Mining Pools

Swimming In Sats

When a single ASIC miner comes online, it will take up a proportion of the total mining power on Bitcoin’s network.

The chances of this individual miner to solve the hash and mine the next block of Bitcoin depends on its hash power in relation to the rest of the hash power on the network.

If this mining power is a small proportion of the network, the chances of this single ASIC mining the next block are small and it could be forever until it does – although it could get lucky.

Luck aside, this is where mining pools can come in handy.

Mining pools are where multiple ASIC miners join forces to increase their proportion of the hash power of the Bitcoin network. These pools are usually co-ordinated by third party companies but by working together, those who join a pool get a consistent stream of sats which repays the costs of the miner quicker.

However, despite mining pools generally being more profitable, there are some risks to consider.

As you are trusting a third party with the co-ordination of the mining pool, there is a risk that you may not be getting all the sats that you think you’re getting when you signed up.

Therefore, doing your research on the mining pool, checking reviews from others and the history of them is always a good call. Other things to consider are:

  • Transparency – how transparent is the mining pool on it’s processes and payouts? Do the pool organisers reply to questions that have been brought up by others.
  • Pool Payout Structure – what is the pool payout structure? How will you receive your sats? How often? Are there any limits or thresholds?
  • Stability – Does the pool stay running 24/7 or does it have downtime for maintenance? How many times has it been down in the past? Is it reliably maintained?
  • Fees – Are there any fees to pay on sign-up, withdrawing or for anything else?
  • Pool Size – How large is the mining pool’s hash power? What is the likelihood of it mining a pool faster? Are the ASICs older and slower or faster and more efficient?

 

If you’re happy that you have satisfied all your queries for joining a specific mining pool, then have a look at joining some of the pools that are out there.

What Mining Pools Are Available To Join?

Below is a list of mining pools that we’re aware of and we’ll add to it over time when we hear about more.

These aren’t referrals or endorsements, you will still need to DYOR on these pools as things may have changed from when we wrote this page due to mining bans from countries or other factors:

Mining PoolWebsite
AntPoolhttps://v3.antpool.com/home
Binance Poolhttps://pool.binance.com/
F2Poolhttps://www.f2pool.com/
Kano Poolhttp://kano.is/
Poolinhttps://www.poolin.com/
ViaBTChttps://www.viabtc.com/
SBI Cryptohttps://sbicrypto.com/
SlushPoolhttps://slushpool.com/

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