Which Mining Pool Should You Join?
Gone are the days when a solo miner could win the Bitcoin block reward. Back in January 2009 when Satoshi Nakamoto launched Bitcoin, he and the early adopters were mining Bitcoin on their CPUs.
But as Bitcoin’s popularity grew so did the mining difficulty. GPUs ousted CPU, and then ASICs Antminers pretty much ousted GPU for mining Bitcoin. What’s more, big powerful mining farms have ousted the solo miner, even one who has the latest Antminer.
Joining a Mining Pool is a Must
Joining a mining pool allows you to work together with thousands of other miners. Ploughing your hashpower into the pot to give your pool and you a much more realistic chance of winning the Bitcoin block reward.
Although we are seeing a move towards the US, Texas especially, most mining is still done in China. This is due to the cheap electricity costs, and the powerful ASICs mining rigs being manufactured by Beijing based Bitmain.
Most of, but not all, the biggest mining pools are based in China too. But when joining a mining pool you should know exactly how their rewards are paid out and how much cut they take.
These change as they compete for your hashpower, so it’s always important to do some research before you sign up for what’s best for you. Read More...