Some Known Details About Understanding Bitcoin Mining
This payment system guarantees payments and leaves the miners with very little risk of not being paid for their contribution. The downside of this scheme is that the high fees that the pool owners bill, to mitigate the risk they take by paying frequently.
Proportional: Just like in PPS, miners distribute shares along the block finding period. The more hashing energy you've got and the longer you mined for the block, the more stocks you filed. Once a block is found, the pool pay the miners according to the amount of shares they obtained.
But in this payment method, the value that you will get for each share will equal the block rewards divided by the entire number of shares filed by all miner. This means that the more miners that join the pool, the lower the value of each share you recieve.
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Score-based: This payment system was designed to prevent miners from pool-hopping. Your mining time and hashing electricity are calculated into a scoring hash rate score. The longer you stay on the pool, the greater your score is and the higher the value of the stocks you receive. Once you stop mining, your score gets smaller and the value of your shares drop accordingly.
Pay per standard N Stocks (PPLNS): In PPLNS, miners only get paid for stocks received during a predefined window which ends in the block solving. Unlike other payment schemes, shares received outside 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 last shares received up into the block solving. .
For example, 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 usually set as a multiple of the mining pool issue with a constant, usually two.
For this reason, PPLNS can be called Pay per Luck Shares. When implemented properly, miners cant predict the right time to join, so they can either get higher rewards when they must get more shares within the previous N stocks, or find 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 to come. Founded by SatoshiLabs current CEO Marek Palatinus (aka Slush), its located in the Czech Republic and follows a score-based method to dissuade pool-hopping.
This really is a medium-large sized pool. SlushPool asserts a 2% commission from each block solving reward. SlushPools dashboard is very user friendly and provides excellent detail with routine updates. While it may not be the biggest of the Bitcoin mining pools, its certainly considered one of the best.
Antpool is a Chinese Bitcoin mining pool operated by Bitmain Technologies. It's moderate in size. One advantage Antpool has is that you can choose between PPLNS (0% fee) and PPS+ (2% fee), both of which have their own advantages.
In regard to payments, theyre created once daily when the amount exceeds 0.001 Bitcoin. Those new to Bitcoin mining will love the clean interface. The dashboard clearly displays earnings and hashrates. Additionally, there are a i thought about this variety of security options, including two-factor authentication, email alerts, and pocket locks.
Known for their wallet and their own blockchain explorer, BTC.com have been around for a while, before opening a pool in 2016. Owned by Bitmain Tech, BTC.com is the largest 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 the block reward.
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F2Pool is a medium-large pool established in 2013. Operating a PPS+ reward program, F2Pool requires a 2.5% fee, which is a bit on the large side.
Also known as KanoPool, Kano CKPool was founded in 2014. This little Bitcoin mining pool offers PPLNS payment model, charging a 0.9% fee.
With respect to payout, per each block found you'll need to wait for +101 block confirmations to get paid, which could take some time.
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This is a relatively simple pool with an interface that could do with an update 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 extra layer of safety.