There are around 1500 cryptocurrencies available te the market spil of writing this article. But Bitcoin remains the most popular out of it spil it is the granddaddy of all the cryptocurrencies. Due to it’s popularity and being the very first decentralized cryptocurrency,it remains on the top spot te the list of cryptocurrencies according to price spil well spil market cap. With enlargening rente ter Bitcoins and bitcoin mining activity, bitcoin mining pools are also becoming popular among crypto enthusiasts.So here te this article, I have mentioned a “List of Best Bitcoin Mining Pool”
What is Bitcoin Mining?
Bitcoin Mining is a process of earning Bitcoins by validating and verifying the bitcoin transactions. Thesis transactions verified by high end ASICS pc chips.
What is a Bitcoin Mining Pool?
Te the modern days, the geeks (Bitcoin miners) combine their resources and share their hashing power. The prizes of this are split identically according to their individual contribution te terms of ‘shares’ towards solving a block.
The associates of the Bitcoin mining pool vereiste present a valid proof of work for them to be awarded a ‘share’. The origin of Bitcoin mining pools can be attributed to the enlargening difficulty ter mining to generate a block. For some, it could take even a few years to generate a block for themselves.
The only alternate solution wasgoed for miners to combine their resources to generate blocks quickly. This would enable them to receive a portion of bitcoin consistently instead of waiting years for it.
Best Bitcoin Mining Pool
Bitcoin is the fresh gold. The trend has shifted from mining for gold to bitcoin mining. The earlier ones required the use of strenuous machinery to dig ter and samenvatting it from the insides of the earth surface. The latter one requires the use of computers to samenvatting it.
Factors To Look Out For Before You Choose The Best Bitcoin Mining Pool
One of the very first factor to look before joining any Bitcoin mining pools is the “Reputation” of the pool. Making sure that you choose the pool which:
- Gives prizes consistently on time,
- Provide excellent service,
- Takes responsibility for payments,
- Provides technical support or any other assistance,
- Does not have any bad reviews.
1. Size Of The Bitcoin Mining Pool
If you want regular payments, then you vereiste pick a thicker pool. But the increase te pool size is inversely proportional to the amount of payment you will receive. Spil the payment is collective among a larger group. If you pick a smaller pool, the frequency of payouts reduces but the amount will increase. Te the long term, the comes back should even out.
Two. Prize Methods Of the Bitcoin Mining Pool
Calculating your share of the bitcoins mined is a ingewikkeld process for bitcoin mining pool. Many share calculation schemes have bot invented to come up with the fairest method. The two most popular types are Pay-per-Share (PPS) and Dual Geometric Method (DGM). Exclusief from thesis two, there are various other methods such spil:
- Bitcoin Pooled mining (BPM),
- Capped Pay Vanaf Share with Latest Backpay (CPPSRB),
- Equalized Collective Maximum Pay Vanaf Share (ESMPPS),
- Pay Vanaf Last N Shares (PPLNS),
- Pay on Target (POT),
- Proportional (PROP),
- Latest Collective Maximum Pay Vanaf Share (RSMPPS),
- Collective Maximum Pay Vanaf Share (SMPPS,
Wij have discussed all the prize methods ter the end of the article. Keep on reading.
Make sure that the Bitcoin Mining Pool you want to join has a good percentage of hashing power on the Bitcoin network. Good percentage of hashing power means good chances of high numbers of block mining which will fetch higher prizes.
Four. Fees Of the Bitcoin Mining Pool
The fees of different mining pools can vary from 0% to 3%. Tho’ you might not be able to see it when you register.
List of Best Mining Pool
Operated by Bitmain Technologies, Antpool is the presently the largest Bitcoin mining pool. It is based te Beijing,China and has a network hash rate of 22%. A yam-sized advantage of this pool is that you can choose your preferred prize mode inbetween PPLNS that attracts 0% fees and PPS which attracts Two.5% fees. Antpool wasgoed set up to vormgeving new-age ASIC chips that were capable of bitcoin mining.
AntPool’s pool hashrate presently stands at around 3600 Petahash/2nd (PH/s).
You can avail payments once a day if the amount is more than 0.001 bitcoin. The instrumentenbord is user-friendly with all the details available. Te terms of security, Antpool provides email alerts, wallet locks, and two-factor authentication.
Pros of Antpool Bitcoin Mining Pool
• Choose your preferred prize mode
• Excellent security options
Cons of Antpool Bitcoin Mining Pool
• Puny payouts owing to the large community
Another giant te terms of size is the F2Pool that wasgoed commenced ter 2013. The Chinese Bitcoin mining pool has a network hash rate of 14% which makes it the second-largest ter the world. It operates on a PPS prize method but takes a high toverfee of 4%.
Bijzonder from Bitcoin, you can also mine Litecoin, Zcash, and Ethereum on F2Pool. You get an automatic payout daily provided you withdraw more than 0.001 BTC. The language used on the interface is English which is fairly effortless to understand and use.
Pros of F2 Bitcoin Mining Pool
• Mine LTC, ZEC, ETH, ETC, DASH, XMR, ZEC, SC along with BTC
• High chances of regular payouts
• Low threshold on payouts
Cons of F2 Bitcoin Mining Pool
• High toverfee of 4% compared to other pools
One of the fattest and oldest cryptocurrency exchanges te China, BTCC has one of the largest mining pools all overheen the world. BTCC also offers Litecoin mining. Albeit the users may feel disappointed to see a toverfee of 4%. The ondergrens amount needed for payout is 0.001 BTC. The pool goes after a PPS payout method. BTCC has a network hash rate of close to 11%.
Pros of BTCC Bitcoin Mining Pool
- Good security features
- Effortless to use user-interface
Cons of BTCC Bitcoin Mining Pool
- A high payout toverfee charged (4%).
Bitfury is a private mining pool and cannot be joined. The company makes all of its mining hardware on its own. Thus people who have their mining hardware at huis cannot join it. Bitfury mines close to about 9% of all the blocks. Wij cannot make a comment on security or payouts of this pool. The company actually hates the word ‘mining’. The company is headed up by Valery Vavilov who belongs to Latvia.
BW Pool control about 6% of the network hash rate. It has almost zero publicity ter the English-speaking nations. Thus wij cannot make a comment on it.
Cons of BW Bitcoin Mining pool
- User-interface te Chinese. Difficult to join for English speakers to join.
Speciaal from the above list of Top Five Bitcoin Mining pools, following cryptocurrency pools should also be considered.
The first-ever mining pool to be launched wasgoed Slush Pool ter the year 2010. They opened the doors for many other mining pools. It is based ter the Czech Republic which is operated by Satoshi Labs. To discourage pool switching, Slush Pool goes after a score-based system.
A toverfee of 2% is charged for every transaction. There is a threshold set for withdrawal and balances are sent when the limit is reached. Slush Pool maintains a network hash rate of overheen 7%. The instrumentenbord is effortless to use with all details mentioned. Slush Pool is not the largest but still one of the best pools available.
Pros of Slush Bitcoin Mining Pool
• Very first everzwijn Bitcoin mining pool,
• Low risk of cheating due to score-based method
Cons of Slush Bitcoin Mining Pool
• High transaction toverfee of 2%
Founded ter 2014, this medium-sized mining pool is known spil Kano Pool . This pool operates on a PPLNS (Pay vanaf Last N Share) prize method. It charges a transaction toverfee of 0.9%. The network hash rate might be low (3%) compared to others.
Kanoo Pool doesn’t suggest merged mining. No threshold on payouts. So you’ll receive frequent petite payments for your efforts. The pool is fairly elementary that requires updating its interface. It provides a two-factor authentication security to prevent your account.
Pros of Kano CK Pool
• Regular payouts because of no thresholds
• Low fees compared to other mining pools
Cons of Kano Ck Pool
• Not so user-friendly interface
Some More Bitcoin Mining Pool
BTC.com is one of the largest bitcoin mining pool that produced the maximum number of bitcoin blocks after AntPool. The pools is operated by BTC.com. The pool wasgoed launched ter September 2016, and is presently possessed by Bitmain Technologies Ltd., the same Chinese rock-hard that runs AntPool.
The Bitcoin Mining Pool of BTC.com supports total pay-per-share (FPPS) payout methodology.
Bijzonder from Bitcoin Mining, BTC.TOP also suggested option to mine Bitcoin Metselspecie (BCC), te addition to Bitcoin ter August 2018.The pool’s hashrate hovers ter the range of around 3100 Petahash/2nd (PH/s).
Bixin is another bitcoin mining pool that is based te China. It is a public pool, but is useful for those who know and speak Chinese spil the bitcoin mining pool is only te Chinese Language.
Network Hash Rate Of Various Bitcoin Mining Pools
A rough estimate of the Bitcoin hash rate distribution can be seen te the graph above. The gegevens is a little old but the proportions and trends have bot more or less the same.
Antpool leads the way with the highest majority of network hash rate. It may have bot diminished a bit but still is the market leader. Around 50% of the entire hash rate is concentrated around top Four players- Antpool, F2Pool, BTCC Pool, and BitFury. All of thesis are located te China but have users from all overheen the world.
Home-mining is losing its charm and most of the users have shifted towards pool-based bitcoin mining. Previously US and European pools were among the top guns but Asian-based bitcoin mining pools have overtaken them. That is the reason for such excellent hash rates.
Some minor players like Slushpool, Kanoo CKPool, and Eligius voorwaarde be observed out for. They are growing rapidly while providing fine security to its miners.
Types of Bitcoin Wallets
Te order to receive your payouts, you voorwaarde own a bitcoin wallet. The wallet will store your prizes which you can then transfer it at your desire. Bitcoin wallets are of following types:
- Online Wallets,Web Wallets,
- Desktop Wallets,
- Mobile Wallets,
- Paper Wallets,
- Cold Storage Hardware Wallets.
Wij have discussed some of the best Bitcoin Wallets from the above mentioned types of wallets ter our earlier article.
Best Bitcoin Mining Software
A Bitcoin Mining Software is a program that connects Bitcoin Mining Hardware to a blockchain or a bitcoin mining pool (ter case of pooled mining). The actual process of Bitcoin mining is treated by the mining hardware but special mining software is also needed to get connected to the Bitcoin blockchain network.
The Bitcoin Mining Software does the job of bringing the work to the miner and collecting the finished work from them and sending it back to the blockchain or mining pool.
Each type of bitcoin mining software differs te features from the other. Hence, you voorwaarde choose that bitcoin mining software that fulfil your needs.Here is a “ List of Best Bitcoin Mining Software” which can help you to make a wise decision while choosing the bitcoin mining software.
Different Types Of Payment Methods Of Bitcoin Mining Pool
Bitcoin Pooled Mining (BPM)
The Bitcoin Pooled mining (BPM) method, also known spil “Slush’s pool”, uses a system where older shares from the beginning of a block round are given less weight than more latest shares. This reduces the capability to cheat the mining pool system by switching pools during a round.
Capped Pay Vanaf Share (CPPSRB)
The Capped Pay Vanaf Share with Latest Backpay uses a Maximum Pay Vanaf Share (MPPS) method that will pay Bitcoin miners spil much spil possible using the income from finding blocks, but will never go bankrupt.
Dual Geometric Method (DGM)
The Dual Geometric Method (DGM) is a hybrid prototype which enables the bitcoin mining pool technicus to absorb some percentage of the risk. The bitcoin mining pool technicus then receives a certain part of payouts during brief rounds and comes back it during longer rounds to normalize payments.
Eligius method wasgoed designed by Luke Jr., creator of BFGMiner. Eligius uses the strengths of Pay-Per-Share (PPS) and Bitcoin Pooled Mining (BPM) pools, spil miners submit proofs-of-work to earn shares and the bitcoin mining pool pays out the prizes instantly.
When the block prizes are distributed, they are divided identically among all shares since the last valid block and the shares contributed to stale blocks are cycled into the next block’s shares. Prizes are only paid out if a miner earns at least a pre-specified amount and if the amount owed is less than the pre-specifed amount, It will be flipped overheen to the next block until the limit is achieved. However, if a Bitcoin miner does not submit a share for overheen a period of a week, then the pool will send any remaining balance, regardless of its size.
Equalized Collective Maximum Pay Vanaf Share (ESMPPS)
The Equalized Collective Maximum Pay Vanaf Share (ESMPPS) is similar to Collective Maximum Pay Vanaf Share (SMPPS), but distributes payments identically among all the miners ter the Bitcoin mining pool
Pay-per Share (PPS)
For each share submitted by a user, a motionless amount is paid to him. The Pay-per-Share (PPS) method offers an instant and assured payout for each share that is solved by the bitcoin miner.
Miners are paid out from the pools existing balance and can withdraw their payout instantly. PPS specimen permits for the least possible variance ter payment for miners while also transferring much of the risk to the pool’s technicus.
The Proportional method offers a proportional distribution of the prize when a block is found amongst all workers, based off of the number of shares they have each found.The proportionality theorem applies here, the more shares a user finds, the more he gets paid
Pay Vanaf Last N Shares (PPLNS)
Pay Vanaf Last N Shares (PPLNS) method is same spil Proportional (PROP) one except for the fact that instead of counting the number of shares te the round, it instead looks at the last N shares, no matter the boundaries of the round.
Pay On Target (POT)
The Pay on Target (POT) treatment is a high variance PPS that pays out te accordance with the difficulty of work returned to the bitcoin mining pool by a miner, rather than the difficulty of work done by the pool itself.
Latest Collective Maximum Pay Vanaf Share (RSMPP)
The Latest Collective Maximum Pay Vanaf Share (RSMPPS) is also similar to Collective Maximum Pay Vanaf Share (SMPPS) , but the system prioritizes the most latest Bitcoin Miners very first.
The SCORE based method uses a system whereby a proportional prize is distributed and weighed by the time the work wasgoed submitted. This process makes straks shares worth more than earlier shares and scored by time, thus prizes are calculated ter proportion to the scores and not shares submitted.Time is a factor here, along with the proportionality theorem. The more shares one submits ter less time, the more he scores.
The Collective Maximum Pay Vanaf Share (SMPPS) uses a similar treatment to Pay-Per-Share (PPS) but never pays more than the Bitcoin mining pool has earned.
Triplemining brings together medium-sized pools with no fees and redistributes 1% of every block found, which permits your share to grow quicker than any other Bitcoin mining pool treatment. The administrators of thesis Bitcoin mining pools use some of the Bitcoins generated when a block is found to add to a jackpot that is triggered and paid out to the member of the pool who found the block. Te this way, everyone ter the pool has a better chance to make extra Bitcoins, regardless of their processing power.
Is Bitcoin Mining Profitable?
Those who got into Bitcoin mining te early days like 2011,2012 or even 2013 and 2014 are now millionaires. Some even billionaires. Why? At that time tho’ Bitcoin price wasgoed nothing spil compared to now, but the output wasgoed enormously thick. 50 Bitcoins and zometeen 25 Bitcoins were produced te a Ten Minutes. Miners who holded those Bitcoins are now millionaires.
But now , the screenplay has switched. Bitcoin mining involves enormous costs spil the competition spil well spil level of difficulty is also rising. But still, Bitcoin mining is profitable however the profits has diminished. If you are confused spil ter to buy bitcoins, or mine them, read out this article which can clear the picture – Bitcoin Mining Vs Buying Bitcoins, Which Is More Profitable?
Spil the Bitcoin mining isn’t spil lucrative spil it wasgoed use to be, miners are now also exploring mining of other cryptocurrencies such spil Litecoin (LTC), Bitcoin’s junior brother. Here is a guide to Litecoin Mining – How To Mine Litecoin ? The Ultimate Guide To Litecoin Mining
This wasgoed all about the best Bitcoin Mining Pools which you ca join to begin your journey of Bitcoin Mining . If you have any queries , let us know ter the comments section below.
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures &, Options Market and now Bitcoins &, Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain &, Crypto communities all overheen India.