Today, we will consider the mines where your excavators verify the blocks and then receive a remuneration in the form of… what exactly? You will find the answer to this question and many more in this article. In addition, we will compare the advantages and disadvantages of the most popular mining pools, incl. Antpool, Slushpool or Nicehash.
What is pool?
A mining pool is simply a group of cryptocurrency miners who combine their computing resources in a network. Individually, pool participants share their computing power to find the block. After successfully completing the cryptocurrency mining procedure, miners receive a reward, usually in the form of a cryptocurrency, which the blocks have verified (but not only). In the case of a mine, the award is usually split between the miners based on agreed terms and the contribution of their computing power to the mining activity.
Definitely one of the most recognizable block verification platforms. Unfortunately, few people know that this is only due to marketing and promotion, because less than 0.5% of all blocks are verified in his network. The method of settling accounts with users is solely PPS. Below are the fees that we have to pay in cooperation with NiceHash.
Service charge for selling computing power for excavators using NiceHash Miner, NHOS and all Nicehash stratum servers.
Withdrawals * from the NiceHash wallet are subject to a withdrawal fee which depends on the amount withdrawn and the withdrawal option.
When withdrawing many cryptocurrencies, a percentage is charged and a fixed numerical value, an example is below. However, if you create a direct connection to the NiceHash Lightning Network node, you will not pay any Bitcoin (BTC) transaction fees! However, if a redirection is required to complete the transaction, you may pay certain fees (usually up to several satoshi).
- The charges are dynamically adjusted based on the current network condition and network charges.
- Coinbase’s minimum withdrawal limit is adjusted in real time in line with API overload.
The platform also allows you to purchase computing power for BTC, thanks to which we can mine cryptocurrencies without physically having a miner at home, but it is necessary to get acquainted with this type of investing in mining.
The overall rating in our ranking is “3-“. The advantages are an innovative approach to the customer, a clear interface and active support. As for the disadvantages, these are quite high commission fees, connection interruptions, we will also question security measures and the company’s management. As we remember, in 2017, Bitcoins worth nearly $ 80 million were stolen, most of which were de facto returned, but to date no one has been arrested in this case, except for one of the founders.
As you can imagine, the most popular pool among Polish users was seemingly in the first position, but it had little in common with the most popular pool by professional miners from around the world! Such is undoubtedly F2Pool, which ranks first in terms of the number of verified blocks. At the moment, about 17% of all of them “flow” through the platform.
As one of the few, the platform does not charge a commission for withdrawals to the indicated wallet, all transaction fees are covered by the company.
The settlement method on F2Pool is also PPS, but the fee is 2.5% and it is the only fee paid by the user using the platform. Of course, you should stick to the guidelines regarding the amount of payout and the frequency of payouts.
Summary of F2Pool
In this case, the rating will be much higher, mainly due to the size of the platform and the financial conditions I offer. In addition, there is a large variety of available currencies and functions available after logging in. The advantage is the form of remuneration that is based on the PPS method, so the pool is responsible for finding blocks on a regular basis. Our note is 4+!
Slush Pool, formerly also known as Bitcoin.cz Mining, is the oldest mining pool and the first known to be publicly available. Slush Pool was released on November 27, 2010 as Bitcoin Pooled Mining Server. It operated on the basis of the “Share” strategy, which included an artificially low difficulty method that has since been found prone to fraud. Currently, security systems have been adapted to the current standards and this is undoubtedly one of the giants. The platform currently uses the “Score” method. The percentage share in the network verification is over 3.5%. In total, this pool has already mined over 1.2 million Bitcoins (5.7% of the total supply), such a sum is impressive!
The method of settling on Slush Pool is also Score, but the fee is 2% and, like its predecessor, it is also the only cost of the user using the platform. As before, you should stick to the presented guidelines regarding the amount of payout and the frequency of payouts.
Summary of Slush Pool
In our opinion, the above platform deserves the highest possible rating – 5! As for the advantages, it is a large platform that concentrates enormous resources of computing power in its circles. The financial conditions are very good, the cooperation fee is only 2%, the withdrawal cost to the wallet is zero! In our experience, it is Slush Pool that has the least rejections, the so-called rejected shares. Another advantage is the billing method, which is relatively rare due to its high efficiency directed towards users. In our opinion, the platform has no significant flaws, these are rather minor imperfections, i.e. several days waiting time for a support response or the inability to verify currencies other than Bitcoin and Zcash. However, the developers focus mainly on the development of the mining software called BraiinOs and BraiinOs +.
There is another giant at the end of our list. The percentage of all Bitcoin blocks is 14% verified. Until recently, Poolin had the highest percentage, but at the beginning of 2018 Antpool overtook its competitor by a few points. The authors of the project are the founders of BTC.com, the parent company of one of the world’s largest mining pools. By adding up the share of both companies, we achieve a dizzying number of 25.5%, that’s over a quarter of all Bitcoins on the planet! As if that was not enough, the BTC.com team can boast of creating its own wallet and block explorer.
Full Pay Per Share is one of the most desirable methods of rewarding miners. This is the full payment for participation. There is accounting similar to a regular FPS; the only difference is that the pool will also pay a reward for the transaction fee, which is included when a block is found and then shared across all devices that contributed to the verification.
It is definitely a top pool that offers very fair cooperation rules, low commission and enormous computing power of the entire group. Another positive aspect for which it is worth choosing the above platform is the fact that the platform has an intuitive interface, transparent rules of operation and up-to-date information on halving, forks and other modifications. The weaknesses are primarily the small number of available cryptocurrencies and additional functions. Our rating is 5-!
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