This is a sample of a copywriting project.
We all want to join the biggest, best Bitcoin mining pool right? Bear in mind that the biggest is not always the best.
What is a Bitcoin Mining pool?
A Bitcoin mining pool is a group who combine (pool) their computing resources to mine cryptocurrency blocks. Splitting the proceeds equally, based upon their own contribution.
After joining a mining pool you’ll be given bite size, more simple problems to solve. Your combined resources makes it more likely that you’ll be able to earn the Bitcoin reward by solving the original problem together. The profits will be shared by the pool members based on the contribution of each miner.
Put simply, by joining a Bitcoin mining pool you’ll receive a more regular amount of Bitcoins. Meaning your return on your investment will be far greater than if mining alone.
Creating a single block could take years for slower miners. That’s where pooling comes into play. There are various Bitcoin mining pools. While choosing the most popular may look like a more attractive investment, it may not always be the case.
Mining pools all work differently. They use a variety of ways of measuring and rewarding the miners contributions. But most use some form of payout from any full Bitcoin block that the pool finds. Your percentage will have a correlation to the number of shares you have in the mining pool.
What to look for in a Bitcoin mining pool?
When looking for a mining pool to join, keep in mind these helpful questions to help find the one most suited to you:
- What reward method is used?
- What are the pool fees for mining and the withdrawal of funds?
- How often are blocks found in the pool?
- How quick is it to make a the pool of funds?
- How big is the pool?
There are several reward methods used in mining pools. The main ones are:
- PPS (pay per share): A fixed amount for each user.
- Proportional: Users are paid proportionally to the number of shares they have.
- Score-based: A proportion is paid which is dictated by the time the shares where submitted.
- Pay-per-last-N-shares (PPLNS): Similar to the Proportional method. But the miner’s rewards are calculated on a basis of N last shares, instead of all shares for the last round.
The Best Bitcoin mining pools
- Slush Pool – Even though it is not one of the largest pools. Slush pool was the original Bitcoin mining pool and is still one of the most stable and trusted, especially for beginners. It has a simple sign up process and low payout thresholds. However, pool fees are around 2% which is quite high.
- Antpool – Currently the largest mining pool which mines roughly 25% of all blocks. It’s easy to use and you can choose which reward method you’d prefer. Unfortunately with it being the biggest pool – payouts can be quite small.
- F2pool – One of the largest Chinese pools mining around 5-6% of all blocks. Great if you want to branch out as it can be used for mining of Bitcoin, Litecoin, and Zcash. The payout threshold is really low but fees can be up to 4%.
- BTC.com – A large pool and possibly one of the most well known. They have excellent customer support and are a well established company.
- KanoPool – A relatively small poll but it is easy to use and no registration is needed. Low pool fees of 0.9% means payouts are generous although they can be slow compared to other pools.
Around 80% of Bitcoin mining pools are currently located in China. So it is advisable to look into whether they offer customer support in your language. As some only offer it in their native tongue.
All the Bitcoin mining pools offer different rewards and services. They are easy to join and can be simple to use. The only requirement for joining a Bitcoin mining pool is possessing some mining hardware.
Is a joining a pool worthwhile?
Joining a Bitcoin mining pool increases the chances of mining success. As the combined effort of all users within the pool leads to a higher chance of finding a block. Albeit at the cost of sharing the reward.
There’s no need to stick to one mining pool either. You can join multiple or switch whenever you like. Have a look around and do a bitcoin mining pool comparison of your own.
You have the choice to redirect your hashing power to a different mining pool at any time.
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