![]() This approach has served Slush extremely well over the years, making it one of the most popular bitcoin mining pools in existence. To stay politically neutral, Slush has a unique voting system that gives every single user a voice. This Czech Republic-based mining pool has servers distributed around the world, and it relies on an intelligent load balancing and fail-over system to ensure nearly 100 percent uptime. Operating since 2010, Slush is the first bitcoin mining pool in the world. They also offer better security than upcoming mining pools, which is very important considering how many cybercriminals are working overtime trying to steal bitcoin wallets from various bitcoin services and individual users alike. Larger mining pools typically offer more regular payments, lower processing fees, and higher rewards. Size matters when selecting a bitcoin mining pool. Thanks to bitcoin mining pools, mining has become predictable and profitable even for relatively small players who don’t have access to monstrous mining rigs consisting of hundreds of graphics cards that together consume as much electricity as a small village. Mining pools increase the chances of finding a block at the group level by combining the computational resources of individual miners. These days, finding the special number requires so much computational power that solo mining is like trying to win the lottery.īecause the people who make money mining bitcoin prefer to have a steady stream of income instead of relying on luck, they have formed what’s called mining pools, which are really just groups of miners who mine together and split the reward. ![]() What’s more, the more people are looking for this special number, the more difficult it becomes to find it. Because they never know which puzzle contains the number they are looking for, they have to solve an incredibly large number of them every second. ![]() The reason why bitcoin miners have to purchase very expensive mining hardware even though the cryptographic puzzle they are solving is so simple comes from the fact that they have to find a special number, called nonce. In fact, the puzzle bitcoin miners solve, called SHA-256, can even be solved with pencil and paper, as YouTuber Ken Shirriff demonstrates in this video. We recommend CoinTracking What Is a Mining Pool?īitcoin mining is all about solving relatively simple cryptographic puzzles. Looking for a better way to track your crypto portfolio value live? Want to streamline your Bitcoin tax calculations? ![]()
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