In the world of crypto-currency, a separate honorable place is allocated to the mining. It is an excellent type of passive earnings and continues to attract more and more people who want to earn money in a growing market.
And if a couple of years ago any miner could count on a decent profit, now, with the growth of competition and the increasing complexity of the process of mining itself, this occupation requires the availability of incredibly powerful new equipment. And often, the capacities of the miners became scarce for the successful extraction of the new crypto currency. It was for the solution of this problem that pools for mining began to appear.
Mining pool is a powerful server that distributes the tasks of rendering block signatures among participants.
The computing power of pool participants is combined, as a consequence they are able to solve a larger number of tasks and more likely to find blocks. After the block is found, the profit is divided among the pool members.
In other words, by giving the server its equipment, you receive a part of the coins after their extraction. A lot of pools use different approaches in the distribution of profits:
- PROP is the easiest way to divide profits. All income pool will be divided between its members in proportion to their capacity.
- PPLNS. The profit is calculated not at the fact of finding the block, but for certain time intervals.
- PPS. Here the participant receives a reward for each part of the embedded share that the service took into operation.
Now let’s look at the basic parameters that you should evaluate before you join the pool:
- Power of the pool. New associations often have inadequate capacity to quickly locate blocks, therefore, are not immediately able to make a profit. This is a very important aspect, which should be given special attention. The higher the computing power of the pool you select, the faster it will bring you revenue.
- Own equipment. You need to study in detail all the features of your equipment before you join the pool. Naturally, mining on old and weak equipment will not be able to bring you profit, but most likely it will become loss-making at all.
- Distribution of profits. Based on the above options for calculating profits, you will need to look for the option that will bring you the most benefit. For example, if you use a proportional payout system in your chosen pool, and your computing power is not enough to make a significant contribution to the development of the block, accordingly, the profit will be low.
- Commission costs. Another aspect of the profitability of mining. Each pool draws a commission from the participants for organizing the process of mining the crypto currency. It is necessary to make sure beforehand that the commission requested by the pool will not become a hindrance to profitable mining.
- Payments. This can be the withdrawal of the coins that have been obtained for cryptopurses, withdrawal of funds for payment cards. It is also necessary to study withdrawal limits, so as not to expect of payments.
When we evaluated our capabilities and determined the criteria of the required pool, we suggest that you consider the best pools for mining:
Perhaps the best choice for beginners. The service is completely understandable. Its main advantage is the support of almost all popular algorithms for mining and the availability of its software for mining, which does not require great knowledge and skills. All payments are made only in Bitcoin.
NiceHash is a multi-pool that allows you to automatically switch from one type of currency to another depending on its profitability.
Service with high capacity for mining. Here it is possible to extract not only bitcoin, but also etherium, dash. To get started, you only need to install the software on your PC, and then the program will run the currency in automatic mode.
The withdrawal of funds occurs at the expense of the exchange or a personal crypt purse. The service fee is 1.5% of the sum.
American service for mining. The conclusion is made only in bitcoins. The pool is very easy to use: the platform is exchanged in automatic mode, and, thanks to a unique script, you do not need to register to start working with the pool.
This Chinese service has been in operation since 2013. One of the few pools that practice paying awards under the PPS scheme. According to official information, now this resource is almost 1/5 of the entire network hashrate.
In the case of working with this service, we recommend immediately withdrawing money from the accounts, because in case of idle funds on the account for more than 90 days, they are automatically transferred to the development of the pool.
Conclusions. In general, mining pools are a good option for passive earning on crypto-currencies. They significantly increase the chance of the miner for tangible profits.
But it is worth seriously approaching this type of earnings. In conditions of tough competition and a constant increase in the complexity of mining, only a properly selected pool and the availability of powerful equipment can provide you a good profit.