Concentration of mining pools by country
Bitcoin mining is still one of the most relevant ways to earn BTC. However, because of the rapidly rising mining difficulty, the requirements for mining equipment are growing, too. While some five years ago you could mine BTC with your smartphone, today even the most powerful graphics cards prove to be inefficient.
There are two: solo and pool mining. Before Bitcoin and the cryptocurrency industry became widespread, solo mining was very common: miners had enough technological capacity to mine new blocks and enjoyed generous BTC rewards. Before , the complexity of mining and general hash rate used to be low.
However, as the number of miners increased, so grew the need for powerful equipment and energy-intensive farms. Now, in , building your own mining rig is quite expensive and is not always financially justified. This is how mining pools appeared. Mining pool is a website that divides the big task calculations into small ones and distributes them between the capacities of different devices connected to it. When a group of miners generates a block, it shares the award among all participants.
While mining pools will not generate BTC for you, they will help you find people you can combine your power with. Some websites also offer Bitcoin cloud mining. Such platforms allow users to form miner groups and distribute the reward in a fair, transparent way.
Minimum withdrawal amount depends on the cryptocurrency. Although Poolin is a young project, it has quickly become one of the top 10 BTC mining sites as it not only supports a wide range of cryptocurrencies and payment methods, but also has such cool features as:. F2pool was the first Chinese project of its kind. Currently, it is the best crypto mining tool in terms of the number of supported currencies. Initially, they only focused on Bitcoin, but then ETH was introduced in , and by , they added a wide variety of other coins.
The website supports both English and Spanish. The current transaction fee is 1. F2Pool is a decentralized platform, which makes it more trustworthy for the client. Both Android and iOS apps are available for personal account management. The AntPool project was established in February So, this is why the company launched its own mining pool. The project turned out to be successful and met the expectations of both developers and users.
Already in the middle of the project became one of Bitcoin mining leaders. In May , Antpool management announced support for Ethereum and Litecoin. Aside from offering group mining, Antpool also supports the cloud mining feature in solo mode. The platform and their customer service are both available in different languages.
The funds can be withdrawn daily, and the commission is minimal. The only condition for the withdrawal is the presence of a new block. There are three payment methods available:. Huobi Pool is a multi-currency pool that was founded in on the basis of the Huobi Global cryptocurrency exchange. Huobi Pool is positioned as a multi-purpose and multi-currency mining platform. At the time of writing this article, the transaction fee was as low as 0.
ViaBTC is a large mining pool that provides cloud mining of popular cryptocurrencies. When the cloud mining service was first launched on the site in October , only BTC was supported. Aside from group mining, ViaBTC also has cloud mining in solo mode. The application on Android and iOS allows monitoring hash rate and profit. In addition, there is also an online Mining Profit Calculator. When BTC. TOP was officially launched in December , it was a Bitcoin mining site for the Chinese domestic market only.
Users could not register — the project was considered a closed pool. At the end of new user registration was introduced, and the platform spiked in popularity, breaking into the top 3 best BTC mining pools in China. Want to join the BTC. TOP community? Later, they introduced mining on ASIC equipment. In , the developers released their first mining chip, which was manufactured using nanometer technology. Its production was set up later. This is one of the largest non-Chinese mining pools.
The platform was introduced on November 27, by Satoshi Labs. In the summer of , the site became the leader in Bitcoin mining. In SlushPool ranked third for the share of production of the first cryptocurrency. The Chinese competition with low commissions has additional fees that the user learns about during the withdrawal process. They use the Score method to calculate fees, which does not allow participants to connect to other mining pools. Developers also introduced automatic withdrawal, but it is only available if the threshold value is reached.
BTCC mining pool was a large Chinese pool that existed from to In the second half of , the service reached 1, blocks. Over the entire span of the project, about 16, blocks were found. The fee for the block remuneration transaction was The total commission for the block was within the range of 3. Solo mining is expensive and not always cost-efficient, so you can achieve better results by joining forces with peers. We hope our Bitcoin mining pool overview can help you make an informed decision and increase your crypto riches.
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Pool Concentration in China
Miranda Marquit has been writing about money for The Balance since Nearly 3, cryptocurrencies are listed on investing. While buying on an exchange like Coinbase is usually fairly simple and allows you to buy fractions of cryptocurrencies, there are those who prefer to mine their coins. The best option likely depends on individual circumstances. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes. Bycryptocurrency mining has become a little more complicated and involved.
The platform was introduced on November 27, by Satoshi Labs. Your email address will not be published. The pool shares the transaction fees earned with miners. Infrastructure Compatibility. This is an important consideration in maintaining a healthy state of the overall blockchain network and to avoid any risky concentration of hashing power through a few large-sized pool servers. Popular Courses. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading. For this reason, most Bitcoin mining pools no longer support it. One of the main advantages of Eligius is that there are no fees. The same applies to the payment frequency of the mining pool. Mining, once done what is the most profitable bitcoin mining pool the average home computer, is now mostly done in large, specialized warehouses with massive amounts of mining hardware. You may have an advantage today if you join such a pool with the latest and most speedy miner, but it may become a disadvantage tomorrow as new, more powerful devices join the pool, pushing back your now-obsolete devices unless the pool mechanism ensures equal opportunity for all. Part Of.