What is a mining pool? Learning the basics of bitcoin mining

What is a mining pool? Learning the basics of bitcoin mining

Sharing computing power is one of the hottest trends in 2018 and so are miners pools. Let’s have a closer look at how does the sharing economy work when it comes to cryptocurrency mining. Basically there are two ways to mine a bitcoin or an altcoin: either to mine with your own servers and video cards or use cloud mining and join mining pools.

What is a mining pool? Generally it is a global network that brings together user from all over the world, who are willing to share their computing power for generating new block on the blockchain. That is needed because creating new blocks is becoming more and more difficult with time and more hash power is needed. The power that the usual computer is not able to provide. But with the miners pools generating blocks is easier and more efficient. Participant of the pools receive rewards equal to the contribution they have made in the block generation process.

Mining in China

China is the country where the first mining pools have been born. Currently it takes #1 place with the largest number of mining pools across the globe. Now let’s talk about the best mining pools in China. First of all, one should at Antpool – one of the largest mining pools to date. It is easy to use: just visit its website and install the software without paying any fees or contributions. The easy how-to instructions will guide you through the process and help you start mining now.

Another mining pool to at in China is F2Pool. It is a best mining pool in China, if you want to mine not only Ethereum or Bitcoin, but also Dash, Sia coin or Zcash. The company transacts payouts each day and provides users with pool statistics. What are the other popular mining pools in China? BTCC and BW are definitely worth to have a look at.

Mining in Europe and the U.S.

Now are there any altcoin mining pools elsewhere than in China? You might have heard of the Georgian Bitfury and the Czech Slush, which are both one of the oldest and most credible companies in the mining field across the globe.

If you are willing to join a mining pool in the U.S. it is worth having a look a California based company 21 Inc. This is one of the most serious miners pools in America that has been generating around 3 % of bitcoins in the past years. Before joining the pool users should study the specific requirements for the hardware they might need to participate in block creation.

Another U.S. company that can be named one of the best mining pools for bitcoin is Zpool. You can create new blocks using this pool without even registering on it. Transactions and rewards are transferred automatically to your wallet. Zpool only supports bitcoins though, so if you are willing to mine alternative cryptocurrency it is better to look for other options.

Minergate is worth mentioning among the best altcoin mining pools. It has big computing power and the founders of the company only take a 1,5% commission on transactions: the transfer of the rewards to your wallet is as fast and transparent as it could be.

FAQ

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