Table of Contents
- How to Choose a Bitcoin Mining Pool
- Profitability – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Difficulty- Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Transparency – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Reputation – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Number of Miners – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Payout Threshold – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Platform’s Interface – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Geographical Location – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Security – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
- Support – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
How to Choose a Bitcoin Mining Pool
In the Bitcoin industry, mining is one of the important factors that have kept the digital currency in circulation. Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner) is some of the terms you really need to know If you want to trade in any Cryptocurrency. Some users prefer to mine their bitcoins rather than buying it while for some it is the opposite. If there is one thing that has been constant in the world of Bitcoin that is mining. Over time, Bitcoin mining has developed from mining in individual houses with noisy and hot sophisticated equipment to mining on a large-scale. The inception of mining has witnessed many changes, but despite this, there is still a possibility for the mining process to evolve. Just like the way some people live by trading Bitcoins we have companies who survive by mining these Bitcoins. The emergence of Bitcoin mining companies gradually outweighed the individual process of mining. This emergence has given rise to several Bitcoin mining companies such as; Antpool, SlushPool, F2Pool, BitFury, etc. Furthermore, the difficulty in mining led to the birth of an easier form of mining known as ‘Cloud mining.‘ Bitcoin cloud mining enables Bitcoin users to have the ability to mine Bitcoins with the use of remote services. In this case, users do not need any sophisticated machine, electricity and so on for the mining process.
To start with, Bitcoin is an online digital currency that allows users to use it for various transactions. Over time, Bitcoin has become the most widely used digital currency. Furthermore, Bitcoin is a cryptocurrency that operates on a decentralized system. This simply means that there is no central authority or government control Bitcoin. Thus, it is independent.
Related: THE TOP 10 BITCOIN TRADING PLATFORMS
As the Bitcoin mining process continues to develop, large-scale miners now operate on what is called ‘mines.’ These mines are filled with sophisticated machines or equipment for the sole purpose of mining Bitcoins. Presently, Bitcoin has the largest number of mining pools with all of them offering incredible features to its users.
When considering a mining pool, there are several factors to consider. These factors help a user to choose the right Bitcoin mining pool according to his/her needs. There are factors such as;
- Number of miners
- Payout Threshold
- Platform’s Interface
- Geographical Location
Profitability – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
When choosing a Bitcoin mining pool the first thing to consider is the profitability of such pool. It is essential and beneficial to join a mining pool that has a good hashing rate. As a starter, it is advisable that you look for mining pools with a good and encouraging percentage of having hashing power. This is because of the higher the hash rate, the lower the discrepancy of profits. Note that mining pools with low hash rate risks are mining a few blocks hence; they are likely to find it hard paying their users consistently. This could lead to the breakdown or the end of such company. Therefore, it is important to check the profitability of any mining pool you choose.
Difficulty- Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
Another vital factor to put into consideration is difficult. How difficult is it to mine in such pool? What is required for a user to have before mining on such pool? Are the fees to participate or join the mining pool expensive or affordable? Will you require any form of hardware in other to get profit? Etc. These questions are important in your mining selection. There are various mining pools that have their different ways of operating thus, learning some things about the company will help you know if you can join such pool or not.
Transparency – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
Transparency is a factor to consider. When reviewing the available mining options make sure that whichever mining pool you pick, it should give you the ability to view your statistics. Despite the fact of making sure that this is present in your mining pool, know that even these statistics are subject to unfair altering. This simply means that mining companies can change the statistics to their favor.
Reputation – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
In today’s business world, one factor that influences the decision of people is REPUTATION. As a user, it is your responsibility to make sure that the mining pool you choose should be trustworthy and reliable. To do this, try to read reviews, testimonials, and complaints of such company or mining pool. Read to get more information on the mining pool’s reliability, pros and cons of using it, fees associated with the pool, it’s Up-time, service rating, etc. This will help you have a clearer picture of what you are joining and what you should expect. When you mine in a pool that has a good reputation and review, you get access to the quality service provided, and it helps you make sure that you are not getting yourself involved with a fraudulent company.
Related: TOP 5 BEST BITCOIN WALLETS
Number of Miners – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
The number miners in a mining pool are critical to the success of such pool. As a user make sure you check the statistics of the website to see the estimation of its miners. Note that the higher the number of the miners, the quicker it will be to find blocks. Also, the number of miners involved in a pool helps you to know that you are dealing with a genuine pool unlike a pool with scanty users.
Payout Threshold – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
The payout threshold should be considered. All Bitcoin mining pools have their respective thresholds. Therefore, how often will you want to withdraw your payout? It is wise to go for mining pools whose payout threshold suits your needs.
Platform’s Interface – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
when considering a mining pool, the platform interface should be part of your list. This will help you choose the right option that offers a good user experience. There are various things to check when examining the user interface and they include; the graphics of the platform, the user dashboard (You can check this by watching a demo of the platform), features offered by the pool, etc. There are varieties of things to check but above all, do not hesitate to EXPLORE your options.
Geographical Location – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
to make sure that you are dealing with a genuine mining pool try to check up their geographical location. More so, some users do not like joining a pool that is not based in their country. If you are such person, then it will be wise to look for mining pools within your geographical location. For example, if you are from China and you only want mining pools in China then I recommend using F2Pool, a reputable Chinese Bitcoin mining pool.
Security – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
One factor that can break or make a mining pool is its security. One thing to note is that most mining pools are secured, but the question is ‘To what extent is this mining pool secure? This is an important factor because if the system or server of the pool is hacked, then this will be a great problem to not just the company itself but also the users. Endeavour to make sure that you read about the security measures put in place before joining any mining pool.
Support – Bitcoin Mining Pool – (Cryptocurrency Miner – Bitcoin Miner)
As a user, there are times whereby you may have trouble in one aspect or the other. During such period, the only place or person you could turn to for help is the support or customer service. Consider this question; what if your mining pool does not have a good support system? This means that you are likely to be on your own in the middle of nowhere. Such cases can be frustrating and tiring, and this is why it is essential to know that you can reach out to the help desk for assistance. Also, try to see if they have an active social media page whereby in case you are having issues, and they are not responding to emails, social media could be of good help if you decide to message them there.
Using the above factors, there is various Bitcoin mining pool, but the top three mining pools are Antpool, Slush pool, and F2Pool.
Antpool is one of the biggest and most reliable mining pool. It powers a large portion of the Bitcoin network. Antpool has one highest amount of users currently using it for mining purposes. It has an actual hash power of about 10.914%.
This is another popular Bitcoin mining pool. Slushpoool was one of the first Bitcoin mining pools. It has a simple and easy to use interface with lots of features that will be beneficial to its users. More so, Slush pool operates on a highly secured server.
F2Pool could also be referred to as discus fish. It is a Chinese Bitcoin mining pool that is mostly used by Chinese speaking residents. F2Pool is also one of the biggest players in the Bitcoin mining industry. It has a large user base, and it can be trusted.
Apart from these three Bitcoin mining pools, you could consider several other mining pools based on your needs or criteria.
In summary, mining could be tedious thus, finding the right mining pool is very critical. Try to analyze your preferred options using these factors outlined above. This will help to influence your choice so that you can select the best Bitcoin mining pool.