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Now that you have Bitcoin mining equipment, your next step is to join a Bitcoin mining pool. What's a Mining Pool Mining pools are all bands of cooperating miners who consent to share block benefits in proportion to their contributed mining hash power. While mining pools are desired to the ordinary miner as they smooth out benefits and make them more predictable, they unfortunately concentrate capability to the mining pools owner.
Pool Concentration in China Before we get into the very 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 problems at the moment. There are approximately 20 big mining pools.
This is based on info from Blockchains pool share chart: We strongly recommend new miners to join Slush Pool although it not being one of the greatest pools. It was the first Bitcoin mining pool and remains one of the most reliable and trusted pools, especially for beginners. 1. BTC.com BTC.com is a public mining pool that 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 that has been around for approximately one year. Its targeted towards Chinese miners. Slush was the initial mining pool and currently mines about 3% 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 seems 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 about 7% of all blocks. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines roughly 2% of 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 pays out free bitcoins. This is not true! Mining pools are for people who have mining hardware to split profits. Many men and women get mining pools confused with cloud mining. Cloud mining is where you pay a service supplier to miner for you and you receive the benefits.
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Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bitcoins when you purchase $100 or more at Coinbase. That Countries Mine the most Bitcoins Bitcoin mining tends to gravitate view it towards countries with cheap electricity. Since Bitcoin mining is somewhat centralized, 10-15 mining companies have maintained the vast majority of network hash electricity.
China China mines the most bitcoins and therefore ends up exporting the many bitcoins. Electricity in China is very cheap check it out and has enabled Chinese Bitcoin miners to gain a very large percentage of Bitcoins hash power. Its rumored that some Chinese power companies point their surplus energy towards Bitcoin mining facilities in order that no energy goes to waste.
Its estimated that these mining pools own somewhere around 60 percent of Bitcoins hash power, meaning they mine about 60% of new bitcoins. Georgia Georgia is home to BitFury, one of the largest manufacturers of Bitcoin mining hardware and chips. 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. The majority of the hash power in the 21 Bitcoin computers is pointed towards 21s mining pool.
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Mines about 3% of all bitcoins. Other Countries The countries above mine around 80 percent of bitcoins. The rest of the hash electricity is spread across the remainder of the world, often pointed at smaller mining pools such as Slush (Czech Republic) and Eligius (US). What is a mining poolGet that a Bitcoin Wallet and Mining SoftwareThe Largest 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 see that mining pools are the greatest, its important to understand that the hash power pointed towards a mining pool isnt necessarily owned by the mining pool itself.