Best Bitcoin Mining Site for Beginners
Now you have Bitcoin mining equipment, your next step is to join a Bitcoin mining pool. What's a Mining Pool Mining pools are bands of cooperating miners who consent to discuss block benefits in proportion to their contributed mining hash power. While mining pools are desired to the average miner since they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pools owner.
Pool Concentration in China Before we get into the best mining pools to join, its important to note that most mining pools are located in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoins biggest problems at the moment. There are about 20 major mining pools.
That can be based on info from Blockchains pool share graph: We strongly recommend new miners to join Slush Pool although it not being one of the greatest pools. It was the very first Bitcoin mining pool and remains one of the most dependable and trusted pools, particularly for beginners. 1. BTC.com BTC.com is a community mining pool that can be joined.
2. Antpool Antpool is a mining pool located in China and owned by BitMain. Antpool mines about 25 percent of all blocks. 3. ViaBTC ViaBTC is a new mining pool which has been around for approximately one year. Its targeted towards Chinese miners. Slush was the initial mining pool and currently mines about 3 percent of blocks.
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DiscusFish, also known as F2Pool, is based in China. F2Pool has mined about 5-6% of all blocks over the previous six months. 6. BTC.top BTC.top is a private pool and cannot be joined. 7. Bitclub.Network Bitclub Network is a massive mining pool but appears to be somewhat shady. We recommend staying away from this pool.
BTCC BTCC is a pool and Chinas third biggest Bitcoin exchange. Its mining pool currently mines roughly 7 percent of all cubes. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines about 2% of all blocks. BW, based in 2014, is another mining company based in China.
Mining Pools vs Cloud Mining Many men and women read about mining pools and think it is merely a group that pays out free bitcoins. This is not true! Mining pools are for men and women who have mining equipment to split profits. Many people get mining pools confused with cloud mining. Cloud mining is where you pay a service supplier to miner for you and you receive the rewards.
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Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bitcoins blog when you buy $100 or more at Coinbase. Which Countries Mine the many Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash power.
China China mines the most bitcoins and therefore ends up exporting the many bitcoins. Electricity in China is quite cheap and has enabled Chinese Bitcoin miners to gain an extremely large percentage of Bitcoins hash electricity. Its supposed that some Chinese power companies point their surplus energy towards Bitcoin mining centers in order that no energy goes to waste.
Its estimated these mining pools own somewhere around 60% of Bitcoins hash power, meaning that they mine about 60% of all new bitcoins. Georgia Georgia is home to BitFury, one of the largest manufacturers of Bitcoin mining hardware and chips. BitFury currently mines about 15 percent of all bitcoins. Sweden Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm.
US The US is home to 21 Inc., a Bitcoin mining company based in California. 21 runs a large amount of miners, but also sells low powered bitcoin miners as part of the 21 Bitcoin computer. The majority of you could try here the hash power from the 21 Bitcoin computers has been pointed towards 21s mining pool.
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Mines about 3% of bitcoins. Other Countries The countries above mine around 80 percent of all bitcoins. The rest of the hash power is spread throughout the remainder of the planet, often pointed at smaller mining pools such as Slush (Czech Republic) and Eligius (US). What is a mining poolGet a Bitcoin Wallet and Mining SoftwareThe Largest Mining PoolsBest Bitcoin Mining Pool ComparisonMining Pools vs Cloud MiningWhich Countries Mine the maximum BitcoinsOther CountriesA Note on PoolsWhy are Miners ImportantAntpool ReviewBitfury InformationBTCC Mining Pool ReviewSlush Pool Review A Note on Pools While we can see that mining pools are the greatest, its important to understand that the hash electricity pointed towards a mining pool isnt necessarily owned by the mining pool itself.