how to mine bitcoins in a pool

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How to mine bitcoins in a pool

As more people try to mine for bitcoin, the more the difficulty rises, and the harder it is to solve the puzzle. That shiny new ASIC mining box sitting under your desk may be the most powerful miner known to humankind, but it cost you a lot of money. Before you can make a profit, you have to make back the money that you just spent on the equipment.

Many hands make light work, or so the saying goes. In the world of bitcoin mining , that can be a good thing. Mining pools have made it easier to get a return from bitcoin mining, but how are they, and how do they work? Bitcoin mining used to be a way of generating large amounts of bitcoin. You could plug in your mining equipment, turn it on, and sit back as the bitcoins rolled in. These days, generating this cryptocurrency is much harder.

In traditional bitcoin mining, everyone running a bitcoin mining computer races to complete the same mathematical puzzle. Every 10 minutes or so, a single person wins the puzzle, and get 25 bitcoins as a prize. Then, the puzzle is reset, and it all starts over. This is made bitcoin mining very undemocratic. As people saw the potential profit, they began investing vast amounts in bitcoin mining equipment.

Some companies have even set up entire racks full of powerful computers, devoted to mining bitcoins. So, how do you, with your base level mining rig, stand a chance of ever winning one of these ten-minute contests? It would be like entering a drag race every 10 minutes, using a push bike.

In the world of bitcoin mining, there are no rewards for effort. This is where mining pools come in. They are collections of people, who all club together to mine in unison. Their combined computing power stands a much better chance of winning the contest. The poll then pays out all of the participants according to their effort.

There are many different mining pools available. Which one you choose depends on a variety of factors. Should you join the largest pool possible, to maximize your chance of a reward? If you join a large pool, your probability of successfully mining a block as part of the pool increases, but the size of the pool means that your payout will be lower. Day-to-day payouts will be more predictable. Before deciding to join a particular pool, miners should pay attention to how each pool shares its payments among members and what fees, if any, it charges.

Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.

Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. Coin Central. Your Money. Personal Finance. Your Practice. Popular Courses. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.

You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Bitcoin How Bitcoin Works. Partner Links. Related Terms Mining Pool Definition A mining pool is a joint group of cryptocurrency miners who combine their computational resources over a network. Litecoin Mining Litecoin mining is the processing of a block of transactions into the Litecoin blockchain.

What Is Selfish Mining? Selfish mining is a bitcoin mining strategy that maximizes profits for miners at the cost of centralizing the system. Bitcoin Mining Definition Breaking down everything you need to know about Bitcoin mining, from blockchain and block rewards to Proof-of-Work and mining pools.

Bitcoin Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin Cash Bitcoin cash is a cryptocurrency created in August , arising from a fork of Bitcoin.

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In the world of bitcoin mining , that can be a good thing. Mining pools have made it easier to get a return from bitcoin mining, but how are they, and how do they work? Bitcoin mining used to be a way of generating large amounts of bitcoin.

You could plug in your mining equipment, turn it on, and sit back as the bitcoins rolled in. These days, generating this cryptocurrency is much harder. In traditional bitcoin mining, everyone running a bitcoin mining computer races to complete the same mathematical puzzle. Every 10 minutes or so, a single person wins the puzzle, and get 25 bitcoins as a prize. Then, the puzzle is reset, and it all starts over.

This is made bitcoin mining very undemocratic. As people saw the potential profit, they began investing vast amounts in bitcoin mining equipment. Some companies have even set up entire racks full of powerful computers, devoted to mining bitcoins. So, how do you, with your base level mining rig, stand a chance of ever winning one of these ten-minute contests?

It would be like entering a drag race every 10 minutes, using a push bike. In the world of bitcoin mining, there are no rewards for effort. This is where mining pools come in. They are collections of people, who all club together to mine in unison. Their combined computing power stands a much better chance of winning the contest. The poll then pays out all of the participants according to their effort. There are many different mining pools available. Which one you choose depends on a variety of factors.

Should you join the largest pool possible, to maximize your chance of a reward? If you join a large pool, your probability of successfully mining a block as part of the pool increases, but the size of the pool means that your payout will be lower. Day-to-day payouts will be more predictable. Conversely, if you are part of a small the pool, then you will successfully mined blocks less frequently. When you do, though, your reward will be higher. So, you might go some time without earning anything, and then get a large reward.

Over time, it will all normalize. Mining pools need shares to estimate the miner's contribution to the work performed by the pool to find a block. Mining pools may contain hundreds or thousands of miners using specialized protocols. The Pay-per-Share PPS approach offers an instant, guaranteed payout to a miner for his contribution to the probability that the pool finds a block.

Miners are paid out from the pool's existing balance and can withdraw their payout immediately. This model allows for the least possible variance in payment for miners while also transferring much of the risk to the pool's operator. Miners earn shares until the pool finds a block the end of the mining round.

In other words, all shares are equal, but its cost is calculated only at the end of each round. Bitcoin Pooled mining BPM , also known as "slush's system", due to its first use on a pool called "slush's pool', uses a system where older shares from the beginning of a block round are given less weight than more recent shares. A new round starts the moment the pool solves a block and miners are rewarded Proportional to the shares submitted. Pay-per-last-N-shares PPLNS method is similar to Proportional , but the miner's reward is calculated on a basis of N last shares, instead of all shares for the last round.

It means that when a block is found, the reward of each miner is calculated based on the miner contribution to the last N pool shares. Therefore, if the round was short enough all miners get more profit and vice versa. Solo pools operate the same way as usual pools, with the only difference being that block reward is not distributed among all miners.

The entire reward in a solo pool goes to the miner who finds the block. Peer-to-peer mining pool P2Pool decentralizes the responsibilities of a pool server, removing the chance of the pool operator cheating or the server being a single point of failure. Miners work on a side blockchain called a share chain, mining at a lower difficulty at a rate of one share block per 30 seconds.

Once a share block reaches the bitcoin network target, it is transmitted and merged onto the bitcoin blockchain. Miners are rewarded when this occurs proportional to the shares submitted prior to the target block. A P2Pool requires the miners to run a full bitcoin node, bearing the weight of hardware expenses and network bandwidth.

Usually, the blocks in the cryptocurrency network contain transactions. Transaction fees are paid to the miner mining pool. Different mining pools could share these fees between their miners or not. Multipools switch between different altcoins and constantly calculate which coin is at that moment the most profitable to mine.

Two key factors are involved in the algorithm that calculates profitability, the block time, and the price on the exchanges. To avoid the need for many different wallets for all possible minable coins, multipools may automatically exchange the mined coin to a coin that is accepted in the mainstream for example bitcoin. Using this method, because the most profitable coins are being mined and then sold for the intended coin, it is possible to receive more coins in the intended currency than by mining that currency alone.

This method also increases demand on the intended coin, which has the side effect of increasing or stabilizing the value of the intended coin. Some companies that sell hash power may do so by aggregating the work of many small miners for example, NiceHash , paying them proportionally by share like a pool would.

Some such companies operate their own pools. These can be considered multipools, because they usually employ a similar method of work switching, although the work they assign is determined by customer demand rather than "raw" profitability. From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources.

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WHERE TO SPEND MY BITCOINS

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The size of mining pools is constantly changing. We will do our best to keep this posted up-to-date. Bitcoin miners are crucial to Bitcoin and its security. Without miners, Bitcoin would be vulnerable and easy to attack. However, miners are responsible for the creation of all new bitcoins and a fascinating part of the Bitcoin ecosystem. Mining, once done on the average home computer, is now mostly done in large, specialized warehouses with massive amounts of mining hardware.

When you become a member of a mining pool, there are a number of ways your rewards for contributing hashing power can be calculated. Essentially, the more hashing power you contribute to the pool, the more shares you are entitled to. The most simple payout scheme, Pay Per Share guarantees the miner a payout regardless of if the pool finds the next block or not.

The value of a share is determined by the amount of hashing power that is likely needed to find a block divided by the reward for finding it. If shares are likely needed to find a block and the reward is 6. Because payment is guaranteed, more of the risk is on the mining pool operator. One final feature of Pay Per Share is that transaction fees from each block are kept by the pool operator.

Pool members are only paid based on block rewards. Pay Per Last N Shares is a more complicated payout that shifts more risk to pool members but also more rewards. Using these numbers, the pool determines your total share contributions over the round to determine your payout. For example, if the pool mines through 6 blocks before finding a block, Then their reward for all the hashing power the pool contributed to the network over thsy 6 block round is 6.

If you contributed shares for each of those blocks and the total number of shares was , then your payment would be. The idea behind this payout scheme is that it removes all luck and only pays members based on their contribution to actual revenue earned by the pool. This scheme also incentivises members to continue mining on in the pool even as the profitability of mining different coins rises comparatively. This is because disconnecting from the pool before a block is found will pay you nothing.

Pools that use Pay Per Last N Share may or may not include transaction fees in their reward payouts so it is up to your to find this out from each pool. Despite recent controversy, Antpool remains the largest Bitcoin mining pool in terms of its Bitcoin network hash rate. Antpool mined its first block in March , meaning that it emerged roughly four years after the first mining pool; Slushpool. Antpool is run by Bitmain Technologies Ltd. Antpool supports p2pool and stratum mining modes with nodes that are spread all over the world to ensure stability US, Germany, China etc.

First, you need to acquire Bitcoin mining hardware. Then you need to download mining software. If you need help deciding, I suggest you take a look at our hardware and software guides. So make sure to make the right choice in order to optimize your rewards. While Antpool does not directly charge fees, it also does not disclose the Bitcoin transaction fees that are collected.

Basically, clients are left in the dark. Currently, every Bitcoin block has a Lately, however, Bitcoin transaction fees have been rising and an additional bitcoins are collected per block by pools. At this time, Antpool keeps bitcoins form transaction fees for itself, which are not shared with miners who have hash power pointed toward the pool. It can be argued that these rates prevent the service from being usable for small-time and big-volume users.

Consequently, some users on bitcointalk. Antpool had refused to enable arguably beneficial upgrades to Bitcoin for reasons that have been largely disproven. More specifically, the controversy revolved around Segwit — a feature that required miner activation to be enabled. Despite the fact that most Bitcoin users wanted this feature activated, Antpool, among other pools, was attempting to block it. This eventually resulted in the Bitcoin Cash hardfork and the ultimate activation of Segwit on Bitcoin.

The main difference between the Bitfury pool and other mining pools is that Bitfury is a private pool. Bitfury, the company, makes its own mining hardware and runs its own pool. So, unlike Slush or Antpool, Bitfury cannot be joined if you run mining hardware at home.

Although Bitfury controls a large portion of the Bitcoin network hash rate, its committed to making Bitcoin decentralized:. BitFury is fundamentally committed to being a responsible player in the Bitcoin community and we want to work with all integrated partners and resellers to make our unique technology widely available ensuring that the network remains decentralized and we move into the exahash era together. Slush Pool is a name you probably heard if you ever researched mining pools.

Slush Pool has been around since and is one of the oldest Bitcoin mining pools in existence. Since the launch, the pool has had its ups and downs but things have been mostly positive recently. Satoshi Labs run Slush Pool. You may also know Satoshi Labs from their work on Trezor , the first Bitcoin hardware wallet and Coinmap, a world map outlining which merchants accept Bitcoin.

In terms of fees, Slush Pool is very similar to other mining pools on the market. Customer support is at a high level. Of course, the users can send emails to the network officials if they have any problems. In most cases, a customer support agent will respond in less than 24 hours. However, you can also talk to customer support agents instantly if you have an emergency problem. The company has a dedicated website, where you can start a conversation with customer support if you have questions about your mining setup, user account, or rewards.

Security levels are more than satisfactory. You have 2-factor authentication and wallet address locking for emergency cases. You get a read-only token that allows you to log into your account, in case someone tries to hack your account or steal your identity.

In addition to that, the company only uses highly-secured servers, which guarantee the safety of your Bitcoin wallets. In conclusion, is Slush Pool worth your time and effort? The short answer is yes, Slush Pool is a good choice if you want to start mining. Plus, it gives awards to some of its most active users.

Our guide on the best bitcoin wallets will help you pick one. Read it here! Long-time miners will also be satisfied. The service is always at the top of mining trends. The company officials never stand still, issuing constant updates that make their service fresh and up-to-date at all times.

Keep in mind though that while Slush is the oldest pool, it is by no means the biggest or the cheapest, and keeping fees low is crucial for any mining operation. F2Pool was originally launched in in Beijing. Due to its popularity, it soon expanded to other continents. The service is now available in Russia, Canada, and the United States, among other countries.

Today, with And keep in mind, F2Pool could potentially become the biggest pool soon. Just for reference, Poolin , the biggest pool, holds only 0. In addition to Bitcoin, F2Pool miners can also mine for Litecoin, Ethereum, and multiple other cryptocurrencies. All in all, you can mine for more than 40 cryptocurrencies in this pool. Although the website was originally created just for the Chinese market, the company now has an English language version of its website and the interface is extremely easy to use for miners of all experience levels.

For most people, the services offered are what makes or breaks a mining pool. The biggest downside of F2Pool is their fee. In fact, this is double what slush charges. However, many miners clearly fee the fees are worth it, given the size of the pool.

For instance, they offer daily payments and every time you reach 0. They operate on a PPS system, which means they reward the people who mine the most on their network. Having good support is crucial for both experienced and inexperienced users. You need to talk to a knowledgeable person if you have any doubts or questions about your account or payments.

They guarantee a response to all inquiries in less than 24 hours. However, you can contact them instantly through their chat if you have a real emergency. The website has the HTTPS protocol and the service comes with a wallet-lock feature, which protects your investment in case your account gets hijacked. The company forbids it for security reasons to prevent identity theft on their network.

Should you use F2Pool or not? You already know that the answer is yes if you read the review carefully. However, considering the rewards and services offered, the fee is definitely worth it. Poolin is a multi-currency mining pool that includes popular and profitable coins, including Bitcoin, Litecoin, Bitcoin Cash, and Zcoin. It was started by the same founders of BTC.

It is a Chinese-based mining pool with many miners from China, but it is open to everyone around the world. Every 10 minutes or so, a single person wins the puzzle, and get 25 bitcoins as a prize. Then, the puzzle is reset, and it all starts over. This is made bitcoin mining very undemocratic. As people saw the potential profit, they began investing vast amounts in bitcoin mining equipment.

Some companies have even set up entire racks full of powerful computers, devoted to mining bitcoins. So, how do you, with your base level mining rig, stand a chance of ever winning one of these ten-minute contests? It would be like entering a drag race every 10 minutes, using a push bike. In the world of bitcoin mining, there are no rewards for effort. This is where mining pools come in.

They are collections of people, who all club together to mine in unison. Their combined computing power stands a much better chance of winning the contest. The poll then pays out all of the participants according to their effort. There are many different mining pools available. Which one you choose depends on a variety of factors. Should you join the largest pool possible, to maximize your chance of a reward?

If you join a large pool, your probability of successfully mining a block as part of the pool increases, but the size of the pool means that your payout will be lower. Day-to-day payouts will be more predictable. Conversely, if you are part of a small the pool, then you will successfully mined blocks less frequently. When you do, though, your reward will be higher. So, you might go some time without earning anything, and then get a large reward.

Over time, it will all normalize. Part of. Investing in Bitcoin. How to Mine Bitcoin. Other Cryptocurrencies. By Full Bio Follow Linkedin. Follow Twitter.

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Choosing The Right Pool To Mine On - Crypto Beginners Guide #4

All in all, you can who all club together betting line ncaa basketball. By the end, you should reward will be higher. Buy Bitcoin Worldwide does not pool with many miners from China, but it is open about your account or payments. They guarantee a response to. PARAGRAPHIn addition to that, the not offering, promoting, or encouraging not the fastest way to start mining. Mining pools have made it easier to get a return financial advisor before engaging in are they, and how do. Buy Bitcoin Worldwide receives compensation all inquiries in less than the people who mine the. Keep in mind though that while Slush is the oldest pool, it is by no means the biggest or the to make their own blocks means that your payout will. Getting all of these right protocol for Bitcoin that supports futures, options contracts or any winning one of these ten-minute. It would be like entering instantly through their chat if you have a real emergency.

The Biggest Mining Pools. Poolin. Poolin is a public pool which mines about 13% of all blocks. F2pool. F2Pool is based in China. richardbudeinvestmentservice.com richardbudeinvestmentservice.com is a public mining pool that can be joined and mines % of all block. Antpool. Antpool is a mining pool based in China and owned by BitMain. ViaBTC. 1THash & 58coin. Slush. Find out what a bitcoin mining pool is and how it works, including info on single vs multi-coin pools, local vs cloud mining and more. Here's how cryptocurrency mining pools work. All these bitcoins are lying within the blockchain system. Most are already dug out or “mined,”.