Top Bitcoin Mining Pools Fundamentals Explained

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Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. What's a Mining Pool Mining pools are bands of cooperating miners who agree to discuss block rewards in proportion to their contributed mining hash power. While mining pools are desirable to the ordinary miner as they smooth out benefits and also make them more predictable, they unfortunately concentrate power 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 located in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest problems at the moment. There are about 20 big mining pools.

This is based on info from Blockchains pool share chart: We strongly recommend new miners to join Slush Pool despite it not being one of the biggest pools. It was the very first Bitcoin mining pool and remains one of the most dependable and trusted pools, particularly for beginners. 1. BTC.com BTC.com is a community mining pool that can be joined.

2. Antpool Antpool is a mining pool located in China and owned by BitMain. Antpool mines about 25% of all cubes. 3. ViaBTC ViaBTC is a somewhat new mining pool that has been around for about one year. Its targeted towards Chinese miners. Slush was the initial 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 5-6percent of all 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 shady. We recommend staying away from this pool.

BTCC BTCC is a pool and Chinas third biggest Bitcoin exchange. Its mining pool currently mines roughly 7% of all blocks. 9. Bitfury Bitfury is a personal pool that cannot be joined. Bitfury currently mines about 2% of blocks. BW, based in 2014, is another mining company based in China.

 

 

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Bitcoin Mining Pool Comparison PoolLocationFeesPrivate PoolBitFuryGeorgia0percent YesBTCCChina2-3percent NoSlush PoolCzech Republic2%NoAntpoolChina1percent NoBWChina1%No The comparison graph above is just a quick reference. The location of a pool does not matter that much. Most of the pools have servers in each country so even when the mining pool is located in China, you can connect to a host in the united states, for example.

Mining Pools vs Cloud Mining Many men and women read about mining pools and think it is merely a group that overlooks free bitcoins. This is not true! Mining pools are for men and women who have mining hardware to divide 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 receive the benefits.

 

 

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Buying bitcoins is the EASIEST dig this and FASTEST way to buy bitcoins. Get $10 worth of free bitcoins when you purchase $100 or more in Coinbase. Which Countries Mine the many 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 most bitcoins and therefore ends up exporting the most bitcoins. Electricity in China is very cheap and has enabled Chinese Bitcoin miners to gain an extremely large percentage of Bitcoins hop over to here hash electricity. Its supposed that some Chinese electricity companies point their surplus energy towards Bitcoin mining centers so that no click to find out more energy goes to waste.

Its estimated that these mining pools own somewhere around 60% of Bitcoins hash power, meaning they mine about 60% of all new bitcoins. Georgia Georgia is home to BitFury, one of the biggest manufacturers of Bitcoin mining equipment and processors. BitFury currently mines about 15% of bitcoins. Sweden Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm.

US The US is home to 21 Inc., a Bitcoin mining company based in California. 21 runs a large amount of miners, but also sells non powered bitcoin miners as part of their 21 Bitcoin computer. Most of the hash power in the 21 Bitcoin computers has been pointed towards 21s mining pool.

 

 

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Mines about 3 percent of bitcoins. Other Countries The countries above mine around 80 percent of all bitcoins. The remaining part of the hash power is spread across the rest of the world, often pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US). What is a mining poolGet a Bitcoin Wallet and Mining SoftwareThe Largest Mining PoolsBest Bitcoin Mining Pool ComparisonMining Pools vs Cloud MiningWhich Countries Mine the most BitcoinsOther CountriesA Note on PoolsWhy are Miners ImportantAntpool ReviewBitfury InformationBTCC Mining Pool ReviewSlush Pool Review A Note on Pools While we can see that mining pools would be the largest, its important to understand that the hash electricity pointed towards a mining pool isnt necessarily owned by the mining pool itself.

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