With the price of crypto soaring since 2021, there are more and more people who are interested in making a profit through crypto. One way to profit from crypto is through crypto mining. However, mining crypto is not easy. You need the right set up and also significant power source to support your mining activities. If you are a beginner, it will be very difficult to earn profits in mining alone without huge initial investment capital.
Therefore, if you are interested in mining but have insufficient resources, the best option for you is to join a mining pool. When you join a mining pool, you will be mining with other miners so you can share resources with each other. This way, you can start mining with lower capital. There are various kinds of mining pools and you must be careful in choosing the right pool before joining. What are the advantages of joining a mining pool? How do you choose a mining pool? What are the best mining pools for you to choose?
Mining Pool Facilities and Features
There are several advantages to joining a mining pool. There are facilities and features that you can’t necessarily get if you do individual mining. For example, companies that manage mining pools usually support Proof of Work and Proof of Stake mechanisms. Here are some of the advantages and features you can expect from joining a mining pool:
- Lower mining costs
In crypto mining, you need to perform a complex mathematical calculation using a sophisticated computing system. To be able to do this, you must have the hardware along with large computing and electrical resources. When you join a mining pool, all the miners will combine computing resources to solve the mathematical equations so as to save costs. Thus, mining activities can run at a lower cost.
- Sophisticated technology
Companies that manage mining pools will usually always compete in providing more sophisticated technology to attract more miners to join. The better technology will also facilitate the mining process, of course, benefit all miners who join the mining pool.
Factors to consider when choosing a mining pool
Each mining pool has different regulations. Therefore, you need to learn the structure and rules before joining it. Here are a few things to consider before joining:
- Infrastructure Compatibility
Mining pool management companies will always try to improve and provide better mining technology. Therefore, miners also need to make sure they have the tools that match the group’s mining specifications before they can participate in mining. For example, some pools require their members to have a minimum internet speed.
- Task Distribution Mechanism
The mechanism for the distribution of tasks in each pool might be different for each. For best results, you should join a pool that supports fair distribution of tasks. The task distribution system is a way to ensure that the pool opens up opportunities for all its members to participate in mining.
- Transparent information from pool operators
In mining, the pool operator is obliged to provide information to its members about how much income is earned. With this transparency, the distribution of the mining income can be fair and accurate. Without transparency, a mining pool operator may give lower payouts than earned.
- Payment Threshold
The share of the earnings usually depends on the hardware that each member has. When you have a lower-quality hardware, the output is less and hence the share will be lesser. Therefore, it is better to avoid pools that apply a high payment threshold system so you are able to withdraw profits quicker based on a lower amount.
Ensure that the pool of your choice is highly secured from hackers’ attacks. Crypto mining is carried out online so the risk of being attacked by hackers is very high. Choose a pool that has a secured cyber defense software that can block out attackers.
Best Mining Pool Websites
The selection of a mining pool needs to be done carefully. Many miners experience many unpleasant incidents when they enter an unsuitable or wrong mining pool. Make sure that your choice is based on good research. To help you, here are some of the best mining pool websites you can consider.
- Discus Fish
Also known as F2Pool, this mining pool has been operating since 2003. Its servers also operate in 3 major countries namely China, Hong Kong, and the United States.
- Kano Pool
If you are looking for a pool with an easy integration process, then Kano Pool is the answer. You only need to register a wallet address to set up an account in this pool.
With servers in two major countries, Germany and China, this mining pool is one of the most popular since its establishment in 2016. You can mine Bitcoin in this pool and the rewards are shared fairly among all the miners.
- Ant Pool
Ant Pool is very user friendly which makes it one of the most popular crypto mining pools in the world.
- Slush Pool
As one of the most well-known pools, Slush Pool has good reviews from its members. Servers are based in Singapore, USA, Europe, and China.
Make Profit From Crypto
Are you now interested in crypto mining or are you still hesitating? As a beginner, you might want to consider choosing an easier method to profit from crypto. One of them is by joining Tokenomy for crypto investments in the form of deposits or staking. You can also practice trading with the demo account provided on TokenomyX. What are you waiting for? Register now!