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Now you have Bitcoin mining hardware, 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 electricity. While mining pools are desired to the average miner since they smooth out rewards and also make them more predictable, they unfortunately concentrate power 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 most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest issues at the moment. There are approximately 20 big mining pools.
This is based on info from Blockchains pool discuss graph: We strongly recommend new miners to join Slush Pool despite it not being one of the greatest pools. It was the very first Bitcoin mining pool and remains one of the most reliable and trusted 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 located in China and owned by BitMain. Antpool mines about 25 percent of all blocks. 3. ViaBTC ViaBTC is a somewhat new mining pool that has been around for about one year. Its targeted towards Chinese miners. Slush was the initial mining pool and currently mines about 3% of blocks.
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DiscusFish, also known as F2Pool, is based in China. F2Pool has mined about 5-6% of 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 shady. We recommend staying away from this pool.
BTCC BTCC is a pool and also Chinas third largest Bitcoin exchange. Its mining pool currently mines roughly 7% of all blocks. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines about 2% of site all 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's just a group that overlooks free bitcoins. This is not correct! Mining pools are for people who have mining equipment to split profits. Many people get mining pools confused with cloud mining. Cloud mining is where you pay a service supplier to miner for you and you get 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 buy $100 or more at Coinbase. That Countries Mine the most Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the great majority of network hash power.
China China mines the most bitcoins and therefore ends up exporting the most bitcoins. Electricity in China is very economical and has allowed Chinese Bitcoin miners to gain a very large percentage of Bitcoins hash electricity. Its rumored that some Chinese electricity companies point their excess energy towards Bitcoin mining centers in order that no energy goes to waste.
Its estimated that these mining pools own somewhere around 60 percent of Bitcoins hash power, meaning that they mine about 60 percent of all new bitcoins. Georgia Georgia is home to BitFury, one of the largest manufacturers of Bitcoin mining hardware and processors. BitFury currently mines about 15% of all 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 non 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 percent of all bitcoins. Other Countries The countries above mine about 80% of all bitcoins. The rest of the hash power is spread throughout the rest of the world, often pointed at smaller mining pools such as Slush (Czech Republic) and Eligius (US). What is 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 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.