What are Mining Pools?

A mining pool is a particular server that is used to distribute tasks for Bitcoin mining or other types of digital coins between the participants of the pool.

Each member entering the pool sends the power of his equipment to decrypt the block, which he receives a reward. Even if the power of the hardware is small, the participant gets a proportion in the total earnings, commensurate with his costs.

Why do People Need Mining Pools?

If earlier one could mine using one computer of average power; now, taking into account the complexity of mining, it is necessary to have very powerful and expensive equipment or join pools.

Types of mining pools

Analyzing the types of mining pools, miners usually divide them into single and multi-coin pools. They differ in coins they mine and the method they collect power.

A single coin pool offers clients to mine only one type of cryptocurrency – for example,  or .

Multi coin pools give miners a possibility to mine a bunch of coins simultaneously preserving efficiency between digital assets. Today, some pools automatically switch to the most profitable cryptocurrency and then convert profits into BTC.

Cloud Mining Pools

In addition to mining using pools, cloud mining is another effective option. This is the same cryptocurrency mining in pools, but using leased equipment. All a user needs to do is to purchase a contract and wait for the income.

Mining Pools Features

While searching for a profitable mining pool, one should pay attention to the fees and the payments systems the pool uses.

Bitcoin Mining Pools

There are lots of pools on the market; however, not all of them has a trustworthy reputation. In this regard, we have selected the top 10 most reliable pools for Bitcoin mining.

Top 10 Bitcoin Mining Pools

Ethereum Mining Pools

Ethereum mining pools are collective groups of users who decide to collect their resources together for more efficient ETH mining.

Top 10 Ethereum Mining Pools

Conclusion

In general, mining pools are an excellent option for passive earnings. Mining using pool allows to significantly increase the chances of success, which is especially crucial at present when competition in the mining industry is incredibly severe, and the complexity of the network is continuously growing.