On Choosing the Right Cryptocurrency Mining Pool

When Bitcoin emerged, early adopters were quick to notice the high block rewards and great profitability provided by this new and lucrative business. However, as prices rose and Bitcoin’s popularity increased, the mining difficulty took the same uptrend path.

As such, miners who already had set up a large-scale business were able to adapt to the changes. Purchasing more hardware wasn’t really a problem for them, granted the scale of their mining operations.

However, small-scale miners were majorly affected by the increasing difficulty, as their mining hardware was quickly proving inefficient in finding the hash solution to the next block.

This issue led to the appearance of cryptocurrency mining pools, which are considered the saviors of the cryptocurrency mining market.

To put things better into perspective, a mining pool is a platform that leverages the processing power of its users towards cracking the complex mathematical formula needed for discovering a new block. Upon receiving the block reward, the coins are then distributed to the users according to the amount of power contributed by each.

Therefore, mining pools solve an important problem — they allow small-scale miners that lack massive hardware power to be part of the mining market.

However, choosing the right mining pool can prove problematic, granted the large number of choices available on the market. Apart from varying terms and conditions, each pool has an estimated hashrate, participation fee, and a reward type.

The infographic we linked above shows several facts any aspiring miner should know, alongside the hashrate, fees, and reward types for six of the most popular mining pools. By taking these factors into consideration, you’ll be able to gain a better idea of what to expect from each of the pools.

There are over 4 million bitcoins that still need to be minted through mining; therefore, it certainly isn’t too late to start now. In fact, it is estimated that the last Bitcoin will be mined sometime in 2140.

So pick your mining hardware, choose your pool, and get started!

Infographic URL: https://bitcoinfy.net/crypto-transactions-and-mining/

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