The Main Principles Of Bitcoin Mining Tutorial
This payment method guarantees payments and leaves the miners with very little risk of not being compensated for their contribution. The downside of this scheme is that the high fees that the pool owners charge, to mitigate the risk they take by paying regularly.
Proportional: Just like in PPS, miners submit stocks along the block finding period. The more hashing power you've got and the longer you mined to your cube, the more shares you filed. Once a block is found, the pool pay the miners according to the amount of shares they obtained.
But in this payment system, the value that you will receive for each share will equal the block rewards divided by the total number of shares filed by all miner. This means that the more miners that join the pool, the lower the value of every share you recieve.
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Score-based: This payment system was designed to prevent miners from pool-hopping. Your mining period and hashing electricity are calculated into a scoring hash rate score. The longer you stay on the swimming pool, the greater your score is and the higher the value of the stocks you get. Once you stop mining, your score gets smaller and the value of your stocks drop accordingly.
Pay per Last N Stocks (PPLNS): In PPLNS, miners only get paid for stocks received during a predefined window that ends in the block solving. Unlike other payment schemes, stocks received outside of the window will not be rewarded at all. This window can be defined as a time frame (uncommon), or with a certain number (N) that represents the final shares received up into the block solving. .
For instance, if N equals 1 Billion, once a block is found only the last 1 Billion shares will be rewarded. While not defined anywhere explicitly, N is generally set as a multiple of the mining pool issue with a constant, typically two.
Due to this, PPLNS can be known as Pay per Luck Shares. When implemented correctly, miners cant predict the right time to join, so they can either get greater rewards if they got to receive more shares within the previous N stocks, or get no reward whatsoever if they didnt.
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Announced in 2010, SlushPool was the very first Bitcoin mining pool and undoubtedly led the way for many other mining pools ahead of time. Founded by SatoshiLabs current CEO Marek Palatinus (aka Slush), its based in the Czech Republic and follows a score-based system to dissuade pool-hopping.
This is a medium-large sized pool. SlushPool asserts a 2% commission from every block solving reward. SlushPools dashboard is quite user friendly and gives excellent detail with routine updates. While it might not be the biggest of those Bitcoin mining pools, its certainly considered one of the best.
Antpool is a Chinese Bitcoin mining pool operated by Bitmain Technologies. It is medium in size. One advantage Antpool has is that you can pick between PPLNS (0% fee) and PPS+ (2% fee), both of which have their own advantages.
In regard to payments, theyre created once per day if the amount exceeds 0.001 Bitcoin. Those new to Bitcoin mining will love the clean interface. The dashboard clearly shows earnings and hashrates. There are also a variety of security options, including two-factor authentication, email alerts, and wallet locks.
Known for their wallet and their own blockchain explorer, BTC.com have been around for some time, before opening a pool in 2016. Owned by Bitmain Tech, BTC.com is the greatest pool around, at the time of writing. BTC.com possess their own payment system, FPPS, which similar to PPS+ include TX charges in the payouts, along with Blockchain 2.0 the block reward.
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F2Pool is a medium-large pool established in 2013. Operating a PPS+ reward system, F2Pool takes a 2.5% commission, which is a bit on the high side.
Also known as KanoPool, Kano CKPool was founded in 2014. This little Bitcoin mining pool provides PPLNS payment model, charging a 0.9% fee.
With respect to payout, per each block found you'll need to wait +101 block confirmations to get paid, which could take some time.
The Of Bitcoin Mining Tutorial
This is a comparatively simple pool with an interface which could do with an upgrade as its not the most user friendly. It doesnt have much in the way of features, but it does have two-factor authentication to get an additional layer of security.