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

Bigger pools offer more frequent payments, but smaller pools provide higher rewards (since the reward is split among less miners). Here are the top Bitcoin mining pools today:

SlushPoolPool dimensions:Medium-LargePayment options:Score-basedAverage fees:2%Overall rating:4.5 Star RatingAntpoolPool size:MediumPayment options:PPLNS, PPS+Average fees:1%Overall rating:4.5 Star RatingBTC.comPool size:LargePayment options:FPPSAverage fees:1.50%Total rating:4 Star RatingF2PoolPool dimensions: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%Total rating:3.5 Star Rating

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

If you previously read our manual on Bitcoin mining, you know that new Bitcoins enter the circulation as a prize for a miner who manages to figure that the solution to a mathematical issue. The winning miner get to bring the latest block to the blockchain and update the ledger.

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By design, the more miners you have, the harder the issue gets, and vice versa. This system is called mining difficulty and it was designed to regulate the circulation of new Bitcoins into the machine (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 problem rose to a point it became unprofitable to mine with a home operation.

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

Mining pools are essentially collections of miners who pool their mining resources with each other to secure more hashing power. The more hashing energy you have, the more chances you have of adding explanation 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'd mining . The rewards are then split between the pool members, proportionally to the amount of hashing electricity their equipment contributed to this solution.

The mining pool owner typically charges a fee for setting up the pool as well. The pools vary in their payment procedures, as well as in the prices they charge and other parameters. In the following chapters we will review different mining pools and ways to decide which one to choose. .

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

Pool size: Larger pools provide more routine payments. On the other hand, the payout is smaller because its shared among more members. Smaller pools offer 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 few as 0%, and go as high as 4 percent away from the reward.

Reliability and safety: An important thing to keep an eye out for is whether you can trust the pool to not cheat and steal your funds, or not get hacked and shed your earnings. Even though this is true with every third party that holds your money (e.g. a Bitcoin exchange), apply more caution when selecting a mining pool. .

A good way to mitigate these dangers is by joining a veteran, established pool. Make sure to also read user reviews before you join, keeping in mind that therell always be disgruntled users so nothing needs to be taken at face value.

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Payout coverage: Another thing mining pools change in, is their payout policies. If you want regular daily payments or get paid whenever a block is solved by the pool, be sure that you do your due diligence before you sign up to some pool.

Before we can understand how mining pool reward approaches work, we need to understand what stocks are, in relation to mining. Simply put, stocks are units that allow pool owners to calculate individual miners contribution into the hashing effort. Whenever miners are mining via a pool, then they receive shares which are proportional to their contribution to solving a block.

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

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