Top Bitcoin Mining Pools for Dummies
Now you have Bitcoin mining equipment, your next step is to join a Bitcoin mining pool. What is a Mining Pool Mining pools are bands of cooperating miners who consent to discuss block rewards in proportion to their contributed mining hash power. While mining pools are desirable to the ordinary miner since they smooth out rewards and also make them more predictable, they unfortunately concentrate capability to the mining pools owner.
Pool Concentration in China Before we get into the very best mining pools to join, its important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest problems at the moment. There are approximately 20 major mining pools.
That is based on info from Blockchains pool discuss chart: We strongly recommend new miners to join Slush Pool although it not being one of the biggest pools. It was the very first Bitcoin mining pool and remains one of the most dependable and reliable pools, especially for beginners. 1. BTC.com BTC.com is a community mining pool which can be joined.
2. Antpool Antpool is a mining pool based in China and owned by BitMain. Antpool mines about 25% of all cubes. 3. ViaBTC ViaBTC is a new mining pool which has been around for about one year. Its targeted towards Chinese miners. Slush was the first mining pool and currently mines about 3 percent of blocks.
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DiscusFish, also known as F2Pool, is based in China. F2Pool has mined about 5-6% of blocks over the previous six months. 6. BTC.top BTC.top is a private pool and cannot be joined. 7. Bitclub.Network Bitclub Network is a massive mining pool but appears to be somewhat dishonest. We recommend staying away from this pool.
BTCC BTCC is a swimming pool and Chinas third largest Bitcoin exchange. Its mining pool currently mines roughly 7 percent of all blocks. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines about 2% of blocks. BW, established in 2014, is another mining company based in China.
Mining Pools vs Cloud Mining Many people read about mining pools and think it is merely a group that overlooks free bitcoins. This is not correct! Mining pools are for people who have mining hardware to split profits. Many men and women get mining pools confused with cloud mining. Cloud mining is where you pay a service provider to miner for you and you get the benefits.
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Buying bitcoins is the EASIEST and FASTEST way to buy bitcoins. Get $10 worth of free bitcoins when you purchase $100 or more at Coinbase. Which Countries Mine the most Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. Since Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the great majority of network hash electricity.
China China mines the very bitcoins and so ends up exporting the many bitcoins. Electricity in China is very cheap and has allowed Chinese Bitcoin miners to gain a very large percentage of Bitcoins hash power. Its rumored that some Chinese power companies point their surplus energy towards Bitcoin mining centers in order that no energy goes to waste.
Its estimated that these mining pools own somewhere around 60% of Bitcoins hash electricity, meaning they mine roughly 60 percent of all new bitcoins. Georgia Georgia is home to BitFury, one of the biggest producers of Bitcoin mining equipment and chips. BitFury currently mines about 15% of bitcoins. Sweden Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm.
US The US see page is home to 21 Inc., a Bitcoin mining company based in California. 21 runs a massive amount of miners, but also sells low powered bitcoin miners as part of their 21 Bitcoin computer. The majority of the hash power in the 21 Bitcoin computers is pointed towards 21s mining pool.
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Mines about 3% of bitcoins. Other Countries The countries above mine about 80% of all bitcoins. The rest of the hash power is spread throughout the rest of the world, often pointed at smaller mining pools such as Slush (Czech Republic) and Eligius (US). What's a mining poolGet a Bitcoin Wallet and Mining SoftwareThe Largest Mining PoolsBest Bitcoin Mining Pool ComparisonMining Pools vs Cloud MiningWhich Countries Mine the maximum BitcoinsOther CountriesA Note on PoolsWhy are Miners ImportantAntpool ReviewBitfury InformationBTCC Mining Pool ReviewSlush Pool Review A Note on Pools While we can view that mining pools would be the largest, its important to understand that the hash power pointed towards a mining pool isnt necessarily owned by the mining pool .