Miners around the world have been very active in recent months, as evidenced by the high prices of hash codes, which coincided with a significant spike in cryptocurrency prices. At the start of 2020, ETH (ETH) can be purchased for $ 130, now ETH is at $ 500. The king of cryptocurrencies, Bitcoin (BTC), has added nearly $ 10,000 to the price.
So how can users get involved in the industry? It’s been clear for a while that individual mining isn’t the way to go. For bitcoin, ether, and all major digital currencies, the blockchain is built in a way that constantly makes blocks more difficult to find, which means that a pair of GPUs is not powerful enough to create a block.
The point is not that the fixation is not robust enough to extract ether, it is practically mathematically impossible. The drilling rig can sit in search of a block for several months. If we talk about ASIC mining for Bitcoin, it will take much longer. It’s easier to go bankrupt with hardware and electricity than mining cryptocurrencies on your own. The calculation is simple: divide the total hash rate of the ether by the hash rate to get the number of seconds it would take to find a block on average.
So it seems logical that miners will flock to mining pools, especially today, when even non-mining companies start launching such products. For example, Binance recently launched its Ether mining complex.
What you need to know before joining a mining pool
A mining pool is a server that brings together the computing power of all its connected participants. Miners join the pool online and redistribute equipment to the pool. Together, they run mathematical solutions to find blocks in a specific cryptocurrency. When a pool finds a block, the pool receives a consensus from the other participants in the network and then receives a reward. This bonus is distributed to all members of the pool according to the hash rate.
Before choosing a pool, it is important to know its size. As the pond grows, the chances of finding a lump increase. But the more people join the pool, the less profitable each participant will be. This is a double-edged sword: small but frequent payments or large, but less frequent payments.
Before joining a pool, users must specify a minimum payment, which is the minimum amount of cryptocurrency that must be redeemed before it is sent to the users’ wallet. If the minimum payout is high, the user must be in the pool for a long time before receiving income.
Another important point to mention is that subscription to any pool is paid. Users pay a certain percentage of their income to participate. Usually, this commission ranges from 1% to 3%. In general, participating in any gathering does not require serious investment and knowledge, and if the user has already assembled the excavator, it should not be difficult to know which combination to choose. Here’s what to consider when choosing a pool, regardless of the cryptocurrency:
The number of complex members affecting individual income.
Ping time or time is a delay caused by the fact that a user’s computer must transfer information to the pool. The connection test time depends on the regional distance – the lower the connection test, the lower the time delay and the faster the data transmission. High ping is not suitable, since there are pauses between block changes in cryptocurrency networks, and with a high ping, a user’s computer may unnecessarily exceed my old and language block values. Usually comfortable ping command up to 10ms;
The size of the minimum payment, which should not be too large, otherwise the payment may not be made for too long.
There are many complexes that are fake or generate more revenue. Users need to know the reputation of the pool in advance.
After creating the platform, it is time to choose your mining pool. Of course, most complexes operate to mine bitcoin or ether. Here are some of the most popular complexes used to mine the two best cryptocurrencies. As far as Bitcoin is concerned, almost all of the major pools are located in China, which is not surprising since the country produces most of the bitcoin mining operations.
F2Pool was established in 2013 and is one of the oldest Chinese pools and is of prime interest to bitcoin miners. The complex represents nearly a fifth of the total amount of BTC mined. The pool uses pay-per-share + or PPS + as a payment model where the miner is rewarded for every share that the collector accepts, regardless of the blocks in the pool. The aggregator determines the value of each share independently, taking into account network complexity, bonus, blocking time, and capacity. Own pool.
Besides bitcoins, the pool mints more than 40 coins. Commission varies from 1% to 5% depending on the currency. In the case of Bitcoin, the accumulator takes 2.5% of the bonus as commission and the payments are made.