How to choose a correct mining pool
Do you want to learn the best pool for joining and effective crypto money mining?
Let’s assume you’ve prepared everything which is required for cryptocurrency mining. And now you search for the effective way to enter some existing system. Today we’ll tell you why it’s better to mine Bitcoins and other coins in pool and reveal you some popular and effective collective work options based on statistical data.
What do you need them?
The word “pool” speaks for itself. At the beginning of cryptocurrencies phenomenon, as their computing complexity was low, single or “solo” mining was quite effective. It was possible to solve a computing task with a simple personal computer at home. At that time, the miner got a reward for every block alone.
When computing complexity of the block began to rise sharply (it happened, as the number of users increased) requirements to hardware for mining have increased essentially. Thus, you can still spend many years for independent mining, though you cannot be sure you’ll ever manage to find the necessary hash. That is the technology of collaboration became a longed-for solution of this problem. Large mining pools appeared and united independent users for joint solving of hash. First of all, it concerns Bitcoins (BTC) – to the most popular cryptocurrency now. Today there are a plenty of pools for Bitcoin mining.
How to choose a correct mining pool?
What are the criteria for checking the mining pool list and choosing the one to work in? You should consider the following factors:
- Site interface where participants gather – it should be simple and clear;
- Fee – low (max. 1,5%);
- Possibility to withdraw the earned money automatically, to exchange ir for others popular cryptocurrencies;
- The best mining pool usually provides a possibility to work with different cryptocurrencies;
- Payments in due time, without any delays;
- Mining rate inside the group corresponds to the rate with which the miner can work;
- Detailed statistics on website work.
Of course it’s hard to know everything for sure, without having experience of work at this site. For example, how can you learn about timeliness of payments if you haven’t earned anything yet? You can rely on reviews left by other miners, though, they are usually subjective. So you have it take it on trust!
The best mining pools for today
Here is a TOP 3 mining pools of 2017:
- Chinese groups: F2Pool (Discus fish), Antpool, BTC China, BW pool. They own more than a half of the network capacities used for Bitcoin mining.
- Slush – pool from Czech Republic, an old pool created in 2010. Its share is small compared to Chinese pools and makes 5%. It does now require user identification. Withdrawals are made through CPPSRB systems, so there are no fees.
- io. A newly leader enjoying 2-3% of the market today.
There is a wide range to choose from and you can try different groups. We’ve presented only the leaders in the field of open platforms and there are pools which do not work for open miners, but content themselves with investments of private investors who do not want to be disclosed. Numerous new mining pools appear.
Computer network owner have another one interesting opportunity – mining pool for administrators enables to earn even more by simple connection of the network to the general group.
On the basis of the mining pool review we can draw a conclusion that mining with other users is a profitable way to mine cryptocurrencies. Only this proven method yields brilliant results. From among currently popular mining groups we can stress the Chinese ones (F2Pool, Antpool, BTC China, BW pool) and Ghash.io, Eligius and Eligius. You can easily find their contacts on the Internet.