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What is Mining Pools ?
#Mining is integral to the security of Proof of Work blockchains. By computing hashes with certain properties, participants are able to secure #cryptocurrency networks without the need for a central authority.
You could be running several high-powered ASICs, and youâd still be just a drop in the #Bitcoin mining ocean. The chances of you actually #mining a block are pretty slim, even though youâve spent a lot of money on your hardware and the electricity required to run it. You donât have a guarantee on when youâll get paid with a block reward, or even if youâll get paid at all. If consistent revenue is what youâre after, youâll have much greater luck in a mining pool.
Letâs say that you and nine other participants own 0.1% of the networkâs total hashing power each. That means that, on average, you would expect to find one in every thousand blocks. With an estimated 144 blocks mined a day, youâd probably find one block a week. Depending on your cash flow and investment into hardware and electricity, this âsolo miningâ approach could be a feasible strategy.
What if, if you power is not enough to be profitable? so, However, what if this revenue wonât be enough to turn a profit? Well, you could join forces with the other nine participants we mentioned. If all of you combine your hashing power, youâd have 1% of the networkâs hash rate. This means youâd find one in every hundred blocks on average, which works out at one to two blocks a day. Then, you could just split up the reward and share it amongst all the involved #miners.
#Mining is integral to the security of Proof of Work blockchains. By computing hashes with certain properties, participants are able to secure #cryptocurrency networks without the need for a central authority.
You could be running several high-powered ASICs, and youâd still be just a drop in the #Bitcoin mining ocean. The chances of you actually #mining a block are pretty slim, even though youâve spent a lot of money on your hardware and the electricity required to run it. You donât have a guarantee on when youâll get paid with a block reward, or even if youâll get paid at all. If consistent revenue is what youâre after, youâll have much greater luck in a mining pool.
Letâs say that you and nine other participants own 0.1% of the networkâs total hashing power each. That means that, on average, you would expect to find one in every thousand blocks. With an estimated 144 blocks mined a day, youâd probably find one block a week. Depending on your cash flow and investment into hardware and electricity, this âsolo miningâ approach could be a feasible strategy.
What if, if you power is not enough to be profitable? so, However, what if this revenue wonât be enough to turn a profit? Well, you could join forces with the other nine participants we mentioned. If all of you combine your hashing power, youâd have 1% of the networkâs hash rate. This means youâd find one in every hundred blocks on average, which works out at one to two blocks a day. Then, you could just split up the reward and share it amongst all the involved #miners.