Bitcoin Bitcoin

10 Best & Biggest Bitcoin Mining Pools 2018 (Comparison)

Bitcoin Mining
Bitcoin Mining
Spread the love

What is Bitcoin Mining

As in our last post, we discussed  10 Best Mining SoftwaresNow let’s talk about “TOP 10 BITCOIN MINING POOLS”. As the value of Bitcoin continues to rise steadily, one cannot help but search for the ways to earn Bitcoins. Ninety-nine percent of the time, when a user searches for the ways to get more Bitcoins you tend to the see ‘Mining Bitcoins’ or ‘Bitcoin Mining‘ as an option. This is because Bitcoins are generated through the process of mining. This process involves the generation of blocks. When you generate a block, you get rewarded for your contribution. One thing to note is that the present mining process is hectic and stressful. Back in the days, Bitcoin mining used to be very profitable, but now it is not profitable as before. More so, if you are mining individually, know that it requires a lot of work and expenses.

Bitcoin Mining
Bitcoin Mining

Total Supply of Bitcoins and Minted Bitcoins

The most difficult and most expensive cryptocurrency to mine is bitcoin, and this is because it has a limited supply of 21 million coins of which over 16 million have already been mined.

Is it Profitable to Mine Bitcoins?

To mine bitcoin, there is one very important question, is it profitable?

Due to the fact that the question of profitability in Bitcoin mining always arises, there are two questions for anyone who wishes to mine this cryptocurrency.

Where to Mine Bitcoins

The first question is where to mine: China because of cheap electricity remains the best place to mine bitcoin, hence allowing bitcoin miners to get a huge percentage of bitcoin hash power. Other good places to mine bitcoin include Sweden, U.S, and Georgia, and choosing the best place, yields the most profit.

How to mine Bitcoins?

The second question is how to mine: Do you mine solo or as a mining tool? Either of the mining methods could yield a profit, but mining in a pool (with a group of miners) is faster and easier. For this reason, the majority of bitcoin miners take part in pool mining in a pool using Cloud mining, mining in a pool is even easier. For this reason, the majority of bitcoin miners take part in pool mining and using cloud mining software, Bitcoin mining in a pool is even easier. Related reading see: (A Beginner’s Guide to Bitcoin Mining)

What is Cloud Mining?

Cloud mining involves mining with a group of other miners, using a cloud mining service even while you are in a remote geographical location. Cloud mining removes the need for a mining hardware for a miner as one can mine on the internet through a cloud mining server.

Is Bitcoin a Commidty?

Bitcoin is simply a digital currency that is used for online transactions such as buying and selling, transferring money to several countries and so on. Some people view Bitcoin as a commodity (Equivalent to Gold) while some see it as a currency (Equivalent to Dollars, Pounds). No matter how it is viewed (commodity/currency), one fact is for sure, and that is the stable increase in the value of Bitcoins. As stated earlier, Bitcoin is gotten through a process called, Mining.

What is a Bitcoin Mining Pool?

A Bitcoin mining pool is a platform for miners to pool their resources.  These miners share a hashing or processing power over the pooling network. After pooling their resources, they are rewarded equally. This reward is shared based on the amount each miner contributed. Related reading, see: (How to Choose a Bitcoin Mining Pool).

A share is given to the members of the Bitcoin mining pool who has a proof of work. This proof of work must be valid, and it must show that the miner had contributed to the process. It also shows that the mining was solved. Bitcoin mining pools once faced a challenge, which was the increased difficulty in the mining process. At this time, it took some miners at least a year before a block could be generated. This was common among slow miners. After a period, they found a solution, which was to encourage miners to generate blocks faster and get a reward for generating the blocks. This solution saw Bitcoin miners now pooling their resources and generating blocks quickly rather than generating blocks on a yearly basis.

BITCOIN MINING POOL
BITCOIN MINING POOL

Bitcoin Mining (Technical Terms)

Various people make use of Bitcoin mining pools using a specialized protocol. In Bitcoin mining, there are various methods such as:

  • Pay-Per-Share

B {\displaystyle B} This method gives out a guaranteed payout for every share that a miner solves. These miners are paid from the present balance of the pool. It also allows the respective miners to withdraw their share instantly.

  • Proportional Method

Here, the Bitcoin miners earn their percentage of shares until the mining round ends with the pool finding a block. Once the block has been found, users can now be rewarded

  • Bitcoin Pooled Mining

 This is also known as the “slush system.” This makes use of an approach whereby the previous shares made from the initial block round are awarded less weight when compared to the present shares. This system helps to reduce the potential for cheating the mining pool system.

  • What is the Bitcoin Mempool

Mempool is short for the Memory pool. Each time a Bitcoin transaction is made, the Bitcoin sent is not sent or added to the Blockchain immediately, it takes at least 10 minutes or much more, depending on several factors including location, internet strength, amount of previous transactions which are to be confirmed and so on.  During this time interval, the Bitcoins have not been transacted as such, but are stored in the Bitcoin Mempool.

When choosing a mining pool, one thing to bear in mind is that there is various Bitcoin mining pool offering the same or better services. It is advisable to pick only the best in other to maximize your ability to earn money. According to our research:

Top 10 Bitcoin Mining Pools

  • 1)Ant Pool
  • 2) Slush Pool
  • 3) DiscusFish
  • 4) BitFury
  • 5) BTCC
  • 6) Eligius
  • 7) GHash
  • 8) BitMinter
  • 9) BW Pool
  • 10) Kano CK Pool
  • 1) Ant Pool

 This pool is a Chinese Bitcoin mining pool that is operated by Bitmain Technology Limited. Bitmain tech is the creator of the popular Antminer that powers a large percentage of the Bitcoin industry. Antpool started mining its first block in the year 2014, and now it is the most used Bitcoin mining pool.

AntPool is a Bitcoin mining pool, managed by Bitmain. It is one of the best bitcoin mining sites as Bitmain is a huge name in Bitcoin mining and are the matters of the Antminer hardware mining series. AntPool supports both stratum and p2p mining protocol, and this is just another reason why it’s one of the best available across the world. Antpool is based in China, although anyone around the world can use it. It offers daily automatic payouts and especially mines over 20% – 25% of all bitcoin blocks. Related reading, see: (Antminer S9 Review: Is it Profitable to Buy?(5 Options Reviewed))

Location China
Size Large
Transaction Fee Kept by Pool
Pay per Share 2.50%
Payouts Daily
Protocol Stratum&  P2P
Mines over 20% – 25% of all bitcoin blocks.

Antpool has an actual hash power share of about 10.91% with an average block per day of around fifteen. It comes with great features such as:

Features of AntPool

  • A Safe Payment Method: Antpool allows users to use various payment methods. These payment methods include; Pay-Per-Share (PPS), Pay Per Last N Shares (PPLNS) or the Solo Method.
  • AntPool offers a daily settlement with a quick payment system
  • It also provides an easy to use interface that allows users to easily manage their accounts or sub-accounts.
  • The AntPool mining services are deployed all over the world.
  • Antpool has a stable 24/7 stable and reliable service
  • More so, it provides users with the option of an Android or IOS mobile app.
  • It offers a 0% fee to users. It actual hash power share is about 10.91%.
AntPool - Bitcoin Mining Pool
AntPool – Bitcoin Mining Pool

Official Website: AntPool

  • 2) Slush Pool

 Slush pool is another popular mining pool that has an actual hash power share of 3%.  It prides itself as the World’s first Bitcoin mining pool. It has mined over one million bitcoins. It mines about four percent of blocks. Slush Pool operates on a highly secured server hence it is reliable. It charges a pool fee of two percent (2%). Furthermore, slush pool has a simple and easy to use interface for users.

This was the very first Bitcoin mining pool, it was announced in 2010, and paved the way for other pools. Slush Pool has over 7% of the Bitcoin network hash rate and charges just 2% fees. It has a user-friendly interface and is certainly efficient.

Location  Global
Size  Large 
Transaction Fee Shared
Other Fee 2.00%
Launched 27/11/2010
Withdrawal BenchMark 0.0001 BTC
This has over 7% of Bitcoin network hash rate & charges 2% fees.

According to its website, Slush pool states that it has added more features for its users.  

Features of Slush Pool

  • A well-detailed statistics
  • It gives users the option to switch to milli-Bitcoins.
  • It now allows users to withdraw as low as 0.0001 BTC (1 Mb)
  • It now provides the option of choosing the minimum difficulty for your workers.
  • It now has an area for its users to submit their ideas to enable them to improve on the pool.
Slush Pool - Bitcoin Mining Pools
Slush Pool – Bitcoin Mining Pools

Official Website: Slush Pool

  •  3) DiscusFish

DiscusFish - Bitcoin Mining Pools

 This is also known as F2Pool. Discus Fish is a China-based mining pool that mines about five percent (5%) of Bitcoins in the Bitcoin network. This pool is operated by two Chinese known as Wang Chun and Mao Shihang. F2Pool makes use of a daily settlement payout option. It does not allow users to leave their money for more than ninety days or else such money will be regarded as the pool’s sponsorship. Also, it supports other digital currencies like; Leyton Coins, Ether square, etc.

Location  China, United States
Size  Large 
Transaction Fee Kept By Pool
Fee 3.00%
Launched 05/05/2013
This is also known as F2Pool

Official Website: DiscusFish

  • 4) BitFury 

BitFury - Bitcoin Mining Pool

 This is unarguably a gold mining company. BitFury has raised about twenty million dollars in the year 2015. It has also raised another thirty-eight million dollars. This makes it one of the most funded companies in the mining industry. One thing to note is that BitFury is a private mining pool. Hence, it is not opened for users to join.

According to the startup head, Valery Vavilov, he once said; “We’re a technology company, but we’re focused on Bitcoin now. Our vision in the next three to five years is to move into different areas where computing power is valuable. We plan to expand into other fields of knowledge where humanity needs a lot of computing power.”

Location  Global
Size  Large 
This is unarguably a gold mining company.

Official Website: BitFury

  • 5) BTCC

 BTCC is a Chinese Bitcoin mining pool. It functions as a mining pool, Bitcoin exchange, and wallet. It is one of the big players in the mining industry as it controls about fifteen percent (15%) of the hash-rate.

 

BTCC- bitcoin mining pool
BTCC- bitcoin mining pool

Another one of the bitcoin mining sites that has a good track record is BTCC. It has been known as one that plays a leading role in the cryptocurrency ecosystem, offering bitcoin and litecoin exchanges, a mining pool, payment processing, a wallet, and so much more.

BTCC is a major mining pool, which has a Hashrate of up to 347.45Phs (Pool’s Real-time Hashrate). BTCC is also among the biggest Bitcoin exchanges in China.

Location  China, Japan
Size  Large 
Transaction Fee Kept By Pool
Fee 2.00%
Other Fee 0.00%
Launched 21/10/2014
BTCC is also among the biggest Bitcoin exchanges in China.

Official Website: BTCC

  • 6) Eligius  

Eligius - Bitcoin Mining Pool

This mining pool offers a zero fee service. It has a 3.54% hash power share of the Bitcoin network. It finds an average of five blocks per day. Eligius has an easy interface for users. The payouts are sent to its users address automatically. When you sign up for Eligius, you get access to free five Giga hash.

Eligius is a U.S based Bitcoin mining pool, which was founded in 2011. It is one of the first mining pools and controls just about 1% of the hash rate power. It is also easy to join, charges no fees, and its threshold payout amount is 0.04 Bitcoin.

Location  United States
Size  Small
Transaction Fee Shared
Withdrawal BenchMark 0.04 BTC
Eligius has an easy interface for users.

It works by;

  • Sign up for the Service.
  • After signing up, you then verify your email address
  • Log into your mining account
  • You can now start mining
  • Withdraw your profit made
  • Keep on mining.

Official website: Eligius

  •  7) GHash

 GHash is one of the biggest mining pools in the Bitcoin industry.

GHash - Bitcoin Mining Pool
GHash – Bitcoin Mining Pool

It offers a zero percent (0%) fee to its users. It has an average daily block of twenty-two (22) and a hash power share of about sixteen percent (16%).

Location  Netherlands
Size  Small
Transaction Fee Shared
Launched 01/07/2013
It offers a zero percent (0%) fee to its users.

Official Website: GHash

  • 8) BitMinter 

BitMinter - Bitcoin Mining Pool

This was formerly one of the biggest Bitcoin mining pools, but now it controls less than one percent (1%) of the Bitcoin hash power.

Bitminter pays out in shifts. It also makes use of the Pay Per Last N Shares (PPLNS) method.

Location  United States, Germany
Size  Small
Transaction Fee Shared
Launched 26/06/2011
It controls less than one percent (1%) of the Bitcoin hash power.

Official Website: BitMinter

  • 9) BWPool

 BWPool is a Chinese Bitcoin mining pool. Its interface is designed majorly for the Chinese people. Thus, English speaking users cannot easily join the pool due to language barriers as the platform is written in Chinese.

Location  China 
Size  Medium
The platform is written in Chinese.

BWPool controls around seven percent (7%) of the network hash power.

BW Pool - Bitcoin mining pool
BW Pool – Bitcoin mining pool

Official Website: BWPool

  • 10) KanoCKPool

Kano CK Pool - Bitcoin Mining Pool

 This public Bitcoin mining pool was officially launched in the year 2014. It is a standard mining pool that comes with various features such as the Solo Pool. The solo pool allows the pool users to find a Bitcoin block by themselves. Whoever finds the Block gets rewarded.

Reviews:

Read at different forums about this mining pool and then invest in it. We are not confident about this mining pool.

 

Expert’s Opinion:

In summary, the above Bitcoin mining pools were carefully handpicked. Due to the increasing number of fraudulent Bitcoin mining sites, it is important to be careful when choosing your preferred Bitcoin pool. For new users, make sure you go through various mining pools before settling with any of them.

You may like our other bitcoin guides:

Bitcoin Mining Guides

Bitcoin Wallet Guides

bitcoin-wallets
bitcoin-wallets

Bitcoin Buying Guides

buy bitcoin
buy bitcoin

Bitcoin Exchange Guides

Our Reviews

bitcoin
bitcoin

 Cryptocurrency Learning Guides

Cryptocurrency
Cryptocurrency

 


Spread the love

About the author

Tayyab M

I love to talk about global tech-happenings, startups, industry, education and economy.

11 Comments

Click here to post a comment

Advertisement

Currency Converter

Currency Calculator

Amount
From :
To :

Advertisement