Many people get mining pools confused with cloud mining. This is not true! Mining pools are for people who have mining hardware to split profits.
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Many people read about mining pools and think it is just a group that pays out free bitcoins. You will also very likely need an ASIC miner, since GPU mining will likely never be profitable again going forward.
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Get a Bitcoin Wallet and Mining Softwareīefore you join a mining pool you will also need Bitcoin mining software and a Bitcoin wallet. Actual prices may vary depending on seller. * averages prices from various online sources. The more powerful your hardware is–and the more energy efficient–the more profitable it will be to mine bitcoins. Mining hardware is specialized computers, created solely for the purpose of mining bitcoins. ➤ MORE: Bitcoin mining machines & hardware Bitcoin Mining Pool Comparison Most of the pools have servers in every country so even if the mining pool is based in China, you could connect to a server in the US, for example. The location of a pool does not matter all that much. The comparison chart above is just a quick reference. This is a Japanese pool that currently mines about 2.6% of the blocks. Slush is probably one of the best and most popular mining pools despite not being one of the largest. Slush Pool was the first mining pool and currently mines almost 6% of all blocks. They account for 17% of all hashing power. Foundry USAįoundry USA is (you guessed it) a US based pool owned by German blockchain company Foundry Digital. We strongly recommend joining Slush Pool or Poolin instead. BTC.comīTC.com is a public mining pool that can be joined and mines about 6.5% of all blocks. Binance Poolīinance Pool is a fast growing pool owned and operated by Malta-based exchange Binance.īinance is already one of the largest crypto exchanges on Earth and they are moving aggressively to expand their reach in mining as well.īinance mines about 11% of all blocks 6. They are based in China, but have a website fully available in English. Poolin is a public pool which mines about 11% of all blocks. It’s targeted towards Chinese miners and mines about 10% of all blocks. ViaBTC is a somewhat new mining pool that has been around for about one year. AntpoolĪntpool is a mining pool based in China and owned by BitMain. We strongly recommend new miners to join Poolin or Slush Pool. The list below details the biggest Bitcoin mining pools: ➤ MORE: Is bitcoin mining profitable in 2022? Current Mining Pools Our guide on the best bitcoin wallets will help you get a wallet. This is because all Bitcoin mining pools will ask you for a Bitcoin address that will be used to send your mining rewards and payouts. Therefore, one can no longer look at where a pool is headquartered and assume that the hashing power it represents is also Chinese-based. Most of that hashing power has moved to the US and Canada. That is because China banned Bitcoin mining and shutdown about 90% of the mining ops in the region. While these numbers also represented somewhat accurate hashing rates from each country, they no longer do as of June 2021.
Many pools are headquartered in China and so the number for China is quite high. Keep in mind these numbers only represent the amount of hashing power each pool represents. 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 ~65% of the network hash rate: Many only have Chinese websites and support. ➤ MORE: Bitcoin mining profit calculator Pool Concentration in Chinaīefore we get into the best mining pools to join, it’s important to note that most mining pools are in China. Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.įinding a good mining pool is important because it’s going to save you money. 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. Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power. Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool or buy bitcoin. Jordan Tuwiner Last updated August 3, 2022
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