Defining mining pool
Mining pool is a group of miners that are in cooperation; each member of the group should comply with the following rule-block rewards are to be shared and prorated in accordance with their contributed mining hash power. Comparing such kind of pool with a single miner, the first one has got more advantages; one of them is the increase of chances to be rewarded. In spite of the fact that the participants will have to share the reward, they will bargain. Here we should pay attention to such large-scale mining clouds as HashFlare and Genesis Mining. The distinctive feature of such mining clouds is that they use the total hashing power in racks of a closed pool, which gives them an opportunity to keep self-sufficiency and to profit.
N.B. It is crucial that hash power shouldn’t excess 51% out of the whole network power. For instance, a well-known mining pool Ghash.io two years ago has excessed the point, so its participants were asked to leave the service because of security threat.
Are there many alternatives?
There exists thousands of mining pools in the world. Most of them are bitcoin mining pools. It’s extremely difficult to reward alone, that is why users tend to cooperate merging into one pool, and for this reason such kind of units continues to be formed.
Of course, there are other cryptocurrencies, which can be rewarded much easier and faster. But in at present they don’t have a real cost, you can earn in, hoping that one day the value of the currency will skyrocket. But who knows? Will it just remain a dream or turn into reality?
Which pool to choose?
Deciding which pool to choose, take into consideration the following parameters:
- Power. The younger the pool is, the less profit you’ll have. Search for experienced, well-developed pools, with good power. In this case you’d better make a kind of research by turning to statistics. For example, Blockchain.info.
- Have a look at your own equipment. Probably you should accelerate your video card, in order to use mining pool. In case of using old equipment it would be rather expensive to participate in it. For instance, expenditures for electricity.
- The way of sharing the profit – basically, block rewards are to be shared and prorated in accordance with their contributed mining hash power. If you cannot comply with it, you’d better starch for other alternatives.
- Pay outs – clear out if there is such a possibility to use electronic wallet or credit card for getting money out.
How your profit can be calculated
There are many methods that are used to calculate your profit. The most popular are: PPS, PROP and PPLNS.
PPS can guaranty you certain stability of rewards, and pays you for every share that you bring into the pool.
PROP pays all the users in accordance with their contribution to the pool.
PPLNS pays for the last shares.
It’s a crucial moment to choose a mining pool whose method of paying out suits you and your goals, otherwise you won’t profit.
If you use ASIC you’d better change it into VARDIFF, by doing so you can arrive at more complicated goals, and you won’t waste your time on less profitable shares. If it should be manual configuration, do it in accordance with your hashrate. Due to this reason quite often pool operates ask you to change the complexity of your miner.
NiceHash as the best choice for new users
If you are an entry-level user or just don’t have enough time to monitor the situation on cryptocurrency market, NiceHash would be an ideal variant for you. You can really bargain, because the service will indicate the best moments for it.
The distinctive feature of it is that NiceHash unlike other pools can support all popular mining algorithms. Its software doesn’t require any special skills. All payouts are organized using Bitcoin. NiceHash is considered to be a broker; the service is responsible for letting hashing power out. Dealing with the service the user can be sure that there will be only fair game.
As NiceHash is considered to be a multi-pool, it gives an opportunity to switch from one currency to another, depending on its cost effectiveness. The service takes into consideration such parameters as rate exchange, the complexity of each currency. As soon as there appears a more profitable currency, the service starts to be concentrated on it. You can also choose the currency that you wish to earn.
N.B. The service can read as video card as well as processor, so you can switch off all the unnecessary settings.
The program shows the way your balance is changing, or there is a section which is called Miners/Sellers/My miner (enter the address of your BTC –wallet).The information concerning pay outs periodically can change, so all the changes are reflected on the web site. If you’ve got 1 processor/ 1 video card you can wait for the pay out several weeks, if you’ve got 4 and more-you can receive it every day.
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The ratings of the best mining pools
Consider the largest and most common pools for mining in 2017-2018.
Miningrigrentals – seems to be an ideal variant, has been introduced in 2014 for the very first time, and gives you an opportunity to reward as fast as it is possible, reasonable fees.
Minergate – a pool with a huge power. Using it you can mine not only bitcoins but such currency as etherium, dash. All settings are customized automatically. The fee is 1,5 % out of the whole sum.
ZPool – American mining service. Deals only with Bitcoins. All operations are made automatically. No registration is needed.
BitClub Network – has been introduced in 2014. Deals with bitcoin, but there are possible other alternatives such as ETH, ETC, ZEC, XMR. It has got 2 plans-1 thousand days and 2 thousand. The registration is free of charge. Membership fee-99$. The reward can be 80-120%. The service works without failing, a reliable one.
F2Pool (Discus fish) – Chinese service, works since 2013. It is the only service which practices PPS.Today it maintains 1/5 out of the whole hashrate of the network. The service recommends to output the profit within 90 days, otherwise the money will be used for pool development.
AntPool – use different methods of paying out can be compared to F2Pool (18%). There is an opportunity to take money without fees.
BTC China – no Russian interface, English interface is limited, that’s why it is not so popular, in spite of the fact that its hashrate comprises 10-12 %.
BW Pool – Chinese project, keeps 9% out of the whole network. Pay out –PPLNS, no commission.
Bitfury – the only service out of the leaders which is located in Europe. Controls more than 15% out of the whole network. Registration is compulsory.
What are the best pools for Ethereum?
Ethereum is the second generation of cryptocurrency. It is anticipated that one day it can even replace bitcoin.
Ethpool.org is the first official mining pool for Ethereum. The power of this pool comprises approximately 20%.
ETH Nanopool – approximately 40% power, 2% – fees, the service is in constant growth and development.
Ethereumpool – is in business approximately 2 years, 2% power, and fee-2%. Fee for leaving the project is a fixed one.
If you just start to discover the world of mining, everything that you should have is a good video card or processor. If you want to reward Dogecoin( based on Litecoin) your own soft will do for it. If you want to deal with Dash, NVIDIA card will be good for it. And remember that it’s an incremental process.
Independent statistics of pools
To make sure that the pools are working and really exist, you need to turn to independent sources. These are:
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