Multipool is an altcoins cryptocurrency mining pool that operates by forming a group of miners who agrees to share a block reward in proposition to their hashing power contributions. It is the mining of a variety of cryptocurrencies apart from Litecoin. Multipool switch between different Altcoins and constantly check which coin is more profitable at that moment. Multipool allows one to mine around 30 cryptocurrencies holding different algorithms, keeping the supporting cast amazing.
The block time and the price of the exchanges are the two key factors involved in the algorithm that calculates profitability. The miner doesn’t have to pay any withdrawal fees. Because the most profitable coins are being mined and sold using this method, it is possible to receive more coins than the mining currency alone. This method is apt for merged mining where one can simultaneously mine without losing on hash power.
Multipool mining, as the name suggests, is the ability to mine from different mining pools. It switches automatically based on coin profitability. The port is designed in such a way as to make maximum profit for individual miners. The rewards are then distributed based on how much power a miner adds to the network. Remuneration is received by the miners only when one of the miners receive the block from the pool and confirms that block.
Certain currencies take much longer time than others, which could mean a matter of days, weeks, or even months. This is because of the increased difficulty rate to mine. The port has expanded its applicability greatly and offers an SHA-256 Multiport, which mines five different coins: Tereacoin, Freicoin, Bitcoin, Peercoin, Zetacoin. The port is designed in such a way that it can mine Bitcoin as well as several other cryptocurrencies that use the same hash power simultaneously.
The inspiration behind multipool mining was to make more profits by switching between different cryptocurrencies. Switching maximizes the profit. Basically, a multipool work is based on its success rates. It then calculates the hash power available for various coins and then selects the most profitable one.
It then calculates the reward per block and also the conversion rate to their base currency. This is done because many of the miners will mine other currencies only to exchange the rewards into Bitcoin.
The real beauty of multipool is merged mining. Merged mining is also able to provide proof of work for compatible coins.
Coinking was one of the most profitable automatic profit based coin switching pools, according to PoolPicker, and currently, it is still the most profitable one. Coinking offers easy to use, and nice-looking service supports a lot of coins and gives the users an option to automatically exchange the mined coins.
The standard fee of the pool is 1%, and if you wish to use the automatic exchange of mined coins into some other cryptocurrency, then an extra charge will be asked for the conversion process.
Another useful thing about this pool is the list of many notifications that one can activate manually, so you will be alert if the pool does any automatic coin conversion or pay-out, etc. Coinking constantly adds new coins so that the profitability of the miners can remain high. Some coins also get removed for the same reason.
The pool supports Scrypt-N, SHA256, X11, X13 various multiport and has the option to either mine in a multipool with Coinking or choosing the most profitable coin based on exchange rates or to mine coins directly from any specific operations.
The best thing about Coinking is that you can select not only to mine specific coins, you also can mine converted to the coin of your choice. Older pools tend to keep specific coins for too long that are no longer profitable to mine and do not keep new profitable coins. One of the main advantages of this pool is that they look up to profitability and change the coins on time.
One of the most annoying things when mining alternative cryptocurrencies in a pool is that you end up with a lot of other coins that you need to move first and trade on an exchange.
Multipool is constantly expanding and managing the currencies that its port can mine. One must remain current with the movements of their processes and news.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!
2019-10-22 11:22:40.877376 | 2 min