks. It is one of the best bitcoin mining pools and can be utilised for mining other cryptocurrencies as well. Moreover, F2pool supports more than 40 cryptocurrencies and extends live chat assistance to all its member miners.
How do bitcoin mining pools work?
Members in a mining pool individually add their processing power toward the purpose of finding a bitcoin block. If the mining pool gets successful in these applications, the miners receive a reward in bitcoin form or other associated cryptocurrencies. These earned rewards get shared between the people who contributed, as per the ratio of every person’s processing capability or performance relevant to the entire group.
Also, in several cases, individual bitcoin miners must present their mining proof to get their rewards. Moreover, any person who aspires to earn a profit through bitcoin mining holds an option to either operate individually with their dedicated devices or to register into a mining pool where various miners and their devices consolidate to improve their bitcoin hashing output.
How to join bitcoin mining pools?
Bitcoin mining is usually a complicated method for all but the most specialised crypto users. While there are services that assist in making the process more comfortable for a person to get into, there are still several things that add to whether or not bitcoin mining will be a productive endeavour. This is why many miners prefer joining a bitcoin mining pool, as it helps them get better profits with reduced operational costs.
Also, another most beneficial thing about bitcoin mining pools is that they enable people to start mining with any amount. Also, whether a person wishes to carry out mining for a hobby that may not even earn a profit, or they wish to operate various extensive mining machines at once to get some earnings, mining pools can get used either way.
The method of joining a bitcoin mining pool requires programming mining software to focus its efforts on a specific bitcoin mining pool. Mentioned hereunder are some steps to join a bitcoin mining pool.
Determine which pool you wish to join.
Add the stratum location of the chosen mining pool to your mining software.
Add the bitcoin wallet address you wish to deposit your mined coins.
Configure your mining process for your favoured mining pool.
What are the services offered by bitcoin mining pools?
Bitcoin mining pools offer an array of services to their members. These mining pools enable people and smaller entities to mine bitcoin successfully and relish good income. Also, these pools prevent bitcoin mining from being entirely dominated by large corporations and promote bitcoin decentralisation.
Apart from this, bitcoin mining pools themselves are a centralising force. However, since they are formed of several decentralised entities, they are much harder to dominate, and they must continually strive to present their members with higher earnings than other mining pools.
What are the pros and cons of different bitcoin mining pools?
While bitcoin mining pools increase the odds of profitability, they have some drawbacks as well. Mentioned hereunder are the pros and cons of different bitcoin mining pools listed above.
1. Slush Po
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Pros
It is the world’s largest operating bitcoin mining pool.
This platform has had hundreds of thousands of customers over the past few years.
Slush Pool holds a striking interface and is easy to use for miners of all proficiency levels.
It presents you with score-based mining, which limits you from being victimised by others.
Cons
The transaction fee to work at this mining pool is slightly overpriced compared to other websites.
Once you quit mining on this interface, your user score runs down immediately.
2. ViaBTC
Pros
It has a highly established large pool of bitcoin and other crypto miners.
ViaBTC is most well-known for its economic withdrawal charges.
Transaction fees get included in the final payouts.
Cons
Customer support services need to get worked upon.
3. AntPool
Pros
AntPool comes with plenty of security alternatives, like two-factor authentication, digital wallet and email alerts to prevent you from fraud and data theft.
Easy-to-use interface with earnings and bitcoin hash rate explicitly manifested.
Multiple payout options to choose from.
Multiple monetisation links and convenient mining services.
Cons
Transaction charges never get disclosed by this platform.
Run and controlled by a centralised company (considered as a limitation for bitcoin maximalists).
4. BTC.com
Pros
Excellent customer support and high-grade security to safeguard your valuable data.
No hidden transaction fees get charged by this platform.
People can mine from any part of the world as this platform operates over the globe.
Cons
Final payouts come delayed.
5. KanoPool
Pros
This platform is well-known for its affordable transaction fees.
There are no payout thresholds, and you can mine as many bitcoin as you want.
Cons
The website interface is not at all user-friendly.
This platform supports only bitcoin and no other cryptocurrency.
6. Binance Pool
Pros
A universal network that allows people to mine bitcoin from any part of the world.
User-friendly website interface for a quick interface.
Excellent customer support.
Cons
The transaction fee is a bit higher than other competing platforms.
Payouts come after a long time.
7. F2 Pool
Pros
This bitcoin mining pool holds approximately a decade of experience in this industry.
The registration or sign-up process is simple, and the confirmation process is expeditious.
This universal mining pool enables its members to mine bitcoin, ZCash and Litecoin.
Miners can get regular payouts, and the bitcoin mining threshold is pretty low.
Cons
This bitcoin mining pool charges a 4% transaction fee which is higher than many mining pools.
User account will be deactivated if it is left idle for a long time.
To sum up, we can say that bitcoin mining pools present a way for various smaller miners to come together and consolidate their bitcoin hashing power. Due to this mining at a higher hash, this mining benefits every member in the miner pool. However, you must note that this bitcoin mining can only be profitable when you have the right mining pool and the required mining hardware to get a great deal on power prices.
Hence, we can say that joining a bitcoin mining pool is the rational thing to do if you aspire to make money mining bitcoin. Also, as you know, bitcoin mining pools differ in size, fees and payment methods, it would be most helpful to join an established pool if you wish to gain some experience. Once you think you know the process, you can optimise your profits by joining smaller or low-fee mining pools.
Frequently Asked Questions (FAQs)
1. How many bitcoin mining pools are there?
Bitcoin mining pools enable individual miners to combine their mining resources with different miners to increase their odds of mining a block and acquiring more bitcoin. At present, there are a total of 15 well known mining pools differing in size, transaction fees and payment method. These known mining pools are BTC.com, AntPool, Poolin, F2pool, Lubian, 1Thash, Huobi, Viabtc, Slush, Okex, Nova, Binance, Spider, Bitcoin.com, and Ukrpool.
2. Can you mine bitcoin without a pool?
When speaking of ways to mine a bitcoin, you can mine solo without a pool. However, since the difficulty of the networks is pretty high, many people prefer mining bitcoin by joining pools. This helps them make better profits and further reduce their competition to become more successful in the mining operations.
3. Which mining pool is most profitable?
A bitcoin mining pool offers people higher chances of mining bitcoin successfully, as when you mine bitcoin alone, it might take years to find a block. While there are many different bitcoin mining pools operational in the market with their own set of merits and demerits, SlushPool and AntPool are two of the best and the most profitable mining pools.
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