About Bitcoin Mining Pool
Many wanted to know what bitcoin mining pool is and the information is crucial these days, most especially when it involves investment and future of money i.e. “The Bitcoin”. This review is all about bitcoin mining pool and to it will help you make an informed decision.
Consequently, lack of information has cost people dearly. Either they make a terrible choice or abandon the whole idea altogether. The latter group, as a result, misses excellent opportunities only to regret later. Whichever the case, you may incur losses. That is no exception when referring people to Bitcoin mining.
With the recent mass adoption and mainly what a lot of world leaders are saying about bitcoin and the skyrocketing of its value, there is need to know where you can invest and earn bitcoin. Bitcoin has gone through up and down, it will still rise and fall but it is certain that it has come to live with us. So why won't they make money with it?
The idea of the digital currency was discovered in 2009. At first, it was an easy task because all that you needed was a desktop and internet connection. That quiet period did not last for long. People saw an opportunity and ventured into the development of hardware devices dedicated to Bitcoin mining.
Bitcoin cloud mining which is far different from bitcoin mining pool is a methodological way of mining bitcoin that uses a data center remotely by employing a shared resource power. This process helps users in mining bitcoin and other cryptocurrencies without managing the hardware resource directly.
That change is what brought about Bitcoin mining pools. The mining pool is an arena that will help the Bitcoin miners to share cost the price of a platform. They unite as a team, and once they make money, they have a predetermined way of sharing it.
That being good news for people who have been doing it all alone or those who are new in this there is a dire need to knowing how to really make good money with bitcoin.
The number of Bitcoin mining pools out there is high. Typically, everyone wants the best. Therefore, through ample research and critical analysis, a list of the top 10 Bitcoin mining pool has been availed to you. You will watch various YouTube video review on what is bitcoin mining pool and how you can take advantage of it.
It should assist you to know what to settle for quickly and with confidence. Bitcoin mining is one of the top Strategies to Make Your Money Work for You.
What is Bitcoin Pool Mining About – YouTube
1. Slush Pool
The slush pool is the pioneer of all the other Bitcoin mining pools and was the first one to be availed to the public.
The Bitcoin Company that runs it is known as Satoshi Labs whose location is the Czech Republic. Its other name is Bitcoin Pooled Mining. It started in 2010 on 27th November.
Slush pool applies the method called score. They use a system to compute putting into consideration the time which the work was submitted.
According to their rule, the recent shares are worth more than the earlier ones.
You are required to pay a general fee of 2% and no price per share fee.
• Slush pool has an excellent reputation which attracts more miners to the pool resulting in lower costs of mining.
• It has a high hash rate of about 7% of the total hence low chances of variations of profits over time.
• Its control panel is not only user-friendly but also transparent.
• You are at liberty to set a minimum limit of Bitcoins for your payouts.
• It has another source of income which is referring a miner to their pool.
• If you have the amount of money that is less than your payout minimum, you cannot get it in your wallet.
• As soon as you stop mining into the pool, then the score of your shares will go down.
• Unlike in many other Bitcoin mining pools, the transaction fees are shared.
YouTube Video Review of Slush Pool Mining
It is a public mining pool based in China. The company in charge of it is BitMain. AntPool Mines is its coin base signature. It is large regarding size and does not support merged mining.
The AntPool Bitcoin mining pool incorporates both Pay per Share and Pay Per Last N Shares. You get paid an amount proportional to your shares, but they usually consider the last N shares in around
There is a payment of a pay per share of 2.5%. There are no other fees required.
• It has a high hash rate being the largest Bitcoin mining pool.
• In addition to that, you have a very high earning potential if you choose it.
• The interface has been made in such a way that you can efficiently use it to do various activities.
• They do not have a payout threshold.
• Transparency is evident given the fact that your earnings build up on your dashboard. Also, hash rates are displayed every minute.
Its chief operator, BitMain is considered destructive because they had intentionally included a malware in the mining equipment that they sell.
They lack transparency regarding the fee you pay while using the mining pool
YouTube Video Review of AntPool
3. Kano CKPool
Before the 20th September 2014, this Bitcoin mining pool did not exist. Since then, it has managed to take control of about 3% of the network hash rate.
They use the Pay per last n group. They have grouped shares into shifts that are paid differently regarding price but as a whole regarding payment.
You are required to pay a 0.9% fee.
• They are leading in support as well as the community.
• The small fee that you are required to pay is favorable to many people.
• All share the transaction fees.
• If you are offline, you will only lose some hash power but still get paid.
• Its payout threshold is three days only, and you will get your full reward then. That can be seen to be a long time by many people.
• The interface is poor and can be even more frustrating if you are new.
• To view your earnings, you have to search your Bitcoin wallet address manually.
• You have no option to let your payments accumulate.
• The small payouts are resulting in higher TX fees.
YouTube Video Review of Kano CKPool – Scam or Legit
With the 25% of the network hash rate, F2Pool takes position two regarding size compared to other Bitcoin mining pools.
In addition to Bitcoins, it offers Zcash, Litecoin as well as Ethereum. It also supports merged mining with others including Syscoin, Dogecoin, and Namecoin. It came into existence in 2013 on 5th May.
They reward the miners using the mode of pay per share
You should part with a pay per share fee of 3%.
• The transaction fees are shared with the miner.
• It supports merged mining.
• Compared to others, the Bitcoin mining pool has the least pay per share percentage fee.
• For security purposes, you can lock your Bitcoin wallet address to an account. That way it is protected from being changed in case your account is hacked.
• Their payout threshold is low which is encouraging especially to newbies.
• It has a user interface using the Chinese language which is a disadvantage to people who only understands English or any other language.
• Their landing page has nothing to offer except a login and a register button which could be discouraging.
• You will not receive an alert from the Bitcoin mining pool if you go down.
• If your account remains inactive for three months after that, all the earnings will automatically be donated to the pool.
YouTube Video Review of F2Pool – Best Litecoin Mining Tool
The mining pool has other names which are Luke-Jr’s pool and Eloi. It was founded in mid-2011 and despite a long time of operation it is one of the smallest.
There was a change in management on 23rd October 2012. Ever since then, it has been under wizkid057.
Their reward system types the capped pay per share with recent back pay.
There is entirely no fee asked by this Bitcoin mining pool.
• Though not on the spot, the mining pool will pay for orphan blocks.
• After its many years of operation, it is not only the most reputable but also the most reliable pool compared to all the other Bitcoin mining pools.
• There are no risks of someone changing your payout address for Bitcoin which offers your account the security it deserves.
• It supports both Bitcoin and namecoins mining.
• No registration is required.
• The transaction fees are shared with the miners.
• The data of all the miners at a particular moment can be seen by everyone if they wish.
• Its ease of use is not upheld unanimously.
• Compared to other Bitcoin mining pools, its minimum payout is the highest.
• Their user interface leaves little to be desired because it is disjointed with a lot of redundant data.
YouTube Video Review of Eligius Mining
From peak to nadir, the Bitcoin mining pool currently controls only 1% of the network hash rate. Geir Harald Hansen operates it was also known as Dr. Haribo. The Bitcoin mining pool came into existence in 2011 on 26th June.
It has three servers. One of them is in the European Union while the other two are located in the United States of America. The pool allows not only mining of Bitcoins but also namecoins.
The mining pool uses a pay per last N group method to determine the payout that the miner deserves.
The Bitcoin mining pool requires a miner to pay a fee of 1%.
• They have a low payout threshold regarding Bitcoins.
• You receive an automatic payout on reaching 0.01 Bitcoin.
• Even with an average amount of hashing power, making a manual payment for an amount less than the minimum is also possible.
• The support team is reliable, and its community forums are lively and dependable.
• The mining pool shares the transaction fee with the miners.
• The significant amount of information that they ask for has been a turn off especially to those who are not comfortable sharing their personal information.
• Not everyone who finds their user interface easy to navigate.
• There are poor security options available.
• The regularity of earnings is average.
YouTube Video Review of BitMinter Mining
7. BTC China
It is a mining pool based in China and run by a China-based Bitcoin Company known as BTCC. They control 15% of the network hash rate.
Besides that, it is a Bitcoin exchange wallet. As of October 2014, it was the second largest Bitcoin exchange considering volume. This China’s first Bitcoin exchange was founded in June 2011.
The Bitcoin mining pool uses a reward method of pay per share.
You are required to pay a pay per share fee of 2%.
• When it comes to registration, it is a comfortable Bitcoin mining pool that you can consider.
• Their rates are very competitive.
• Its withdrawal fee is relatively low.
• The payment threshold is minimal.
• It supports various methods of depositing including credit card, bank wire transfer as well as crypto capital.
• Availed to you are both standard and advanced chards for a critical analysis of what to make.
• Its security features are effective and efficient.
• The mining pool does not allow anonymous trading. Therefore, the miner is required verify their order before they can transact. Usually, the process is not only slow but also complicated.
• It does not offer a wide range of pairs for trade.
• The Bitcoin mining pool is neither licensed nor overseen by a governmental authority.
YouTube Video Review of BTC China
8. BTC Public Mining Pool
As the name suggests, it is a public mining pool that is easy to join. It was launched in 2016 on 13th September. On July 19 of the same year, BitMain acquired the then Blocktrail and changed it to BTC. Currently, its wallet supports Bitcoin cash.
The mining pool utilizes the full pay per share. What is its difference compared to the standard pay per share reward type? The mode divides both the regular block reward and some transaction fees.
No pay per share fee but a general one of 4%.
• It has a pin protection.
• You can send requests to this Bitcoin mining pool via SMS or email.
• If you lose your phone, you will still get your data because of the backup option.
• The platform has a multi-signature technology which guarantees the account’s safety.
• For easy identification by friends and family, you are at liberty to personalize your BTC account.
• Security is enhanced by scanning QR codes when either sending or receiving money.
• They allow anonymous mining as well as unlimited numbers of wallet addresses.
• The bitcoin mining pool is under the management of BitMain which has been in the limelight for a controversy regarding privacy violations.
• It is too new to tell its maximum potential.
Unlike others, it is a decentralized bitcoin mining pool. How dos P2Pool work? It creates a pear to peer network using the miner nodes.
It was launched in 2011 on 17th June. Despite being small, it is a global bitcoin mining pool. In addition to that, it supports merging mining which can be done even on an individual mining basis.
It uses a reward system of pay per last N shares.
Can any other bitcoin mining pool be better than P2Pool regarding fees? You pay absolutely nothing to mine bitcoins from it. Neither pay per share fee nor additional fee.
• You pay no fee to become a miner.
• It shares the transaction fees with the miner.
• The bitcoin mining pool supports merged mining.
• You can invite friends to join your pool.
• Also, it is less prone to attacks including the denial of service attack.
• It lacks counterparty risk in case of stolen coins or a pool shutdown.
• It is healthier compared to others when dealing with Litecoin as well as bitcoin networks.
• The decentralized feature is undeniably better compared to the centralized one.
• Setting the bitcoin mining pool is relatively tricky.
• It has a higher variance.
• You will use more money when mining than others.
This bitcoin mining pool which is also referred to as Bitcoin Monster is strictly for mining bitcoins. It was launched recently, and it is based in the United States of America.
The mining pool is small and is not available all over the world. BCMonster is the pool’s Coinbase signature.
This bitcoin mining pool uses the pay per share last N shares. That by default means that the later shares have more value compared to the earlier ones.
To mine with them, you will pay a general fee of 0.5%.
• The bitcoin mining pool has a not only fantastic but easy to use user interface.
• As soon as a block gets 101 confirmations, the miners will receive their payouts.
• It shares the transaction fees with those mining bitcoins from their pool.
• Support is available via email.
• Its landing page is relatively fair compared to those of other pools.
• It has a small payout threshold which is good news, especially for beginners.
• It has little hashing power because it is small.
• The bitcoin mining pool is centralized hence a third party involvement.
• The pool is new hence it would be riskier compared to others.
I hope you now have full understandings of what bitcoin mining pool is?. With no doubt knowledge is power and that is what has been put at your disposal. This What then are you waiting for to move on? Taken action can transform your life and this is a form of investment strategies that will yield you million in the nearest future.
This is better than risking your money involving in bitcoin doubling scheme that is definitely a scam. Take a bold step and with confidence and choose the bitcoin mining pool that meets what you term as best.
Put in mind the payment method, fees, payout threshold, advantages as well as disadvantages. Having done so, you are assured that you will make the right decision.
Do you have a contribution on what you understand about bitcoin mining pool? or you have a question? Kindly drop your comment or contribution below in my comment area.