Blockchain 2.0 for Beginners

Bitcoin Mining Tutorial Fundamentals Explained


This payment method guarantees payments and leaves the miners with very little risk of not being compensated for their contribution. The downside of this scheme is the high fees that the pool owners charge, to mitigate the risk they take by paying frequently.

Proportional: Just like in PPS, miners distribute shares along the block finding interval. The more hashing power you've got and the longer you mined for the cube, the more shares you filed. Once a cube is found, the pool cover the miners according to the amount of shares they received.

However in this payment method, the value that you will receive for each share will equal the block benefits divided by the total number of shares filed by all miner. This means that the more miners that join the pool, the lower the value of each share you recieve.

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Score-based: This payment method was designed to prevent miners from pool-hopping. Your mining period and hashing electricity are calculated into a scoring hash speed score. The longer you stay on the swimming pool, the higher your score is and the higher the value of the  shares you get. Once you stop mining, your score gets smaller and the value of your shares drop accordingly.

Pay per Last N Stocks (PPLNS): In PPLNS, miners only get paid for stocks received during a predefined window which ends in the block solving. Unlike other payment schemes, shares received outside of the window will not be rewarded at all. This window can either be defined as a period frame (uncommon), or with a certain number (N) that represents the last stocks received up into the block solving. .

For instance, if N equals 1 Billion, once a block is found only the last 1 Billion shares will be rewarded. While not defined anywhere explicitly, N is usually set as a multiple of the mining pool issue with a constant, usually 2.

For this reason, PPLNS is also known as Pay per Luck Shares. When implemented correctly, miners cant predict the ideal time to join, so that they can either get higher rewards when they got to receive more stocks within the previous N stocks, or find no reward whatsoever when they didnt.

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Announced in 2010, SlushPool was the very first Bitcoin mining pool and undoubtedly led the way for many other mining pools to come. Founded by SatoshiLabs current CEO Marek Palatinus (aka Slush), its located in the Czech Republic and follows a score-based system to dissuade pool-hopping.

This is a medium-large sized pool. SlushPool claims a 2% commission from every block solving reward. SlushPools dashboard is very user friendly and gives excellent detail with regular updates. While it may not be the biggest of those Bitcoin mining pools, its certainly considered one of the very best.

Antpool is a Chinese Bitcoin mining pool run by Bitmain Technologies. It's moderate in size. One advantage Antpool has is that you can choose between PPLNS (0% fee) and PPS+ (2% fee), both of which visit this site right here have their own advantages.

In terms of payments, theyre created once daily when the amount exceeds 0.001 Bitcoin. Those new to Bitcoin mining will appreciate the clean interface. The dashboard clearly displays earnings and hashrates. There are also a variety of security options, including two-factor authentication, email alerts, and wallet locks.

Known for their wallet and their own blockchain explorer, BTC.com have been around for some time, before opening a pool in 2016. Owned by Bitmain Tech, BTC.com is your greatest pool around, in the time of writing. BTC.com possess their own payment system, FPPS, which like PPS+ include TX charges in the payouts, along with the block reward.

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F2Pool is a medium-large pool situated in 2013. Operating a PPS+ reward program, F2Pool takes a 2.5% fee, which is somewhat on the large side.

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Besides Bitcoin, F2Pool also supports mining Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), as well as additional different coins. Theres a daily automatic payout, and the minimum withdrawal is 0.005 BTC. Unlike a few Chinese Bitcoin mining pools, it's an English interface. The design is quite simple, with information presented in a clear and concise manner. .

Also known as KanoPool, Kano CKPool was founded in 2014. This little Bitcoin mining pool provides PPLNS payment model, charging a 0.9% fee.

With respect to payout, per each block found you'll need to wait +101 block confirmations for paid, which could take some time.

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This is a comparatively straightforward pool with an interface which could do with an upgrade as its not the most user friendly. It doesnt have much in the way of features, but it does have two-factor authentication for an extra layer of security.

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