Mining Pool – The Best Way to Earn Bitcoins

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bicoin-mining-poolMining is the only one way to create bitcoins out of your equipment’s productivity. People all around the globe join bitcoin mining pools desiring to prove the system’s transactions and solve a block. They do it together because nowadays it’s absolutely impossible to earn anything using your own computer and mining rigs. Even if you have lots of ASIC chips and extremely low prices for energy it’s unlikely you would get a real profit out of that deal. That’s why people join pools and mine collaboratively. Of course, they do not get the full prize of 25 coins when the block is solved. The reward is shared between all miners and users who helped with calculations by their computing capacity. Sometimes the reward is really slow when a lot of miners join the pool. Anyway such profit is going to be stable in spite of being low. At least you won’t have to wait about a thousand years to get block solved using you own PC and Graphic Processing Unit for your favorite game.

Think about Speed

So, how do you join a pool and start this game? It’s really easy, especially if you have already tried to mine by yourself. First of all, you need a computer with good capacity. It should be as good as possible because your Hashrate will be rise according to your mining rig’s capacity or computer’s speed. Hashrate in a pool is your share that helps others to solve the block. The more hashrate you have, the more your share is; which will lead to increase in your income.

Well, when you have good equipment with fast and efficient ASICs, with your electricity bills on the low side, you may want to think about a bitcoin mining pool.

Don’t Jump to the Biggest Pool

To find the best pool you have to try a few of them. There are several aspects you should think about first of all. There are security, fees and popularity. The first Two are obvious. The more protection the better. The lower fees the better. Nevertheless, the last one is a bit different. There is a problem with very popular pools. Some experts says there is a danger if one pool achieves more than 50% of the world’s gross hashing power so the whole system may be broken. That’s why it’s better to avoid such highly popular pools because they just may be harmful for the system. For instance, you may try to begin with this one which is called Eligius or another one called BitMiner. After choosing one, the next step is to register and get an account. Almost everywhere it’s free. You create an account, fill in all the forms and then you need to create a worker which is your dray horse on this website. You follow the instructions and start mining with thousands of miners like you all around the globe.

Related: What Can I Buy With My Bitcoins?

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Attention

So, you’ve been started mining and you’ve already got some little profit. That’s great, but there is something you’d be better off knowing. Some pool can be turned off just like this one. What’s the reason? Well, when mining became much more centralized, this pool lost most of its hashrate share in the network and decreased to 3% from 20-30%. Also, they said the Bitcoin system has been under some pressure by regulations in New York, which is quite a bad sign. Anyway, this doesn’t happen often, but you should always keep in mind the fact that it may be closed or get into troubles. Bitcoin is a new phenomenon in economy therefore sometimes such things happen.

Well, bitcoin mining in pools are good places if you’re going to start mining with your own equipment.

Your profit won’t be very impressive, though it will cover your electricity bills. Find your secure pool with a reasonable share and start your work.

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