In order to find out the fairest method and take precautions so that someone doesn’t trick the miners, numerous different calculation schemes have been created.īefore we continue to explain some of the most common calculation schemes, you need to be familiar with the term shares. Every mining pool has a different payout policy some offer daily payouts, while others pay you when the block is solved.Ĭalculating the individual miners’ share seems to be quite complex. One way to do this is to choose an already established BTC mining pool and read user reviews before you get started. You need to stay away from scam mining pools that would only steal your assets or pools that lack sufficient security infrastructure. Most Bitcoin mining pools charge fees that can be as little as 0%, or as high as 4%. On the other hand, small mining pools distribute larger reward portions but they have lower chances of winning the reward in the first place. The upside of larger mining pools is that their payments are more regular. So, how to choose the right mining pool for you? Here are some things that deserve your attention: On the crypto market, you can find various different Bitcoin mining pools and they all have different features that can enhance your mining. The service fees and payment methods vary from pool to pool. Usually, the owner of the mining pool charges you a fee for using the pool. The reward is divided between the pool members, proportionally to the amount of computing power they contributed with. Higher computing power equals a greater chance of generating a block on the blockchain and getting the mining block reward. Similarly, a Bitcoin mining pool consists of a group of miners who join their mining resources in order to generate more computing power, i.e. This way, there is a bigger chance to win than if you buy a ticket on your own. Joining a mining pool is similar to buying lottery tickets together with a couple of friends, with a mutual agreement to share the prize if one of you wins. What Is a Bitcoin Mining Pool and How Does It Work?
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