The mining pool concept is based on mining, which forms the basis of cryptocurrencies. The mining pool has basically become mandatory for some cryptocurrencies like bitcoin. To create a mining pool, many miners must meet on a common denominator. It is ensured that these processors, who come together and mine cryptocurrencies, join forces. Afterwards, all earned income is distributed to each participant in the pool jointly.
What are the Advantages and Disadvantages of a Mining Pool?
When you join the mining pool, you can think of it as a certain amount of luck. If you do not participate, you may not be able to earn any income. For this reason, the number of participants is quite high. People who mine together and share profits often have concerns that the share will be small. The reason for this is basically the large number of pool participants. However, regular deposits of earnings increase participation in the system.
Why is it recommended?
It is recommended that some new investors start mining with a mining pool to ensure that they are aware of this.
The reasons for this are:
Since the investor is still new in the market, he seeks ways to provide himself a return in a short period of time,
Small scale and regular income of the pool.
It is ideal for incentivizing new miners.
For these reasons, pool mining attracts the attention of many people, especially new investors.
How to Get Payments and Rewards
One of the most popular aspects of the mining pool is the rewards section. The first thing to know is how these awards were received and how much they were distributed. The reward is given to the miner when blocks of certain proportions and difficulty levels are solved. Earnings also depend on how long the miner has been solving problems.
In mining pools, you have the opportunity to get paid per share. This is the standard method. In the proportional method, it is presented equally to each individual in the pool.