If you have purchased any equipment or software for mining Bitcoin or any other cryptocurrency, in order to start generating profits, you must first connect to a mining pool. A mining pool is the pooling of resources by a vast number of miners over a shared network.
How Mining Pools Work
In a shared network or pool, users are given the opportunity to combine each others computing power or hash-rate. The larger the hash-rate in a pool, the higher probability of finding a block. Once a block is discovered on the blockchain, everyone is then rewarded based on how much they have contributed to the pool.
Diving in further, all members of the mining pool will be awarded a Share when a valid partial proof-of-work is provided. Mining pools have made it easier for all users who mine cryptocurrencies to get in on the action and earn profits. One thing to remember is that solo mining today is achievable, but you are less likely to succeed due low hash-rate and or increased difficulty in solving a block.
In 2019, the average mining hash-rate for a given pool network is around 1000 Petahash which is equivalent to 1000000 Terahash. Each mining pool listed below has different distribution methods that they use to achieve their goals for it’s users. Those methods are as follows: Pay-Per-Share, Proportional, Pooled Mining, Pay-Per-Last, Peer-to-Peer, and Geometric.
Mining Pool Companies
Below is a list of companies that provide users the ability to connect their ASIC Miners, GPU Mining Setups, or CPU Mining Software to a mining pool. This is where your miners can contribute hash power to the overall pool where you can earn a profit.
Poolin is a company that offers mining pool services to customers looking to earn a profit in the cryptocurrency space. Coins that can be mined on their network are BTC, ZEC, LTC, RVN, ETH, DCR, DASH, XMR, BCH, and BSV. On the date of this post, With a network share of 16.70%, Poolin is mining at a all time high of 16,802.21 PH/s. This makes Poolin the largest mining pool network today.
Poolin has an online dashboard through their website where you can login and monitor your mining activities. Feel free to download the mobile app to instantly check on your progress anywhere around the world. The minimum payout for Bitcoin on this network is 0.005 btc.
In terms of popularity and usage, F2Pool is right behind Poolin for the lead in pool mining. F2Pool became China’s first mining pool in 2013 when it was founded. Ever since then, F2Pool has aimed to become the leader and one of the largest mining pool networks today. F2Pool support over 40 cryptocurrencies and growing. Some of the notable digital coins are BTC, LTC, ETH, and ZEC.
Getting started with F2Pool is simple. Thier straight forward website lays out the steps for you to follow. Simply click on the Sign-Up button to get started. Connect your miner, enter your wallet address, and start mining your profits. You can monitor your activity directly on their website or download their mobile app (on Google Play and Apple Store). The minimum payout for Bitcoin on this network is 0.005.
BTC.com is one of the most reliable pool networks online. they have a strong reputation of transparency and trust amongst all of their users. BTC.com occasionally rewards it’s users with prizes just for using their network instead of their competitors. The cryptocurrencies currently being mined on their network are BTC, BCH, ETH, ETC, LTC, DCR, GRIN, GRIN31, BEAM, UBTC, and CKB.
BTC.com offers Full Pay Per Share (FPPS) and Pay Per Share earning methods for mining your profits efficiently and effectively. You can monitor your mining pool activity through their website by using your computer or mobile phone. To make mining more profitable, BTC.com has release a software called BTC Smart Agent.
This software is said to “greatly improve the communication efficiency between the farm and the pool, saving bandwidth and stabilizing connection”. BTC Smart Agent software is available for both Windows 7 or higher and Linux Platforms.
ViaBTC is another strong contender in the mining pool market. Launched in 2016, this company has not stopped improving their platform and features for users. Using the PPS+ method, ViaBTC allows users to mine BTC, BCH, BSV, LTC, ETH, ZEC, DCR, XMR, and Dash. The networks total hashrate at the moment is over 10,000 PH/s giving it a network share of a little over 10%.
ViaBTC stands out above their competition by offering features that all miners or crypto investors need. Feel free to use thier Blockchain Explorer which allows you to track or confirm transactions on the Blockchain network. ViaBTC also provides you with Wallet Addresses for all of their mining supported digital coins. ViaBTC utilizes the PPS+, PPLNS, and SOLO mining methods.
Sign-in directly on their website to monitor your mining progress or use their mobile app which double’s up as a crypto wallet to store all of your digital coins. The app is available in the Google Play and Apple Store.
AntPool offers a stable service that gives it’s users profits daily by using efficient and effective mining methods. AntPool supports a growing list of cryptocurrencies to mine on thier network such as BTC, BCH, LTC, ETH, ETC, ZEC, DASH, SCC, SMC, BTM, and more. AntPool uses a variety of earning methods such as PPLNS, SOLO, and PPS+ for bring you profits.
The minimum for withdrawal on their network is 0.001 btc. You can also set the limit higher to 0.05 btc to withdraw a bigger profit. Log in directly on their website to monitor the progress of your crypto mining operation. Take advantage of their updated AntPool APP 4.0 where you can monitor your progress from anywhere. The app supports sub-account mining and wallet address mining.
Launched in 2010, Slush Pool was considered the first mining pool online offering users to earn a profit with Bitcoin mining. From then up until now, Slush Pool continues to thrive as one of the most secure reliable mining pools today. Compared to other mining pool companies, Slush Pool’s overall network usage rate is smaller because they only focus one two digital coins at the moment, and that’s BTC and ZEC.
What stands out the most about this platform is their comprehensive dashboard online. The stats and metrics are laid out very simple for beginners and advanced users. Monitor your mining progress and check on the status of your active ASIC miners on the worker tab. You can actively monitor the performance of each machine and set alerts.
Slush Pool offers a low withdrawal minimum of 0.001 BTC and 0.001 ZEC. Payments are automatic and sent instantly to your wallet.
A mining pool gives you the opportunity to join a network of other miners in a collective effort to earn Bitcoin or cryptocurrencies by solving/discovering a block on the Blockchain. Due to the increase in mining difficulty halving that happens each year to Bitcoin, the best way to achieve a consistent profit is by joining one the mining pools listed above.
Also be aware that performance and results are not solely put in the hands of the mining pool. The amount of hash-rate you contribute will determine how much profit you can make.