Need a secure income? Do you want to get into mining but have no idea how or where to begin? Is mining your thing, and you want more of it? Pick the most reliable mining pool! Follow our lead, and you’ll know just what to look for.
Reward Program
This is the main consideration. Which one should you pick if your abilities fall somewhere in between? To sum up, you have the option of using PPS+ if your capacity is little, a strong pool with PPLNS if it’s higher, and SOLO mining if it’s high enough to share with a neighbor. If you want to know more, you can read the blogs we’ve already written about this topic.
Rejects, Uncles, and Hashrate — All of This
The hashrate of a piece of computational hardware is a proxy for how effective it is for use in mining or blockchain networks. It is one of the factors taken into account when calculating the difficulty of the calculations required to find a new block and earn a cryptocurrency’s reward. If you’re mining with PPLNS or PPS+, where your payout is determined by the block the pool finds, all these parameters are important. Miners believe they can roughly estimate how much money they will make mining by knowing the network’s complexity, the power of the equipment, and the energy consumption of the process.
When asked to provide the pool’s overall statistics, we instead demonstrate the reasoning for the incentive payout. To be more clear, for our PPS+, it makes no difference whether or not we find a pool of blocks; the reward for the share is determined by the average reward every day. In this way, we protect our customers from the potential rewards of the pool.
Infographics presenting this data can be appealing to the eye from a design perspective, even if they don’t provide much clarity as to which pool is the best option.
Keeping faith in the steadiness of mining requires knowing that the pool’s hash rate does not drop every 10 minutes.
Location of Servers
You must understand this. This is because, in theory, identical hardware launched simultaneously on separate pools may mine different amounts. This is due in part to the fact that one pool may be geographically closer to the server in terms of hashrate. As a result, it’s best if the servers are on the same continent as you. If mining is legal where you are. Further, it is not restricted in any way by a variety of licenses.
Commission Amount
The absence of any costs makes this offer attractive. It’s great, but It would be nice if you could rest assured that this is a legit pool that is not out to defraud you, but it seems more likely that this is a promotion or a questionable charity (aka scam). It’s common practice for pools to require membership fees for security and to help even the playing field when it comes to chance. If the block is not discovered, the reward for each share must still be paid, for instance. The pool also generates a healthy profit, which allows it to pay its 3% fee and compensate its miners fairly.
Coins
If no other currency is specified, ETH will be assumed. More specifically, regarding Ethereum Classic. Finding a mining pool for a specific cryptocurrency is much less of a hassle (then you have to choose not from 80, but, for example, from 20 or 10 pools). On the other side, you’ll need to do some careful math to determine if your resources are sufficient to mine a certain shitcoin and still give you time to cash in before the price drops. Since tomorrow’s exchange rate can bring unexpected costs. Whattomine demonstrates that even if a currency is at the top of the market today, it can drop to the bottom in the space of a few days. Don’t leave for a while.
Auto-switching
The pool will automatically move your mining over to a more lucrative coin. The problem is that this is typically done without considering the particulars of the hardware being used. In other words, you may have wasted your time and energy overclocking and downvoting, making countless blunders in your quest to find the Holy Grail of mining. Again, the Whalesburg pool’s lesser profit is due to the availability of auto-switching. It’s important to note that the calculator is updated every 5 seconds and that the numbers fluctuate between 0.03 ETH and 0.1 ETH every 1gh/s (according to 15-minutes observations).
What People Post on Blogs and Forums
To read, simply divide the negative by ten and add the positive by two. Everyone must realize that nine out of ten people will focus on the negative and at most two on the positive when writing about an experience. A blogger’s endorsement of a pool is strong evidence that you should check it out. Bloggers care deeply about their credibility and would never try to peddle nonsense. All blogging exams are held under identical conditions (based on our practice, at least).
Everything is easier once you give it a shot for yourself and stop comparing hash rates and rejects and start looking at the money you bring home. The best pool is the one that pays out the most.
Interesting Related Article: “Cryptocurrency – Where Will It Be in the Next 5 Years?“