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Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. What is a Mining Pool Mining pools are all groups of cooperating miners who consent to share block benefits in proportion to their contributed mining hash electricity. While mining pools are desirable to the average miner since they smooth out rewards and also make them more predictable, they unfortunately concentrate capability to the mining pools owner.
Pool Concentration in China Before we get into the very best mining pools to join, its important to note that most mining pools are located in China. Many only have Chinese sites and support. Mining centralization in China is one of Bitcoins biggest problems at the moment. There are approximately 20 big mining pools.
This is based on info from Blockchains pool share chart: We strongly recommend new miners to join Slush Pool despite it not being one of the biggest pools. It was the very first Bitcoin mining pool and remains one of the most reliable and trusted pools, especially 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 percent of all cubes. 3. ViaBTC ViaBTC is a new mining pool which has been around for about one year. Its targeted towards Chinese miners. Slush was the first mining pool and currently mines about 3% of all blocks.
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DiscusFish, also known as F2Pool, is located in China. F2Pool has mined about 5-6% 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 seems to be somewhat dishonest. We recommend staying away from this pool.
BTCC BTCC is a swimming pool and Chinas third largest Bitcoin exchange. Its mining pool currently mines about 7% of all blocks. 9. Bitfury Bitfury is a personal pool that cannot be joined. Bitfury currently mines roughly 2% of blocks. BW, established in 2014, is another mining company based in China.
Mining Pools vs Cloud Mining Many men and women read about mining pools and think it is merely a group that pays out free bitcoins. This is not correct! Mining pools are for men and women who have mining hardware to split profits. Many people get mining pools confused with cloud mining. Cloud mining is where you pay a service supplier to miner for you and you get the benefits.
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Buying bitcoins is the EASIEST and FASTEST way to buy bitcoins. Get $10 worth of free bitcoins when you buy $100 or more at Coinbase. That Countries Mine the most Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. Since Bitcoin mining is somewhat centralized, 10-15 mining companies have maintained the great majority of network hash power.
China China mines the very bitcoins and so ends up exporting the many bitcoins. Electricity in China is quite cheap and has enabled Chinese Bitcoin miners to gain a very large percentage of Bitcoins hash electricity. Its supposed that some Chinese power companies point their surplus energy towards Bitcoin mining centers so that no energy goes to waste.
Its estimated these mining pools own somewhere around 60 percent of Bitcoins hash electricity, meaning they mine about 60% of new bitcoins. Georgia Georgia is home to BitFury, one of the biggest producers of Bitcoin mining hardware and chips. BitFury currently 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 the 21 Bitcoin computer. Most of the hash power in the 21 Bitcoin computers has been pointed towards 21s mining pool.
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Mines about 3% of all bitcoins. Other Countries The countries above mine around 80 percent of bitcoins. The rest of the hash power is spread across the remainder of the world, 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 click on PoolsWhy are Miners ImportantAntpool ReviewBitfury InformationBTCC Mining Pool ReviewSlush Pool Review A Note on Pools While we can view which mining pools are the largest, its important to understand that the hash electricity pointed towards a mining pool isnt necessarily owned by Full Article the mining pool itself.