Mining pool for Cryptocurrency
July 24, 2018 9:26 am,
Cryptocurrency mining includes two functions that are adding transactions to the blockchain and also releasing new currency. It needs a computer and a special program, which helps miners compete with their peers in solving complicated mathematical problems. This would need huge computer resources. In regular intervals, miners would attempt to solve a block having the transaction data using cryptographic hash functions.
As the popularity of bitcoin increases, more miners join the network making it more difficult for individuals to solve the math problems. But to overcome this miner developed a way to work together in pools. In the mining pool, miners can work with other miners and devices across the internet to pool your resources in performing complex calculations to generate blocks of data. It facilitates in finding a solution faster than their individual members and each miner is rewarded proportionately to the amount of work he or she provides.
Here are 5 such mining pools:-
- Slush Pool– Slush Pool is the fourth largest mining pool that was started in 2010. It has an excellent reputation for stability and accuracy. It has relatively higher fees.
- AntPool– AntPool is currently the largest mining pool operating today. It’s owned and operated by Bitmain, a China-based firm. Being the largest pool, it allows users some perks in that they can choose how they want to be rewarded. One method is PPS (Payment per Share) which means you’re charged 4% on pay-outs plus 2% of any transaction fees earned. The second method is PPLNS (Payment per Last N Shares) which is free but AntPool will keep all transaction fees.
- com– BTC.com operates as one of the most popular mining pools. It currently supports mining only Bitcoin and Bitcoin Cash. BTC.com has its own method of rewarding miners known as FPPS (Full Pay per Share).
- KanoPool– KanoPool has been around since 2014. It has become popular due to its low mining fees and easy setup. The payment method used by KanoPool is PPLNS (Payment per Last N Shares). ‘N’ in this case is five times the network difficulty, immediately after a block is found.
- F2Pool– F2Pool is also known as DiscusFish. It is a Chinese-based mining pool and has been operating since 2013. It has several servers on the Chinese mainland as well as in Hong Kong and the US. It’s also one of the most diverse pools. It allows mining of BTC and also supports Litecoin, Zerocoin, Ethereum, Siacoin, DASH and Monero and many more.