Last updated on April 6th, 2018 at 02:00 pm
Today we are going to talk about Ethereum Mining pools. Ethereum is a public, open source platform built on a blockchain technology. Ethereum is a public computing platform that comes with a specific feature or function called Smart Contract. Ethereum makes use of a decentralized virtual machine known as the Ethereum Virtual Machine (EVM). This machine executes scripts with use of nodes, which happens to be public and international. Using Ethereum, a cryptocurrency token known as ether is provided. This token can be transferred to several accounts. It is used to reward nodes who performed in certain computations.
An Ethereum mining Pool simply refers to the meeting up of Ethereum miners who work and pool their resources together in other to mine Ethers. When mining, these miners try to make sure that they reduce the volatility of their compensation.
For an Ethereum user who wants to mine Ethereum, the first step is to get the required Ethereum mining hardware. After you have gotten your hardware and all other requirements, you are expected to join a mining pool. Your chosen Ethereum mining pool will help you get a regular payout. Apart from joining a mining pool, you will also need an Ethereum mining software just like you need an Ethereum mining hardware. These requirements are important because without them you cannot partake in the regular Ethereum mining. It is important t know that mining Ethereum could be stressful, time-consuming and a bit expensive this is why some people prefer to go for the Cloud Mining option.
With the above stated, mining Ethereum is one confirmed way to get the cryptocurrency. Miners are rewarded for every block that they try to solve hence, this reward is shared among the miners according to the contribution of each person. Before joining a mining pool, it is important to know the top five mining pool out there. In the mining industry, it is advisable and considered wise to join a mining pool that is profitable. Hence, there is a need to know which mining pools are the best.
You may like to read about: 14 STEPS TO MINE ETHEREUM (A STEP BY STEP GUIDE)
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Top Five Ethereum Mining Pools
The below listed are the top Ethereum mining pools that were carefully handpicked.
1.Ethpool and Ethermine
Ethpool and Ethmine are one of Ethereum’s best and largest online pools with the highest hash rate. Although they happen to be two different sites, they are still part of one mining pool.
Ethpool is a solo mining pool that is predictable. Ethpool has a rule that whichever miner contributes the most work to the mining pool, such miner will be given a hundred percent block reward. According to the pool, all rewards are paid out after every ten confirmations. One reason to consider this pool is the fact that it charges a 1% pool fee, which is quite low and impressive. It has its servers located in North America, Europe, and Asia.
This is a successor of Ethpool. It is a high-performing mining pool that provides the same degree of effective mining as ethpool. It pays miners using the two methods namely, the traditional and fair PPLNS mode. Ethminer gives an immediate payout as every miner receives their Ether once they have attained their configured payment threshold.
Ethpool and Ethminer both have thousands of users who mine every hour. They both produce over twenty blocks per hour making them the biggest Ethereum mining pool. They have several beneficial features such as:
- Users are allowed to mine anonymously
- They have a 0 variance solo mining
- They both have a worldwide mining network
- Their servers which are located in the US, Europe, and Asia are protected and backed up by DDOS
- They offer a unique payout scheme
- They support all Ethereum miners
- They have an efficient mining system with low rates
- Ethminer and Ethpool both have a detailed per-worker statistics
- They charge an impressive 1% fee
- They issue out invalid shares warnings etc.
Ethnimer and Ethpool are one of the best pools for Ethereum mining as they have the largest network hash power of around 25%.
F2Pool also known as Discus Fish is the second largest mining pool. It is a Chinese mining pool that was launched on May 5, 2015. It allows its users to mine about four cryptocurrencies namely; Bitcoin ( BTC), Litecoin (LTC), Ethereum (ETH) and Zcash (ZEC). It has a Discus fish with its coinbase signature. Unfortunately, Chinese-speaking residents can mostly use this pool as the platform’s interface is written in Chinese. F2pool charges a four percent pay-per-share fee. It controls about 22 network hash rate. It comes with features such as:
- It has a stratum mining pool
- It offers the mining of other cryptocurrencies such as Bitcoin, Litecoin, etc
- It operates on automatic daily payouts
- The minimum withdrawal is 0.001 BTC, 0.01 LTC, 0.01 ZEC or 0.1 ETH
- It has a customized coinbase
- It has its servers in China and U.S
- It has a Chinese interface
DwarfPool is the third largest Ethereum mining pool. It has about thirteen percent hash rate, and it charges a two percent pool fee. It releases payouts up to five times a day. DwarfPool supports other cryptocurrencies such as Monero, Zcash, Expanse, and Groestlcoin.
It has the following features;
- It has an optimized stratum pool engine
- It has a transparent and detailed statistics
- It monitors every rig using email
- There is no registration required
- It has an automatic payout every hour
- There are no hidden fees
- It has several servers
- It is backed up by DDOS protection
- It has a less orphaned bloc
- It has a flexible help desk that is available in several languages.
This Ethereum mining pool has approximately nine percent network hash rate. It is a Chinese pool that operates using the PPLNS method. It has a minimum payout of around 0.1 ETH.
Its features include:
- Users can mine Ethereum anonymously
- It operates on a PPLNS payment method
- It gives out correct calculations of power
- All rewards gotten from any block solved is given to the owner
- It has an automatic payment system
- It supports the stratum mode
- It boasts of an efficient and effective mining engine
- It has a Low mining pool rates
- It offers a Detailed and accurate miner statistics
- It gives warnings concerning ineffective profit situations
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5. Mining Pool Hub
This mining pool is one of the recommendable Ethereum mining pools for miners. mining Pool Hub was established in October 2014. It was launched as a solo mining pool that was exclusive to its members, but over time, it grew to become a public mining pool. Mining Pool Hub is a pool that does not charge any pool fee. Hence, it is totally free. It has thousands of members currently mining on it. Through its model, members are able to purchase their mining hardware. Members use a part of their mining income to buy more mining power.
It offers features such as;
- It has zero mining fees
- It comes with a customized debit card that allows users to get paid fast
- It gives a detailed miner statistics
- It makes use of a stratum mining pool software
- Incentives are given to miners.
Overall, there are hundreds of mining pools on the internet but note that not all these mining pools are profitable. As a potential miner, if you do not pick mining pools that are profitable, then you may likely suffer some kind of loss compared to what other miners in profitable pools are earning. Therefore, it is important to do a rigorous background check on the mining pools you consider joining.