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05 December 2020

Jumping into the pool: How to earn a profit mining Bitcoin and Ether

Jumping into the pool: How to earn a profit mining Bitcoin and Ether


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How to earn a profit mining Bitcoin and Ether.

For Bitcoin, Ether and every major altcoin, the blockchain is built in such a way that the complexity of finding blocks is constantly increasing, which means that a pair of GPU cards is not powerful enough to generate one block.

The calculation is simple: divide the total hash rate of Ether by your hash rate and get the number of seconds it will take on average to find a block.

For example, Binance recently launched its own mining pool for Ether.

A mining pool is a server that combines the computing power of all the participants connected to it.

When a pool grows, the chances of discovering a block increase.

Before joining the pool, users need to find out the minimum payment, which is the minimum amount of crypto that must be mined before it will be sent to the users’ wallet.

Another important thing that should be mentioned is that participation in any pool is not free.

In general, participation in any pool does not require serious investment and knowledge, and if the user has already put together a rig, then it will not be difficult to figure out which pool to choose.

Here is what to pay attention to when choosing a pool, regardless of the cryptocurrency mined:.

Of course, most of the pools work for Bitcoin or Ether mining.

For Bitcoin, almost all the main pools are based in China, which is not surprising, as the country produces most of the Bitcoin mining hardware.

The pool uses Pay Per Share+, or PPS+, as the payout model in which the miner receives a reward for each share accepted by the pool, regardless of the blocks found by the pool.

When a pool uses the PPLNS method, the payment comes from “time shifts” between searching two blocks.

SparkPool is registered in China and was launched in January 2018, and half a year later, the pool has entered the list of leaders in mining Ether.

Like any other mining pool, Nanopool has a fee that is charged based on the income of its users.

Withdrawing Ether from a miner’s account balance to their wallet is carried out in Nanopool automatically when the minimum payment is reached, which is 0.05 ETH.

When choosing a pool, each person should pay attention to the list of available coins to make sure their coin of choice is on the list.

Another issue is the proximity of the pool servers: the closer the server, the more stable the mining process will be

In general, it can be said that no matter what coin the user chooses, they are unlikely to lose out when using a mining pool

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