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Now you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. What is a Mining Pool Mining pools are groups of cooperating miners who consent to share block rewards in proportion to their contributed mining hash electricity. While mining pools are desirable to the ordinary miner as they smooth out benefits and make them more predictable, they unfortunately concentrate power 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 in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest problems at the moment. There are approximately 20 major mining pools.
That is based on info from Blockchains pool discuss graph: 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 reliable pools, particularly for beginners. 1. BTC.com BTC.com is a public mining pool that 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 somewhat new mining pool that has been around for approximately one year. Its targeted towards Chinese miners. Slush was the first mining pool and currently mines about 3 percent of blocks.
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DiscusFish, also known as F2Pool, is located in China. F2Pool has mined about 5-6percent of blocks over the past 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 pool and Chinas third biggest Bitcoin exchange. Its mining pool currently mines roughly 7 percent of all blocks. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines about 2% of all 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's just a group that pays out free bitcoins. This is not true! Mining pools are for people who have mining hardware to split profits. find out this here 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 get the rewards.
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Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bitcoins when you purchase $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 vast majority of network hash power.
China China mines the very bitcoins and therefore 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 rumored 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 power, meaning that they mine about 60 percent of new bitcoins. Georgia Georgia is home to BitFury, one of the biggest producers of Bitcoin mining equipment and processors. BitFury currently mines about 15% of bitcoins. Sweden Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm.
US The US is home to 21 Inc., click now 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 from the 21 Bitcoin computers has been pointed towards 21s mining pool.
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Mines about 3% of bitcoins. Other Countries The countries above mine around 80% of bitcoins. The remaining part of the hash power is spread throughout the remainder of the planet, often pointed at smaller mining pools such as Slush (Czech Republic) and Eligius (US). What's a mining poolGet 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 power pointed towards a mining pool isnt necessarily owned by the mining pool .