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Now that 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 discuss block benefits 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 pools owner.
Pool Concentration in China Before we get into the best mining pools to join, its important to note that many mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest issues at the moment. There are approximately 20 big mining pools.
That can be based on info from Blockchains pool share graph: We strongly recommend new miners to join Slush Pool despite it not being one of the greatest pools. It was the very first Bitcoin mining pool and remains one of the most dependable and trusted pools, particularly for beginners. 1. BTC.com BTC.com is a community mining pool which can be joined.
2. Antpool Antpool is a mining pool based in China and owned by BitMain. Antpool mines about 25% of all blocks. 3. ViaBTC ViaBTC is a somewhat new mining pool which has been around for about one year. Its targeted towards Chinese miners. Slush was the first mining pool and currently mines about 3 percent of all blocks.
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DiscusFish, also known as F2Pool, is based in China. F2Pool has mined about 5-6percent of all 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 dishonest. We recommend staying away from this pool.
BTCC BTCC is a swimming pool and Chinas third largest Bitcoin exchange. Its mining pool currently mines roughly 7% of all blocks. 9. Bitfury Bitfury is a personal pool that cannot be joined. Bitfury currently mines about 2% of all blocks. BW, established in 2014, is another mining company based in China.
Mining Pools vs Cloud Mining Many people read about mining pools and think it is just a group that overlooks free bitcoins. This is not correct! Mining pools are for men and women who have mining equipment 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 receive 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 $100 or more at Coinbase. That Countries Mine the many Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the great majority of network hash power.
China China mines the most bitcoins and therefore ends up exporting the many bitcoins. Electricity in China is very cheap and has allowed Chinese Bitcoin miners to gain a very large percentage of Bitcoins hash electricity. Its rumored that some Chinese electricity 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 percent of Bitcoins hash power, meaning that they mine roughly 60% of new bitcoins. Georgia Georgia is home to BitFury, one of the biggest manufacturers of Bitcoin mining hardware and processors. 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 low powered bitcoin miners as part of their 21 Bitcoin computer. Most of the hash electricity in the 21 Bitcoin computers is pointed towards 21s mining pool.
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Mines about 3% of bitcoins. Other Countries The countries above mine around 80% of all bitcoins. The remaining part of the hash electricity is spread throughout the rest of the world, often pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US). What is a mining poolGet a Bitcoin Wallet and Mining SoftwareThe Biggest check my reference Mining PoolsBest Bitcoin Mining Pool ComparisonMining Pools vs Cloud MiningWhich Countries Mine the maximum 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 .