How to Get Coins Wisely? Review of the Pools for Mining

Overview of the pools for mining

Since the mining has become available on specialized equipment such as ASIC, large players, who launched coin production on an industrial scale, have entered the market. By this they raised the computational complexity of the networks of some cryptocurrencies to such values ​​that solo-mining became practically impossible. Nowadays, even large bitcoin-miners work in pools, because in order to guarantee the generation of a block, you need to have equipment for millions or tens of millions dollars. In this article, we will talk about the production of cryptocurrency through a pool, discuss specific services, and also touch upon what you need to pay attention to before choosing a similar service.

Content:
(please, click the topic to scroll down to it)

  1. What are pools and what are they used for in mining?
  2. How to choose a pool?
  3. Rating of the best pools for mining.
  4. Conclusion

1. What are pools and what are they used for in mining?

So, the pool is a server, on which the tasks are evenly distributed and the capacities of all its participants are combined. That’s why, the pool has great chances to find and form a block, after which the reward is distributed (evenly or by the amount of work done) between all the miners.

One of the most important principles for pools is not exceeding 51% of the total network capacity. Otherwise, the main idea of ​​cryptocurrencies (decentralization) can be forgotten. A similar case was in 2015 in the Ghash pool, when the organizers asked some of the participants to get out of the pool in order to avoid such a distribution of forces.

Unfortunately, almost all hash algorithms of popular coins are not protected from ASIC-miners, so the complexity of their networks is constantly growing. But along with them there are also young projects that you can extract yourself using a home computer or a medium-power video card. But now these coins do not represent a great value, they can be mined only in the hope that in the future they will grow in value. Most of the miners are focused on liquid coins, so the need for pools is difficult to overestimate.

2. How to choose a pool?

If you have firmly decided to link your life with the extraction of digital coins, then first of all you need to learn how to choose the right pools. So, what should you pay attention to:

  • Power of the pool. Recently launched services, as a rule, are not able to offer sufficient profitability. In order to filter out pools, it is necessary to analyze them: to study ratings, find statistics (for example on BTC.com), read reviews, etc.
  • Method of profit distribution. Often, rewards are distributed in direct proportion to the contribution made. If you have weak equipment, then the preferred option for you will be a uniform sharing of coins between all participants.
  • Methods of output. Before you start mining digital coins within a certain pool, you should clarify the possible options for outputting the mined one. They differ in different services: somewhere you can output converting to fiat directly to the card, and somewhere you can only use cryptowallet or make it through the exchange. Also pay attention to the commission of the pool itself, it can also be different.

3. Rating of the best pools for mining

At the moment there are a lot of different services, but within this material, we’ll talk only about some of the most reliable and profitable pools. So, let’s get down to it:

  • Miningrigrentals. This service appeared 4 years ago. Its distinctive feature is completely transparent statistics, which is available to everyone, as well as an insignificant commission. This pool is quite popular among English-speaking miners.
  • Minergate. The service has a fairly large total processing power. Through this pool, you can engage in the extraction of different coins, such as Dash, Ethereum, etc. The withdrawal is available through the exchange or directly to your wallet.
  • Zpool. This pool comes from the United States. You do not even need to register to work with it. The usability of the interface is absolutely understandable even for complete beginners.
  • BitClub Network. Previously, it was oriented more to bitcoin, but now it allows to extract also ether, ethereum classic, monero, etc. It has two tariff plans, for 1000 and 2000 days. For a four-year history, this pool has not caused any criticism among the miners.
  • BTC China. A very powerful pool that has about 12% of the capacity of the entire Bitcoin network. But since the interface completely lacks the Russian language, and English is only partially integrated, it is popular only in the Asian market.

4. Conclusion

In 2018, engaging in the production of popular coins on your own is practically impossible task. Even large miners use pools to unite their computing power. Above we brought the top pools for mining for this time. If you want to be in this field, we recommend to pay attention to the services listed above. But, in any case, before starting work, conduct an independent analysis of the pool, the instruction is also in this material.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/