Bitcoin Mining Pools are a way for the miners to pool their resources together and contribute to the mining process. They share the hash rate and the rewards are being split equally. The miners can pool their resources to generate blocks quickly and hence receive the block reward on a consistent basis.
Before knowing about the best Bitcoin mining pool in 2020, let us understand the working of the mining pool and how is it significant in the world of blockchain and cryptocurrency. Mining pools are ways how Bitcoin miners work together and share the rewards once a block is created, in proportion to their contributed hash power. The miners get their fair amount of share or reward as per their Proof of Work (PoW). Bitcoin mining in pools started when the rate of difficulty kept on increasing, where it would have taken the miners a long time to create a block. Hence they came up with a solution where the miners could pool their resources to help generate the blocks faster.
As the calculation of the shares mined can be a bit complex, there are two methods of paying the miners: Pay Per Share (PPS) which offers a guaranteed payout for each share that is solved by a miner instantly and Pay Per Last N Shares (PPLNS) which is similar to the proportional method but it looks at the last N shares, irrespective of the boundaries of the round.
One thing must be noted that the better the hash rate, the better the mining pool is. Like Chinese pools control 81% of the network hash rate. There are many Bitcoin mining software like Easyminer, which lets you mine bitcoin. (Bitcoin Mining pool software). There are companies like HashFlare, which is into Bitcoin cloud mining and are legit Bitcoin mining sites 2020.
The top 5 best Bitcoin Mining pools are:
Slush is one of the very first mining pool, which has earned quite a bit of credibility and led the way for many other pools to follow. Currently, Slush mines around 11% of the blocks, was announced in 2010 and founded by Marek Palatinus, the CEO of Satoshilabs and based out of the Czech Republic.
Slush pool follows a score-based system to discourage pool hopping and claims a 2% fee from every block reward. The dashboard of the Slush pool is very user-friendly and you can get detailed regular updates.
Antpool is a medium-sized Bitcoin mining pool, based out of China, operated by Bitmain Technologies. The main advantage of using Antpol is that you have the option to choose between PPS, where a 2% fee is charged and PPLNS, with zero fees charged. If the amount exceeds 0.001 BTC, the payment is made once in a day. Antpool has a clean interface so it's very much beginner-friendly.
You can find the readings of the hash rate and display earnings in their dashboard as per the Bitcoin mining pool chart. They have some adequate security options, wherein two-factor authentication, wallet locks and email alerts are included.
BTC.com is also owned by Bitmain Technologies and is one of the largest and free Bitcoin mining sites, started in 2016. BTC.com has its unique own way of payment system: FPPS (Full Pay Per Share), which is similar to PPS and TX fees in the payouts along with block rewards. BTC.com charges 1.5% as fees and has 0.001 threshold.
This is a medium to a large pool that was established in 2013. F2Pool takes a 2.5% fee, which is a bit on the high side and operated by a PPS reward system. F2Pool also supports mining Litecoin (LTC), Zcash (ZEC), Ethereum (ETH) as well as additional other coins apart from Bitcoin. The threshold limit for F2Pool is 0.005, after which there’s an automatic and Bitcoin mining pool best payout. Because of its simplicity in its layout and the clear and concise information, it is very convenient for the beginners even.
Kano Pool was founded in 2014, which offers PPLNS model, with a meager fee of 0.9%. You will need to wait for +101 block confirmations to get paid which is time-consuming, in regards to the payout per each block. Kano Pool doesn’t have one of the most user-friendly interfaces so has to go through some updates. On the other hand, it has great security features which include two-factor authentication.
It depends on different factors like how much the miner budget is. It is very important to know that he hash power pointed towards a mining pool doesn't mean its owned by the mining pool itself. You need to check the Bitcoin mining hardware and software guides before taking any decision.
Firstly, you should register and then configure your mining software to point your hardware hash power. Finally, enter the Bitcoin wallet address that will receive the payout.
Again, it depends on what are your criteria. General criteria for choosing the best pool includes the fee for withdrawing bitcoins, the status of the organization, feedback or review of the project in various platforms, etc. So, based on your priority, you can choose the mining pool.
144 blocks per day are mined on average, and there are 12.5 bitcoins per block. The average amount of new bitcoins mined per day: 144 x 12.5 is 1,800. As many miners are adding new hash power, over the last few years blocks have often been found at 9 and a half minute intervals rather than 10. This creates new bitcoins faster, so on most days, there are actually more than 1,800 new bitcoins created.
A mining pool is where a group of miners work towards a common goal of generation of a block, after which that miner gets rewarded.
You can earn free Bitcoin by different methods, of which the CoinSwitch Referral Programme is the easiest.
DragonMint T1 has the highest hashrate of 16 TH per sec and is considered as the fastest Bitcoin miner.
The list keeps on upgrading, as of the current results, Roger Ver is the richest Bitcoin millionaire, with 52 million USD net worth. Different websites have different results, so this information is subjected to change.
It is easy-all you have to do is register and configure your mining software to point your hardware's hash power to the Slush pool.
In the context of mining, a "pool" is a resource of miners, who share their processing power over the network in order to split rewards equally.
Yes, you can mine Bitcoin on your PC. Just remember that it requires a lot of power consumption.
You can mine Bitcoin on your phone using apps like Crypto Miner or Easy Miner.
Free Bitcoin mining is a myth- you should only go for legitimate sites.
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 KuCoin, IDEX, Changelly, Cryptopia, ChangeNow and Changer without creating an account on them. If you are interested in buying cryptos, do give it a try!