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Now you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. What's a Mining Pool Mining pools are all groups of cooperating miners who consent to share block rewards in proportion to their contributed mining hash electricity. While mining pools are desired 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 best mining pools to join, its important to note that most mining pools are located 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 can be based on info from Blockchains pool discuss graph: We strongly recommend new miners to join Slush Pool despite it not being one of the biggest pools. It was the very first Bitcoin mining pool and remains one of the most dependable and trusted pools, especially for beginners. 1. BTC.com BTC.com is a community mining pool that can be joined.
2. Antpool Antpool is a mining pool located in China and owned by BitMain. Antpool mines about 25 percent of all blocks. 3. ViaBTC ViaBTC is a somewhat new mining pool which has been around for approximately one year. Its targeted towards Chinese miners. Slush was the first mining pool and currently mines about 3% of all blocks.
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DiscusFish, also known as F2Pool, is based in China. F2Pool has mined about 5-6percent 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 massive mining pool but appears to be somewhat shady. We recommend staying away from this pool.
BTCC BTCC is a swimming pool and Chinas third biggest Bitcoin exchange. Its mining pool currently mines roughly 7% of all blocks. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines roughly 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 is just a group that pays out free bitcoins. This is not true! Mining pools are for men and women who have mining equipment to divide profits. Many men and women get mining pools confused with cloud mining. Cloud mining is where you pay a service supplier to check out this site 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 purchase have a peek at this site $100 or more in Coinbase. That Countries Mine the many Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. Since Bitcoin mining is somewhat centralized, 10-15 mining companies have maintained the great majority of network hash power.
China China mines the very bitcoins and therefore ends up exporting the many bitcoins. Electricity in China is very cheap and has allowed Chinese Bitcoin miners to gain an extremely large percentage of Bitcoins hash power. Its supposed that some Chinese power companies point their excess energy towards Bitcoin mining centers so that no energy goes to waste.
Its estimated that these mining pools own somewhere around 60% of Bitcoins hash power, meaning that they mine about 60% of new bitcoins. Georgia Georgia is home to BitFury, one of the biggest manufacturers of Bitcoin mining equipment and chips. 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., a Bitcoin mining company based in California. 21 runs a large amount of miners, but also sells non powered bitcoin miners as part of their 21 Bitcoin computer. The majority of the hash power in the 21 Bitcoin computers has been pointed towards 21s mining pool.
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Mines about 3% of all bitcoins. Other Countries The countries above mine about 80% of bitcoins. The rest of the hash electricity is spread across the remainder of the world, often pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US). What's a mining poolGet that a Bitcoin Wallet and Mining SoftwareThe Biggest 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 that mining pools would be the greatest, its important to understand that the hash electricity pointed towards a mining pool isnt necessarily owned by the mining pool itself.