The payment comes from the group’s current funds, and miners can take out their earnings right away. The Pay-per-Share (PPS) method immediately rewards miners for their work towards helping the group find a block. Important Mining Pool Terminology to Understand Pay Per Share Cloud mining is where you pay a service provider to mine for you and you get the rewards. Many people get mining pools confused with cloud mining. This is not true! Mining pools are for people who have mining hardware to split profits.
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Many people read about mining pools and think it is just a group that pays out free bitcoins. Actual prices may vary depending on seller. * averages prices from various online sources. You’ll need one of these before you join a pool. The more powerful your hardware is–and the more energy efficient–the more profitable it will be to mine bitcoins. Mining hardware is specialized computers, created solely for the purpose of mining bitcoins. ➤ MORE: Is bitcoin mining profitable in 2023? Get Mining Hardware (Also Called a Bitcoin ASIC) Miners can easily switch their hashrate from one pool to another in a few minutes. Keep in mind, this is just hashrate by pool. Broken down by the percent of hash power controlled by a pool, and the location of that pool’s company, here are our estimates on which countries have the most mining pools: You’ll have to check with your specific pool if they offer both or only Bitcoin mining. Some websites offer mining pools for both Bitcoin and Ethereum miners. Do Bitcoin Mining Pools Work for Ethereum? However, in Bitcoin’s history, these have mostly been scams. What Are Cloud Mining Pools?Ĭloud miners claim to have mining hardware that mines for you.
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Mining software is simply software that allows you to connect your mining ASIC to the Bitcoin network. Mining pools are a way to join with other miners.īy joining with other miners, you’re able to mine more Bitcoin blocks, which means you’ll get paid more consistently. This is what the dashboard will look like once you join:Īnd this is how it will show your payouts and earnings from mining:Īs far as we can tell, there is currently now mining pool that’s free.Īll mining pools charge a fee, as you can see in our comparison table above. You’ll need to create an account, connect your miners, and add a wallet to get payouts. It was the first mining pool and has helped people mine more than 1.3 million BTC since it started in 2011. Once you have done steps 1-3, you can join a mining pool.īraiins pool is a good pool to start with. Your mining pool will ask you for a wallet address. Step 3: Get a bitcoin walletĪ Bitcoin wallet allows you to receive your mining rewards. Your mining pool will tell you what to put into the software so that you can connect to the pool. Mining software allows you to connect your miner to the Bitcoin network. You’ll need to connect your ASIC to your mining pool. Here are the exact steps to join a mining pool: Step 1: Get an ASIC MinerĪn ASIC/mining hardware are computers designed for Bitcoin Mining.
➤ MORE: Bitcoin mining machines & hardware Legit Sites & Scam SitesĪny site claiming “free consistent payouts” or similar is likely a scam.Ī real mining pool will only pay you if you have your own mining ASIC or hardware. Braiins Poolīraiins Pool, previously known as Slush Pool, was the first mining pool and currently mines almost 1.24% of all blocks. This is a Japanese pool that currently mines about 1.5% of the blocks. Poolin is based in China and mines around 1.5% of all blocks. We strongly recommend joining Slush Pool or Poolin instead. BTC.comīTC.com is a public mining pool that can be joined and mines about 6.5% of all blocks. They account for 3% of all hashing power. Binance Poolīinance Pool is a fast growing pool owned and operated by Malta-based exchange Binance.īinance is already one of the largest crypto exchanges on Earth and they are moving aggressively to expand their reach in mining as well.īinance mines about 8% of all blocks 6. They are based in China, but have a website fully available in English. ViaBTC is a public pool which mines about 9% of all blocks. F2Poolį2Pool is based in China and mines about 10% of all blocks. AntpoolĪntpool is a mining pool based in China and owned by BitMain. ➤ MORE: Bitcoin mining profit calculator 2. It mines about 30% of all Bitcoin blocks. The list below details the biggest Bitcoin mining pools:įoundry USA is based in America. You'll need mining software, hardware and a Bitcoin wallet before you join a mining pool.Braiins and Luxor are some of the best mining pools.The main benefit of a mining pool is to generate more consistent payouts from your miner.
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