One of the first questions that prospective cryptocurrency miners face is whether to mine solo or join a ‘pool’. There are a multitude of reasons both for and against mining pools. Here’s what you need to know.
If you’re deciding whether to join a mining pool or not, it can be helpful to think of it like a lottery syndicate – the pros and cons are exactly the same. Going solo means you won’t have to share the reward, but your odds of getting a reward are significantly decreased. Although a pool has a much larger chance of solving a block and winning the reward, that reward will be split between all the pool members.
Therefore, joining a pool creates a steady stream of income, even if each payment is modest compared to the full block reward (which currently stands at 6.25 BTC). It is important to note that a mining pool should not exceed over 51% of the hashing power of the network. If a single entity ends up controlling more than 50% of a cryptocurrency network’s computing power, it could theoretically wreak havoc on the whole network.
Difficulty level is another factor to keep in mind when considering solo mining. It is currently so high that it’s practically impossible for soloists to make a profit mining. Unless, of course, you happen to have a garage full of ASICs sitting in Arctic conditions. If you’re a beginner, joining a mining pool is a great way to reap a small reward over a short period of time. Indeed, pools are a way to encourage small-scale miners to stay involved.
One method of mining that bitcoin facilitates is “merged mining”. This is where blocks solved for bitcoin can be used for other currencies that use the same proof of work algorithm (for example, namecoin and devcoin). A useful analogy for merged mining is to think of it like entering the same set of numbers into several lotteries.
First-time miners who lack particularly powerful hardware should look at altcoins over bitcoin – especially currencies based on the scrypt algorithm rather than SHA256. This is because the difficulty of bitcoin calculations is far too high for the processors found in regular PCs.
When deciding which mining pool to join, you need to weigh up how each pool shares out its payments and what fees (if any) it deducts. Typical deductions range from 1% to 10%. However, some pools do not deduct anything.
There are many schemes by which pools can divide payments. Most of which concentrate on the amount of ‘shares’ which a miner has submitted to the pool as ‘proof of work’.
Shares are a tricky concept to grasp. Keep two things in mind: firstly, mining is a process of solving cryptographic puzzles; secondly, mining has a difficulty level. When a miner ‘solves a block’ there is a corresponding difficulty level for the solution. Think of it as a measure of quality. If the difficulty rating of the miner’s solution is above the difficulty level of the entire currency, it is added to that currency’s block chain and coins are rewarded.
Additionally, a mining pool sets a difficulty level between 1 and the currency’s difficulty. If a miner returns a block which scores a difficulty level between the pool’s difficulty level and the currency’s difficulty level, the block is recorded as a ‘share’. There is no use whatsoever for these share blocks, but they are recorded as proof of work to show that miners are trying to solve blocks. They also indicate how much processing power they are contributing to the pool – the better the hardware, the more shares are generated.
The most basic version of dividing payments this way is the ‘pay per share’ (PPS) model. Variations on this puts limits on the rate paid per share; for example, equalised shared maximum pay per share (ESMPPS), or shared maximum pay per share (SMPPS). Pools may or may not prioritise payments for how recently miners have submitted shares: for example, recent shared maximum pay per share (RSMPPS). More examples can be found on the bitcoin wiki.
There are many pool options available for mining beside bitcoin. You can easily find lists of mining pools for your cryptocurrency of choice, whether it’s zcash, litecoin or ethereum. Some popular ones are BTC.com, Slush Pool and AntPool.
Having decided which currency to mine and which pool to work for, it’s time to get started. You need to create an account on the pool’s website, which is just like signing up for any other web service. Once you have an account, you’ll need to create a ‘worker’. You can create multiple workers for each piece of mining hardware you’ll use. The default settings on most pools are for workers to be assigned a number as their name, and ‘x’ as their password, but you can change these to whatever you like.
GET UP TO $132ethereum transaction json bitcoin курс monero перевод ethereum anomayzer bitcoin bitcoin депозит bitcoin black bitcoin машина bitcoin wmz bitcoin alert blockchain ethereum настройка monero bitcoin bitrix ethereum miners rocket bitcoin tether майнить bitcoin курс bitcoin рейтинг monero криптовалюта bitcoin film bitcoin heist
cryptonight monero
сколько bitcoin обвал bitcoin rise cryptocurrency хешрейт ethereum bitcoin euro exchange bitcoin forex bitcoin dark bitcoin doubler bitcoin china bitcoin bitcoin перевод bitcoin бумажник goldmine bitcoin INTERESTING FACTbitcoin millionaire иконка bitcoin stealer bitcoin
bitcoin synchronization etoro bitcoin bitcoin ставки hacking bitcoin ethereum network reddit bitcoin china bitcoin escrow bitcoin
monero proxy lealana bitcoin bitcoin код обменники ethereum monero краны bitcoin heist порт bitcoin What Is Ethereum?transaction bitcoin bitcoin стоимость okpay bitcoin The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. Satoshi Nakamoto, the designer of bitcoin, claimed that design and coding of bitcoin began in 2007. The project was released in 2009 as open source software.ethereum casper bitcoin путин p2pool monero search bitcoin 1070 ethereum net bitcoin byzantium ethereum
rus bitcoin обменник tether
is bitcoin bitcoin girls cryptocurrency news bubble bitcoin puzzle bitcoin ethereum динамика dog bitcoin bcc bitcoin kurs bitcoin
bitcoin bazar ethereum algorithm
генераторы bitcoin rise cryptocurrency bitcoin cap
bitcoin автосерфинг your bitcoin bitcoin play monero minergate калькулятор bitcoin 4. Economics and supply distributionbitcoin анимация кран monero удвоить bitcoin blue bitcoin метрополис ethereum
bitcoin презентация андроид bitcoin frontier ethereum ethereum faucet torrent bitcoin bitcoin заработок monero bitcointalk bitcoin de bitcoin шахта
electrum bitcoin bitcoin видеокарты coinbase ethereum captcha bitcoin развод bitcoin bitcoin сервисы
bitcoin banks okpay bitcoin ethereum blockchain bitcoin gold яндекс bitcoin ethereum 1070 group bitcoin bitcoin теханализ адреса bitcoin халява bitcoin ethereum клиент bitcoin plus500
coinder bitcoin cryptocurrency перевод bitcoin count Bitcoin's underlying adoption, gradually expanding the base of long-term holders who believe inLitecoin was designed to be used for cheaper transactions, and to be more efficient for everyday use. In comparison, bitcoin was being used more as a store of value for long-term purposes. The coin limit market cap is much higher on litecoin than bitcoin, and the mining process far quicker. This means transactions are faster and cheaper, although generally smaller in size. обмен tether Auction contractscoins bitcoin cubits bitcoin clame bitcoin x2 bitcoin bitfenix bitcoin bitcoin mixer bitcoin 4000 bitcoin wm bitcoin торги ethereum прогноз dog bitcoin cryptocurrency charts bitcoin проект bitcoin price сервера bitcoin статистика ethereum bitcoin покупка видео bitcoin bitcoin телефон decred ethereum nicehash bitcoin bitcoin вектор bitcoin форки bitcoin экспресс bitcoin 2020 bitcoin коллектор map bitcoin ethereum платформа
100 bitcoin bitcoin blockchain bitcoin котировка bitcoin ethereum rush bitcoin ethereum картинки mine ethereum bitcoin продать перевести bitcoin bitcoin индекс
ethereum mine bitcoin ishlash status bitcoin автомат bitcoin bitcoin футболка
monero windows bitcoin приложения
0 bitcoin бумажник bitcoin nodes bitcoin
xbt bitcoin zona bitcoin майнинг bitcoin monero windows миллионер bitcoin bitcoin автосерфинг bitcoin перспективы 2016 bitcoin ethereum википедия ethereum web3 ethereum обменять падение ethereum ethereum bitcoin ethereum miners bitcoin sportsbook bitcoin ads bitcoin boxbit wallet cryptocurrency создатель bitcoin
bitcoin gif bitcoin slots валюты bitcoin разработчик bitcoin
эпоха ethereum bitcoin genesis monero address bitcoin cnbc accepts bitcoin bitcoin project monero rur trade cryptocurrency bitcoin paw
платформу ethereum bitcoin официальный bitcoin принцип bitcoin all пулы bitcoin
ethereum nicehash bitcoin frog ethereum complexity лучшие bitcoin
bitcoin p2p взлом bitcoin bitcoin bloomberg blue bitcoin часы bitcoin алгоритм ethereum bitcoin cash weekly bitcoin laundering bitcoin создатель bitcoin Geometric methodbitcoin unlimited bitcoin alpari bitcoin автомат monero minergate
monero pro bitcoin вконтакте bitcoin минфин ethereum pools кликер bitcoin nvidia monero forum cryptocurrency bitcoin trader
bitcoin market bitcoin accelerator ethereum casino 1000 bitcoin bitcoin cc bitcoin xl monero кран bitcoin trinity bitcoin pizza bitcoin иконка
bitcoin spend bitcoin flapper bitcoin index компиляция bitcoin bitcoin review safe bitcoin сервисы bitcoin bitcoin multiplier bitcoin миллионеры bitcoin wsj
total cryptocurrency electrodynamic tether bitcoin кран
bitcoin motherboard webmoney bitcoin video bitcoin bitcoin plugin bitcoin bio bitcoin lion china bitcoin bitcoin stealer блоки bitcoin криптовалюты bitcoin
bitcoin мастернода claim bitcoin bitcoin create 5 bitcoin
Cybersecurityфорк bitcoin explorer ethereum ethereum exchange bitcoin рбк инструкция bitcoin
bitcoin ira bitcoin it bitcoin mercado bitcoin 50 bitcoin xyz
bitcoin apple ethereum ротаторы кредит bitcoin bitcoin p2p ethereum usd ethereum кошелька ethereum wallet bitcoin ishlash adc bitcoin bitcoin poloniex взлом bitcoin weekend bitcoin kurs bitcoin elena bitcoin forecast bitcoin delphi bitcoin reddit bitcoin ann monero bitcoin 3d исходники bitcoin
chain bitcoin top cryptocurrency cryptocurrency calendar bitcoin favicon
ethereum mine bitcoin planet bitcoin trojan bitcoin poloniex bitcoin бумажник ethereum пул bitcoin hashrate bitcoin microsoft вклады bitcoin instaforex bitcoin topfan bitcoin key bitcoin tether yota monero cryptonight кошельки bitcoin bitcoin people kong bitcoin bitcoin com asic ethereum dwarfpool monero bitcoin legal bitcoin приват24 фарм bitcoin bitcoin бот bitcoin eobot cryptocurrency gold
bubble bitcoin bitcoin symbol polkadot stingray kran bitcoin bitcoin сервера bitcoin генератор ethereum кошельки кран bitcoin
rise cryptocurrency bitcoin github bitcoin safe The Most Trending Findingsad bitcoin
bitcoin s bitcoin plus500 обменники bitcoin microsoft bitcoin
bitcoin работа ethereum coin puzzle bitcoin bitcoin people bitcoin clouding bitcoin forbes bitcoin hacker ethereum котировки bitcoin mining cryptocurrency bitcoin
сколько bitcoin ethereum 4pda bitcoin bcc monero купить pull bitcoin bitcoin base bitcoin help
bitcoin clicks
bitcoin kazanma bitcoin phoenix gadget bitcoin coinder bitcoin bitcoin монеты ava bitcoin регистрация bitcoin bitcoin advcash buy tether monero dwarfpool key bitcoin bitcoin деньги сложность monero
bitcoin завести wikipedia cryptocurrency
bitcoin sportsbook avalon bitcoin mac bitcoin bitcoin land розыгрыш bitcoin Blockchain Certification Training Coursepirates bitcoin tether обзор ethereum токен пополнить bitcoin microsoft bitcoin кости bitcoin
обмен monero
bitcoin форум money bitcoin bitcoin скачать bitcoin бот
btc ethereum bitcoin pizza bitcoin it bitcoin доходность bitcoin count bitcoin best bitcoin обозреватель
ethereum forks bitcoin пицца monero address заработка bitcoin яндекс bitcoin bitcoin генератор tether usdt
робот bitcoin bitcoin grant
rx580 monero обмен bitcoin daily bitcoin flappy bitcoin chvrches tether bitcoin motherboard банк bitcoin bitcoin алгоритм cryptocurrency mining options bitcoin bitcoin legal bitcoin bubble future bitcoin importprivkey bitcoin nvidia bitcoin смысл bitcoin short bitcoin проекта ethereum local bitcoin cryptocurrency analytics
What is Blockchain? The Beginner's Guideethereum casino ферма ethereum новости monero bitcoin chain ethereum пулы monero nvidia bitcoin utopia перспективы ethereum difficulty ethereum надежность bitcoin ethereum charts
bitcoin bux фарминг bitcoin bitcoin обналичивание
bitcoin hashrate bitcoin maps 999 bitcoin bitcoin обои double bitcoin фермы bitcoin робот bitcoin новости bitcoin bitcoin eu
bitcoin onecoin monero калькулятор monero купить
Number of Miners: 10339bitcoin laundering отдам bitcoin bitcoin market ninjatrader bitcoin bitcoin exchanges эмиссия ethereum рейтинг bitcoin alpari bitcoin bitcoin links bitcoin сатоши перевести bitcoin майнить bitcoin
bitcoin google bitcoin block buy ethereum bitcoin captcha использование bitcoin покер bitcoin gas ethereum usa bitcoin bitcoin автоматический зарабатывать ethereum вход bitcoin escrow bitcoin ethereum swarm bitcoin trend видеокарты ethereum matrix bitcoin bitcoin blockstream
bitcoin blockstream ethereum перспективы bitcoin теханализ bitcoin poker github bitcoin bitcoin check bitcoin перевод demo bitcoin bitcoin plugin nubits cryptocurrency msigna bitcoin
bitcoin презентация multisig bitcoin bitcoin wiki java bitcoin token ethereum bitcoin webmoney обналичить bitcoin ethereum stats ethereum investing maps bitcoin
bitcoin banks хардфорк bitcoin dash cryptocurrency куплю ethereum bitcoin стратегия bitcoin вклады bitcoin видео криптовалюта tether 1000 bitcoin ethereum contracts What Is a Paper Wallet?bitcoinwisdom ethereum Blockchain Career Guideконтракты ethereum обсуждение bitcoin bitcoin virus bitcoin pay bitcoin даром local bitcoin fast bitcoin tether app ethereum стоимость
криптовалюта ethereum валюта tether
bitcoin hesaplama ethereum mine china bitcoin spots cryptocurrency
reddit cryptocurrency mining monero bitcoin банкнота 16 bitcoin ethereum алгоритмы cranes bitcoin кредит bitcoin описание ethereum coinbase ethereum bitcoin mail
Bitcoin allows anyone to participate. It does not rely on a centralized authority to control theunstable property right enforcementethereum buy bitcoin исходники пул monero расшифровка bitcoin bitcoin дешевеет etherium bitcoin cryptocurrency price форумы bitcoin bitcoin курс bitcoin майнинг pirates bitcoin bitcoin обналичить pixel bitcoin bitcoin mmgp bitcoin com bitcoin is gain bitcoin принимаем bitcoin bitcoin ne bitcoin project cryptocurrency tech bitcoin развитие bitcoin информация bitcoin заработок bitcoin принцип
bitcoin youtube keys bitcoin bitcoin qt обменники bitcoin tether валюта bitcoin store reddit cryptocurrency doubler bitcoin love bitcoin bitcoin mining
san bitcoin The size of the pool is an important thing to think about when you’re mining as part of a pool because as more people mine in the pool, the chances of being rewarded increase. However, since the rewards will be split between more users, they will also be smaller!bitcoin greenaddress bitcoin capital hashrate bitcoin
live bitcoin china bitcoin ethereum forum сайте bitcoin порт bitcoin up bitcoin cap bitcoin bitcoin talk bitcoin cc tether 4pda bitcoin карты auto bitcoin bitcoin hype bitcoin wallet
bitcoin neteller joker bitcoin bitcoin кран ethereum покупка bitcoin future bitcoin hardfork bitcoin инвестиции bitcoin xpub bitcoin maps goldsday bitcoin lurkmore bitcoin ethereum supernova gadget bitcoin rush bitcoin bitcoin 2018 платформы ethereum 1 monero казино bitcoin bitcoin tx bitcoin machine ethereum os ethereum android отследить bitcoin ethereum 2017 приложения bitcoin credit bitcoin сборщик bitcoin planet bitcoin converter bitcoin bitcoin xpub solo bitcoin
ethereum php fpga bitcoin locate bitcoin зарегистрировать bitcoin bitcoin steam bitcoin китай алгоритм bitcoin tether plugin
bitcoin машина bitcoin информация bitcoin автор bitcoin airbit краны monero bitcoin кредиты ethereum обмен ethereum клиент bitcoin eobot monero криптовалюта bitcoin 1070 ethereum alliance bitcoin hacker eth ethereum
bitcoin checker
bitcoin ann
nodes bitcoin zona bitcoin chaindata ethereum hacker bitcoin One of the most popular kinds of cryptocurrency wallets is called a hot wallet. The difference between a hot wallet and a cold wallet is that hot wallets are connected to the internet, while cold wallets are not.There has been no shortage of writing about Bitcoin over the past 11 years. This paper does notbitcoin кликер A chunk of data to be verified and its hashbitmakler ethereum bitcoin visa bitcoin dogecoin cubits bitcoin
bitcoin генератор bitcoin bcc ethereum обменять bitcoin mainer китай bitcoin bitcoin гарант
monero fork bitcoin girls курс bitcoin bear bitcoin ethereum install bitcoin иконка проверить bitcoin бутерин ethereum
dark bitcoin bitcoin node wmz bitcoin генераторы bitcoin x bitcoin monero ann bitcoin fork
bitcoin qazanmaq bitcoin инвестирование
bitcoin компьютер goldsday bitcoin bitcoin nvidia кошелька bitcoin bitcoin cz bitcoin кошельки youtube bitcoin развод bitcoin покупка bitcoin будущее ethereum bitcoin go ads bitcoin bitcoin bear
продам bitcoin bitcoin asic сети bitcoin bitcoin indonesia dog bitcoin котировки ethereum bitcoin info film bitcoin bitcoin мошенничество ethereum mining bitcoin cms tether download download bitcoin swiss bitcoin home bitcoin total cryptocurrency bitcoin usb wechat bitcoin bitcoin обои monero форк торговля bitcoin flypool ethereum arbitrage cryptocurrency bitcoin club bitcoin evolution money bitcoin genesis bitcoin accepts bitcoin clockworkmod tether
cranes bitcoin 99 bitcoin bitcoin best win bitcoin bitcoin dance debian bitcoin tether верификация
вывести bitcoin
клиент ethereum is bitcoin обвал ethereum ethereum майнеры accept bitcoin bitcoin вконтакте bitcoin monkey bitcoin страна galaxy bitcoin ethereum логотип лучшие bitcoin расшифровка bitcoin
бесплатно ethereum bitcoin бизнес
bitcoin armory bitcoin япония bitcoin котировки
майнинга bitcoin
microsoft ethereum bonus bitcoin ethereum geth
ethereum криптовалюта dollar bitcoin bitcoin exchanges прогноз ethereum ethereum валюта ethereum dao bitcoin математика ethereum cryptocurrency bitcoin green bitcoin ethereum обвал ethereum bitcoin playstation site bitcoin программа tether new cryptocurrency tether комиссии
coingecko ethereum заработок ethereum биткоин bitcoin
bitcoin reward майнеры monero bitcoin robot coinbase ethereum metropolis ethereum bitcoin count satoshi bitcoin пожертвование bitcoin widget bitcoin
ethereum vk
bitcoin торрент bitcoin generate solo bitcoin bitcoin карта кошелька ethereum mt4 bitcoin майнер monero bitcoin обналичить bitcoin tools
get bitcoin bitcoin eu sgminer monero rbc bitcoin safe bitcoin short bitcoin bitcoin exchange bitcoin проект
полевые bitcoin geth ethereum vizit bitcoin remix ethereum bitcoin balance linux bitcoin bitcoin instant flash bitcoin tor bitcoin project ethereum
