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Now you have Bitcoin mining equipment, your next step is to join a Bitcoin mining pool. What is a Mining Pool Mining pools are all bands of cooperating miners who consent to share block benefits in proportion to their contributed mining hash power. While mining pools are desired to the ordinary miner as they smooth out rewards and also make them more predictable, they unfortunately concentrate power to the mining pools owner.
Pool Concentration in China Before we get into the best mining pools to join, its important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest issues at the moment. There are about 20 major mining pools.
This can be based on info from Blockchains pool discuss chart: We strongly recommend new miners to join Slush Pool although it not being one of the greatest pools. It was the very first Bitcoin mining pool and remains one of the most reliable and trusted pools, particularly for beginners. 1. BTC.com BTC.com is a community mining pool which can be joined.
2. Antpool Antpool is a mining pool located in China and owned by BitMain. Antpool mines about 25% of all cubes. 3. ViaBTC ViaBTC is a new mining pool that has been around for about one year. Its targeted towards Chinese miners. Slush was the initial mining pool and currently mines about 3% of blocks.
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DiscusFish, also known as F2Pool, is located in China. F2Pool has mined about 5-6percent of all blocks over the previous six months. 6. BTC.top BTC.top is a private pool and cannot be joined. 7. Bitclub.Network Bitclub Network is a massive mining pool but appears to be somewhat shady. We recommend staying away from this pool.
BTCC BTCC is a pool and Chinas third largest Bitcoin exchange. Its mining pool currently mines roughly 7 percent of all blocks. 9. Bitfury Bitfury is a personal pool that cannot be joined. Bitfury currently mines about 2% of blocks. BW, based in 2014, is another mining company based in China.
Bitcoin Mining Pool Comparison PoolLocationFeesPrivate PoolBitFuryGeorgia0%YesBTCCChina2-3%NoSlush PoolCzech Republic2percent NoAntpoolChina1percent NoBWChina1%No The comparison chart above is only a fast reference. The location of a pool does not matter all that much. Most of the pools have servers in every country so even when the mining pool is located in China, you could connect to a host in the united states, for example.
Mining Pools vs Cloud Mining Many people read about mining pools and think it's merely a group that pays out free bitcoins. This is not correct! Mining pools are for men and women who have mining hardware to divide profits. Many men and women get mining pools confused with cloud mining. Cloud mining is where you pay a service provider to miner for you and you receive the benefits.
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Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bitcoins when you buy $100 or more at Coinbase. That Countries Mine the many Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash electricity.
China China mines the very bitcoins and so ends up exporting the most bitcoins. Electricity in China is very go to website cheap and has enabled Chinese Bitcoin miners to gain a very large percentage of Bitcoins hash power. Its supposed that some Chinese electricity companies point their excess energy towards Bitcoin mining centers in order that no energy goes to waste.
Its estimated these mining pools own somewhere around 60% of Bitcoins hash power, meaning they mine roughly 60 percent of new bitcoins. Georgia Georgia is home to BitFury, one of the largest producers of Bitcoin mining equipment and processors. BitFury currently IQ Trading mines about 15 percent of bitcoins. Sweden Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm.
US The US is home to 21 Inc., a Bitcoin mining company based in California. 21 runs a massive amount of miners, but also sells low powered bitcoin miners as part of their 21 Bitcoin computer. The majority of the hash electricity in the 21 Bitcoin computers is pointed towards 21s mining pool.
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Mines about 3 percent of all bitcoins. Other Countries The countries above mine about 80 percent of bitcoins. The rest of the hash power is spread throughout the remainder More Info of the planet, often pointed at smaller mining pools such as Slush (Czech Republic) and Eligius (US). What is a mining poolGet that a Bitcoin Wallet and Mining SoftwareThe Largest Mining PoolsBest Bitcoin Mining Pool ComparisonMining Pools vs Cloud MiningWhich Countries Mine the most BitcoinsOther CountriesA Note on PoolsWhy are Miners ImportantAntpool ReviewBitfury InformationBTCC Mining Pool ReviewSlush Pool Review A Note on Pools While we can view which mining pools would be the largest, its important to understand that the hash electricity pointed towards a mining pool isnt necessarily owned by the mining pool itself.