Virtual money has become firmly established in our minds and has become a common occurrence in recent years. Let's try to deal with one of such concepts and processes as "mining in a pool."
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Solo Mining or pools?
Many miners extract cryptocurrency solo. At the same time, they independently collect the transactions in the block, sign and receive for it a fee determined by the algorithm. They also receive commissions from transfers. This view will suit you if you have video cards and computers with enough power. Only new cryptocurrencies and cryptocurrencies with low capitalization can be mined in solo, because the complexity of the network in such cryptocurrencies has not reached beyond limits. The chances of finding the block independently from such monsters of the cryptocurrency world as Bitcoin or Ether are almost equal to zero.
For example, if you currently have a capacity of 1 Pth/s on the SHA-256 algorithm, then you will need about 200 days, without considering the complexity of the network to find one block of Bitcoin with a probability of 95% and this is without guarantees that the block will be found.
Mining pools – miners united in groups for extraction of cryptocurrency. Each miner, according to his power, gets the task of finding the value of nonce (one-time code) on a certain interval. After completing this task, the minor gets the following. In most pools, the reward for the block is distributed evenly among all miners according to their capacity.
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- The power and size of the pool indicates its popularity and reliability. New and small pools, most likely, still do not have the required capacity and will not bring much profit. The size of the pool also depends on the regularity of the winnings, if the cryptocurrency is extracted by a large number of people. The payment that each member receives often can be scarce. Small pools also have their advantages. They will give you less frequent victories, but they can boast of large sums.
- Withdrawal – you should be able to withdraw your funds without problems.
Mass character of pools are growing – in the world there are already up to two thousand pools. Most of the participants prefer to work with Bitcoin-pools. The extraction of this cryptocurrency has also grown significantly and promotes the formation of new pools.
HashFlare, Genesis Mining – the most powerful cloud-mining companies. It is important to always remember that the power should not be above 51% of the total system. Such a restriction exists for security reasons and should be adhered to. Otherwise, an exception can be made from the system.
NiceHash is the most suitable pool for beginners. For those who do not have time to study the situation of the currency market. Often, when the earnings of players outperformed the rest, thanks to an algorithm that translates participants into the mining of the most profitable coins in the minutes of their appearance.
Leaders among pools: Miningrigrentals, Zpool, AntPool, F2Pool (Discus fish), BitClub Network.
Editor: Yuliya Soroka