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Now you have Bitcoin mining equipment, your next step is to join a Bitcoin mining pool. What's a Mining Pool Mining pools are groups of cooperating miners who agree to discuss block rewards in proportion to their contributed mining hash electricity. While mining pools are desirable to the average 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 many mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest problems at the moment. There are about 20 major mining pools.
This is based on info from Blockchains pool discuss chart: We strongly recommend new miners to join Slush Pool although it not being one of the biggest pools. It was the very first Bitcoin mining pool and remains one of the most reliable and reliable pools, particularly for beginners. 1. BTC.com BTC.com is a public 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 blocks. 3. ViaBTC ViaBTC is a new mining pool which has been around for approximately one year. Its targeted towards Chinese miners. Slush was the initial 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 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 large mining pool but appears to be somewhat dishonest. We recommend staying away from this pool.
BTCC BTCC is a pool and Chinas third biggest Bitcoin exchange. Its mining pool currently mines roughly 7 percent of all cubes. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines about 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 just a group that pays out free bitcoins. This is not correct! Mining pools are for men and women who have mining equipment to divide profits. Many people get mining pools confused with cloud mining. Cloud mining is where you pay a service provider 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. Which 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 great majority of network hash electricity.
China China mines the very bitcoins and so ends up exporting the most bitcoins. Electricity in China is quite cheap and has enabled Chinese Bitcoin miners to gain an extremely large percentage of Bitcoins hash power. Its supposed additional reading that some Chinese electricity companies point their excess energy towards Bitcoin mining centers so that no energy goes to waste.
Its estimated these mining pools own somewhere around 60% of Bitcoins hash electricity, meaning they mine roughly 60 percent of all new bitcoins. Georgia Georgia is home to BitFury, one of the largest manufacturers of Bitcoin mining equipment and chips. BitFury currently mines about 15% of all 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 large amount of miners, but also sells non 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 percent of bitcoins. Other Countries The countries above mine around 80 percent of all bitcoins. The rest of the hash power is spread throughout the remainder of the planet, often browse around here pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US). What is a mining poolGet a Bitcoin Wallet Discover More Here 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 are the greatest, its important to understand that the hash power pointed towards a mining pool isnt necessarily owned by the mining pool .