Mining pools are group of miners working together to mine bitcoins and share the prizes based on the hashrate everyone contributes.
How Mining works te a mining pool?
Te ordinary terms, your machine is a worker bee which will connect to one of the mining pools and a work gets allocated to solve a portion of SHA-256 puzzle and based on the overall prizes you will receive your share and the prize depends on how much hashrate are you contributing.
Why should I join mining pools ?.
The odds of you mining alone and finding a fresh block are very slender instead you join a group of miners who work together and share prizes there by your payouts will be ter a predictable manner.
Here is the top list of mining pools for bitcoins and their combined hashrates. Reference from https://btc.com
For every block mined there is a block prize which is now 12.Five BTC (This again can go down spil the mining progress and difficulty increases) and ter addition to that there is transaction verification prizes to verify all the transactions te a block. The below is a sample prizes for ant pool from btc.com
Enlargening Daily payouts with HashFlare:
I bought 4TH/S te HashFlare to begin my cloud mining journey (Part-1 of this article) , Hashflare gives an option to adjust my pool settings ,here are the pools that are supported by HashFlare for SHA-256.
AntPool, SlushPool, BW.com, BTCChina, F2Pool
When someone buys hashrate, by default it divides the hash rates among thesis Three pools namely BW.com(34%),SlushPool(33%),BTCChina(33%) and you can adjust the pool settings by clicking on the gear icon at the right corner on the pools tabulator.
I noticed that my daily btc payouts were step by step degrading with the default settings and I determined to do some more research on mining pools.
I employed a strategy to go with top pools to see if it impacts my payouts and it actually did and te a positive way, after several tryouts of adjusting the pools, here is what I ended up with Antpool (80%) and SlushPool (20%)
This has enhanced by daily payouts. Its better than my previous payouts with default settings.
The payouts have undoubtedly enlargened even however its not significant its better than the default settings, ter reality it has switched by (20 cents/Day again this is based on the current BTC rate) approximately. You are permitted to switch the pool contribution once a day.
Understanding mining pools and prizes has undoubtedly helped mij to increase by daily payouts and I thought I would share this information to my readers\
If you would like to begin cloud mining read this article I wrote. is Bitcoin too expensive to buy ? Mine them instead
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