In this post, we will talk about “10 Best Ethereum Mining Pools to Join 2018 (Comparison)”. Ethereum has already solidified its position as the next best cryptocurrency available. It has something the Bitcoin doesn’t have- a multipurpose blockchain. Ethereum as a digital currency is generated by mining, and this mining comes with a reward. To get this reward, one can see either mine Ethereum solo or through a mining pool. The reward for mining this digital currency is 5 Ether, and it can be mined every 10- 20 minutes.
What are Ethereum mining pools?
Ethereum mining pools are simply groups of miners who pull their resources together, in order to mine Ethereum. The reward obtained after the Ethereum is mined, is shared among the miners according to the hash power contributed by each individual miner. Cryptocurrency mining is generally similar even though they require different equipment, so most Ethereum miners also mine other altcoins. Ethereum mining pools help miners to reduce their payout volatility, meaning it allows them to get paid in small but frequent amounts, rather than larger payments obtained only from solving an Ether block.
Ethereum mining is a rewarding but time and power consuming activity. If you have neither, then just purchase Ether, but if you do, after getting a secure Ethereum wallet to receive your payouts, mining hardware, and software to direct you to your selected pool, then you only have to consider these two things:
- The fees charged: always choose the pools which charge lower fees but have decent returns.
- Closeness to the pool’s server: make sure you are close to the pool server, to obtain better connection and mine faster.
10 Best Ethereum mining pools
Based on the combination of the above-stated requirements, one can join the best pool. There is generally no best actually, but here are the 10 more reliable Ethereum mining pools:
Ethpool and Ethermine operate with two separate websites, but contribute to the same mining pool; it is probably a merger. This pool accounts for about 25% of all the hash rate power on the Ethereum network. It can be regarded as the biggest mining pool for this cryptocurrency, and they charge an amazingly low fee of only 1% of the miners’ reward.
This is the second largest Ethereum mining pool which is available for Bitcoin mining also. It opened in 2013 and is targeted towards Chinese miners, but is available only in USA and Asia, and this is the most likely reason for its success. It is therefore not for every interested miner. It charges a fee of 5% pay-per-share and uses stratum mining protocol. In addition, it offers daily payouts and a minimum withdrawal amount of 0.1 ETH.
- 3. Nanopool
Nanopool, is the third largest of the Ethereum mining pools, having a network hash rate power of over 11%. It also charges a low fee of just 1% of the mining reward. It has tens of thousands of miners and is trusted in the mining community. The minimum amount which can be withdrawn here is 0.2ETH, although this setting can be changed. It has a user-friendly interface.
- 4. Dwarfpool
Dwarfpool is an Ethereum mining pool that contributes less than 5% of the hash rate power. Although it has declined in its performance, it is still very reliable. It also charges just a percent of the miner’s reward, but the downside of using Dwarfpool is that the threshold payout is 1.01 ETH, which means more time before rewards are gotten. It is good for those who have very powerful Ethereum mining equipment.
This mining pool mines tens of other coins including Ethereum. They charge a developer fee of 1% and a 2% fee, for dual mining mode. They offer services to Europe, U.S, and Asia and contribute almost 10% of hash rate power.
- 6. BW Mining
This mining pool supports only Bitcoin, Ethereum, and Litecoin. It serves only in Asia, and the minimum payout amount is 0.1 ETH. It offers to monitor and is involved with stratum. An average fee of 1% is charged, and it uses PPS and PPLNS systems. It contributes up to 4% of hash rate power.
- 7. BitClub Pool
This is a pool where Ethereum mining is easy, fast and free; zero mining fees. It allows a miner to mine directly to Debit Card and uses STRATUM pool mining software. BitClub also offers to give away prices to miners. It contributes about 3% of hash rate power.
- 8. Ethpool
Ethpool is another of the coolest Ethereum mining pools which serve in U.S, Europe, and Asia. It charges a fee of 1% on miner’s reward and offers a minimum payout of 5 ETH, which is not so good. However, it allows users to mine solo and contributes about 2% of hash rate power.
- 9. Coinotron
This is the first multi-coin mining pool, which also mines Ethereum. Solo mining here is practically impossible as only big miners with many ASIC/GPU cards have a chance of generating a block in a day. It supports the joint effort. This pool is special because it prioritizes the security of its miners, and the website is well protected, while the activity of the workers is monitored.
- 10. Waterhole Pool
Waterhole Pool serves in two locations, Asia and U.S.A. This pool was made by the developers of the Waterhole trading app. It charges a low fee of 1% and offers anonymous and secure mining. The hash rate power they generate is up to 1%, and payment is made using the PPLNS (Pay Per Last N Shares) system.
How to set up your own mining pool
Basically, you need to get the necessary GPUs, as many as are necessary or affordable and looks for the most efficient ones. They are usually hard to find. Next, get a motherboard and a power unit which can support all your GPUs at once. You may also need a CPU, RAM, a processor and a rigged case. The most important necessity here, however, is the management of the rig, settling the payment agreements for the respective miners, based on their performance, and their charges also, as the case may be.
You may now assemble miners together, who know how to use the best Ethereum mining software, which is compatible with the mining hardware and start mining. Always remember that the best Ethereum mining pool for a miner depends on their location also. All necessary essentials must be considered if profits must be made.
You may like to read about: 10 BEST ETHEREUM WALLETS (COMPARISON)