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Mining pools allow individual miners to join their own mining tools with other miners, to boost their chance of solving a block and earning money. There are several pools to pick from, which are different in size and the payment methods they offer.

Bigger pools offer more frequent payments, but smaller pools offer greater rewards (since the payoff is divided among less miners). Here are the best Bitcoin mining pools today:

SlushPoolPool dimensions:Medium-LargePayment options:Score-basedAverage prices:2%Overall rating:4.5 Star RatingAntpoolPool dimensions:MediumPayment options:PPLNS, PPS+Average fees:1%Overall rating:4.5 Star RatingBTC.comPool dimensions:LargePayment options:FPPSAverage fees:1.50%Overall rating:4 Star RatingF2PoolPool size:Medium-LargePayment options:PPS+Average fees:2.50%Total rating:4 Star RatingViaBTCPool dimensions:MediumPayment options:PPS, PPLNSAverage prices:3%Total rating:3.5 Star RatingKano CKPoolPool size:SmallPayment options:PPLNSAverage fees:0.90%Overall rating:3.5 Star Rating

If you want an indepth understand of the way mining pools operate and reviews of each one keep on reading. Heres what Ill cover in this article:

If you already read our guide on Bitcoin mining, you know that new Bitcoins enter the circulation as a decoration for a miner who manages to figure that the solution to a mathematical problem. The winning miner get to bring the latest block to the blockchain and upgrade the ledger.

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By design, the more miners you've got, the harder the issue gets, and vice versa. This system is called mining issue and it was designed to regulate the flow of new Bitcoins into the system (i.e. to prevent inflation).

Bitcoins popularity increase made the mining problem sky rocket and rendered home mining operations pretty much obsolete. As more and more people jumped on the mining wagon, the mining difficulty rose to a point it became unprofitable to mine with a house operation.

Throw in the initial & ongoing costs involved in house mining (buying the gear, electricity bills, etc) and not only youre not making any money youre losing it.

Mining pools are essentially groups of miners who pool their own mining resources together to get more hashing power. The more hashing energy that you have, the more chances you have of adding a block and claiming the payoff in a given time frame.

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With mining pools, miners manage to solve problem more often than they would mining . The benefits are then divided between the pool members, proportionally to the amount of hashing power their gear contributed to the solution.

The mining pool owner typically charges a fee for setting up the pool as well. The pools vary in their payment methods, in addition to in the prices that they charge and other parameters. In the following chapters we'll review different mining pools and approaches to decide which one to select. .

Mining pools differ on many standards. Here are a few factors to consider when youre choosing a mining pool:

Pool size: Larger pools offer more routine payments. However, the payout is smaller because of its shared among more members. Smaller pools offer significantly less frequent payments but larger payouts. Whichever you choose, the return must even out in the long run.

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Fees: Some Bitcoin mining pools charge commissions, and some dont. Fees can range from as little as 0 percent, and go as high as 4 percent off the reward.

Reliability and security: An important thing to keep an eye out for is whether you can expect the pool to not cheat and steal your funds, or not get hacked and lose your earnings. While this is true with each third party that holds your money (e.g. a Bitcoin exchange), employ extra caution when selecting a mining pool. .

A fantastic way to mitigate these risks is by joining a more veteran, pool. Be sure that you also read user reviews until you join, keeping in mind that therell always be disgruntled users so nothing should be taken at face value.

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Payout coverage: Another thing mining pools vary in, is that their payout policies. If you want regular daily payments or get paid whenever a block is solved from the pool, make certain to do your due diligence before you sign to a pool.

Before we can understand how mining pool reward methods work, we need to first understand what shares are, Recommended Reading in relation to mining. Simply put, stocks are units that permit pool owners to figure individual miners contribution to the hashing effort. Whenever miners are mining via a pool, then they get shares which are proportional to their contribution to solving a block.

To be clear, in regard to the Bitcoin network, shares are invisible, they are only used internally by the mining pools. According to the share amount the pools payment can choose the following forms:

Pay-per-Share (PPS): In PPS payment strategy, miners receive stocks that can be paid out at any point along the hashing process. PPS allows miners to get paid for shares they received, irrespective of if a block has been solved during their participation. To achieve that, the swimming pool operators cover miners in their own balance.