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Now you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. What is a Mining Pool Mining pools are groups of cooperating miners who agree to discuss block rewards in proportion to their contributed mining hash power. While mining pools are desired to the ordinary miner as they smooth out rewards and also make them more predictable, they unfortunately concentrate capability to the mining pools owner.
Pool Concentration in China Before we get into the best mining pools to join, its important to note that most mining pools are located in China. Many only have Chinese sites and support. Mining centralization in China is one of Bitcoins biggest issues at the moment. There are about 20 major mining pools.
This is based on info from Blockchains pool share chart: We strongly recommend new miners to join Slush Pool despite it not being one of the biggest pools. It was the very first Bitcoin mining pool and remains one of the most reliable and reliable pools, particularly 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 cubes. 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 first mining pool and currently mines about 3% of blocks.
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DiscusFish, also known as F2Pool, is located in China. F2Pool has mined about 5-6% 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 percent of all blocks. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines roughly 2% of blocks. BW, based 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 men and women 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 buy bitcoins. Get $10 worth of free bitcoins when you purchase $100 or more in Coinbase. Which Countries Mine the most Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. Since Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash power.
China China mines the very bitcoins and therefore ends up exporting the most bitcoins. Electricity in China is very cheap and has enabled Chinese Bitcoin miners to gain an extremely large percentage of Bitcoins hash electricity. Its supposed that some Chinese electricity companies point their surplus energy towards Bitcoin mining facilities so that no energy goes to waste.
Its estimated these mining pools own somewhere around 60 percent of Bitcoins hash electricity, meaning they mine roughly 60 percent of new bitcoins. Georgia Georgia check over here is home to BitFury, one of the largest producers of Bitcoin mining hardware and chips. BitFury currently mines about 15 percent 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 massive amount of miners, but also sells non powered bitcoin miners as part of their 21 Bitcoin computer. The majority of the hash electricity in the 21 Bitcoin computers is pointed towards 21s mining pool.
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Mines about 3 percent of bitcoins. Other Countries The countries above mine about 80% of bitcoins. The remaining part of the hash power is spread across the remainder of the world, often pointed at smaller mining pools such as Slush (Czech Republic) and Eligius (US). What's a mining poolGet a Bitcoin Wallet and Mining SoftwareThe Largest Mining PoolsBest Bitcoin Mining Pool ComparisonMining Pools vs Cloud MiningWhich Countries Mine the most 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 are the greatest, its important to understand that the hash power pointed towards a mining pool isnt necessarily owned by the mining pool itself.