You have decided to enter the lucrative world of Bitcoin mining, you have your hardware in order, so the next step would be to join a Bitcoin mining network. People that mine Bitcoin are the folks responsible for creating fresh Bitcoins, and without them, the currency would not exist. Mining can be done by anyone, although it is often accomplished in big warehouses. Bitcoin mining networks are clusters of miners, who all reap the benefits of block rewards. While this may beneficial to the any miner in many ways, the success is also dependent on the Bitcoin mining pool owner. Luckily, you get to choose your desired mining pool, and with a little knowledge and understanding, you can make the right decision when mining those valuable Bitcoins. Here are some top rated mining pools available:
- DiscusFish/F2Pool – This is a China-based mining pool that has majorly contributed to the Bitcoin industry, mining around close to 20% of all Bitcoin blocks.
- BitFuryPool – This is one of the greatest developers of Bitcoin mining hard-ware and is considered as the world’s most popular Bitcoin miner.
- BTCC – Based in China, BTCC is a top contributor, mining just above 11% .
- KnCMiner – A Swedish-based mining manufacturer that mines above 5% of blocks worth.
- Slush – This was the very first of its kind and probably the most recognised. At this stage, Slush mines about above 4% of all Bitcoin blocks.
- Eligius – Another first created following Slush, accounting for above 2% of all Bitcoin blocks mining.
The pros and cons of mining pools
Deciding to join a mining pool comes with pros and cons. If you choose to go on your own, you will not have to share any rewards. Although a con would be that your odds of getting rewards will be decreased without the help of others. While a mining pool significantly increases your chances of winning the reward, it will have to be split between all of the pool members. Joining a mining pool is, therefore, ideal as a way to earn a steady, although sometimes modest income instead of trying to earn one major reward. It is, therefore, important to find out how each pool shares its payments and what fees it deducts before joining.
Once you have decided on the right mining pool for your needs, joining is easy and requires just a few steps. You will have to create an account on the pool’s website. Once you have an account, you must create a ‘worker’ or multiple workers for each piece of mining software you choose to use. You will also be asked to create a username and password, and once this is done, you will officially be a part of this fascinating mining network.