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Mining[BEWARE] Mining pools

Generating bitcoins.

Moderator: Ultimatebtc

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Ultimatebtc
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[BEWARE] Mining pools

Postby Ultimatebtc » Sun Dec 17, 2017 3:02 pm

Beware of these scam sites that claims that they do cloud mining. But they do not give details on the kind of machines they have, their hash power and also the well known mining pool sites that already currently dominating the market. If they are too good to be true, chances are, they really are just scams!

http://www.cloudmining.sg/
https://pool.bitcoin.com/index_en.html

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Now that 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 agree to share block rewards in proportion to their contributed mining hash power.

While mining pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner.

Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.

Pool Concentration in China
Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoin’s biggest issues at the moment.

There are about 20 major mining pools. Broken down by the percent of hash power controlled by a pool, and the location of that pool’s company, we estimate that Chinese pools control ~81% of the network hash rate.

The Biggest Mining Pools
The list below details the biggest Bitcoin mining pools. This is based on info from Blockchain’s pool share chart:
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1. Antpool
Antpool is a mining pool based in China and owned by BitMain. Antpool mines about 25% of all blocks.

2. BTC.top

BTC.top is a private pool and cannot be joined.

3. BTC.com
BTC.com is a public mining pool that can be joined. However, we strongly recommend joining Slush Pool instead.

4. Bixin
Bixin is another mining pool that is based in China. It is a public pool, but unless you speak Chinese we do not recommend joining this pool.

5. BTCC

BTCC is a pool and also China’s third largest Bitcoin exchange. Its mining pool currently mines about 7% of all blocks.

6. F2pool
DiscusFish, also known as F2Pool, is based in China. F2Pool has mined about 5-6% of all blocks over the past six months.

7. ViaBTC
ViaBTC is a somewhat new mining pool that has been around for about one year. It’s targeted towards Chinese miners.

8. BW Pool

BW, established in 2014, is another mining company based in China. It currently mines about 5% of all blocks.

9. Bitclub.Network
Bitclub Network is a large mining pool but appears to be somewhat shady. We recommend staying away from this pool.

10. Slush
Slush was the first mining pool and currently mines about 3% of all blocks.

Get a Bitcoin Wallet and Mining Software
Before you join a mining pool you will also need Bitcoin mining software and a Bitcoin wallet.

Mining Pools vs Cloud Mining
Many people read about mining pools and think it is just a group that pays out free bitcoins. This is not true! Mining pools are for people who have mining hardware to split 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 rewards.

A Note on Pools

While we can see which mining pools are the largest, it’s important to understand that the hash power pointed towards a mining pool isn’t necessarily owned by the mining pool itself.

There are a few cases, like with BitFury and KnCMiner, where the company itself runs the mining operation but doesn’t run a mining pool.

Bitcoin miners can switch mining pools easily by routing their hash power to a different pool, so the market share of pools is constantly changing.

To make the list of top 10 miners, we looked at blocks found over the past 6 months using data from BlockTrail.

The size of mining pools is constantly changing. We will do our best to keep this posted up-to-date.

Why are Miners Important?
Bitcoin miners are crucial to Bitcoin and its security. Without miners, Bitcoin would be vulnerable and easy to attack.

Get this:

Most Bitcoin users don’t mine.

However, miners are responsible for the creation of all new bitcoins and a fascinating part of the Bitcoin ecosystem.

Mining, once done on the average home computer, is now mostly done in large, specialized warehouses with massive amounts of mining hardware.

These warehouses usually direct their hashing power towards mining pools.


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