As soon as mining began to develop, anyone could mine coins even without specialized equipment. The processor or video card was quite able to sign the block and receive a reward for it. But over time, the complexity of mining began to increase, and specialized equipment appeared. This is how new names appeared: pool mining and solo mining.
Solo mining - involves working alone on your own equipment, in this case, the entire reward goes only to you.
Mining in the pool - the power of the equipment of several miners is combined, which allows you to increase the probability of finding a block, but in this case the reward is shared between all participants.
From this, the concept of a mining pool appears - a special server that receives and divides a large task into several small ones among the connected equipment.
To evaluate the contribution of each miner to the pool, the concept of a "ball" was introduced. This is a small piece of work for signing the block that the miner receives from the pool. In the process of collecting the "share" from the miners, the server checks their validity, and if the difficulty values are confirmed, the server announces that the block is signed. The crypto mining pool receives its reward and distributes the load per block among the miners in proportion to the number of processed "shares".
How does the owner of the pool earn?
He receives a commission from the coins that the participants got. Usually these are numbers in the range up to 1%, less often up to 2%. It happens that mining pools deliberately underestimate the computing power of miners, for this they have all the possibilities. Dishonest pools take advantage of this opportunity and bring their commissions up to 10%.
At first glance, it seems that creating a pool is not a problem, but it is, first of all, a business. From the technical side, everything is quite transparent: there are detailed instructions and ready-made templates for creating a pool. However, the question arises in finding members for the pool. All large pools have emerged in the forefront, and if new ones appear, they already have their own large capacities behind their backs and can offer favorable conditions to new participants.
Mining pools now exist for all popular cryptocurrencies. If you are a beginner miner, then you should take a closer look at mining on multitools. You can find most profitable pools at the https://ultramining.com/en/
How to choose a mining pool
It is beneficial for miners that the creators of the pools compete with each other for their capacities. To attract new users, the owners of the pools go to various tricks, offering fabulous conditions.
What to look for when choosing a mining pool
- pool power;
- mandatory testing;
- pool commission;
- reviews and recommendations;
- payment frequency;
- the amount of the minimum payout.
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