What is Mining Pool? | CryptoWallet.com

What is Mining Pool?

A mining pool consists of a group of cryptocurrency miners who come together to combine their computational power over a network to increase the probability of finding a block or mining a new cryptocurrency.

A mining pool is a group of miners who act as a single miner on the blockchain network. If the mining pool successfully finds a new block and receives a reward, the reward will be shared among the members of the pool. 

The rewards are distributed, according to the amount of each individual’s processing power during the mining process. The more hashing power you provide to the pool during a particular period (the pool mining duration or mining round), the higher the share you receive for block rewards won by the pool during that period. In some cases, individual miners must show proof of work in order to receive their rewards. The shared reward is usually in the form of the associated cryptocurrency. 

What is the Best Bitcoin Mining Pool?

Here is a list of some of the best Bitcoin mining pools that exist.

F2Pool is one of the best bitcoin mining pools that can be used to provide computer power to discover blocks. It also enables you to trade Bitcoin from its iOS and Android applications. It is based in China and mines about 10% of all blocks.

Antpool is a mining pool based in China and owned by BitMain. This pool enables you to easily view your mining earnings on the dashboard. You can also monitor your hashrate on a daily, hourly, and minute basis. Antpool mines about 17% of all blocks.

ViaBTC is a Bitcoin, Bitcoin Cash, and Litecoin mining pool that enables you to see the real-time status of other miners. It provides multiple mining forms and settlement methods. It has a dashboard that reflects data on mining pool hashrate and mines about 13% of all blocks.

Slush Pool is a mining pool that allows users to mine ZEC and BTC easily. Miners are able to check if their rewards are satisfactory on the site. Slush pool provides a security toolkit to keep miners data secure on the cloud. IIt is one of the largest mining pools that exist.

Ckpool is a mining pool that can be used without a difficult setup. It helps you to avoid the costs of running a full Bitcoin node which takes up large storage. This mining pool connects to high-speed, low latency Bitcoin nodes for quick block change notification and propagation.