What are Bitcoin Mining Pools? (Explained)

Bitcoin mining pools are in great demand, providing you with learning materials about crypto. You read this blog till the end to know more about the bitcoin pool. Trading crypto has never been this easy with BitIQ. You can dive into our guide to learn more about mining pay-outs to get bitcoins and some of the mining pool schemes involved. 

What Is a Mining Pool?

The mining pool is considered to be a combined group of miners with whom they share computational resources on the network to find blocks or receive a reward. Mining is quite expensive when it comes to the cost of equipment and electricity. With combined hashing, the miner manages to find new blocks quite efficiently and with cheap methods.

The Biggest Mining Pools

As we mentioned earlier in this article, bitcoin mining pools have been located in China for a number of reasons because of the “electric bill”. However, the most important part which has been found in countries like America, Russia etc. We are going to check out some trusted and popular ones.

BTC.Com

If we are talking about mining pools here, then the second largest mining pool has been located in China. BTC.com is run by Bitmain, a Chinese-based company. BTC.com has a hash rate of around 13.6% with the network. Some users are complaining about some problems with the support reward and the withdrawal of the task. Talking BTC.com has been present in the market for quite some time, which is proving its consistency. Several payment systems are used including Pool PPS and FPPS.

ViaBTC

Founded in the year 2016, Via BTC has been established as an “innovation-intensive startup” in China. ViaBTC is working hard to prove a statement. In 2020, ViaBTC offers a lot of occasions to acquire other cryptos. The service allows cloud mining, single, or group, etc. This all-in-one smartphone application is being introduced for devices such as ViaBTC iOS and Android so that users can monitor the hash rate of the cryptocurrency.

F2pool

Here we are talking about f2pool and it was the first Chinese project. It has become the best crypto mining pool for supported currencies. With these focusing on bitcoin, ETH was first introduced in the year 2015, and as of 2019, it has been added to a wide variety of other coins. F2pool ranked first to increase its hash rates in the year 2020, China has some of the best bitcoin mining sites that are maintained around the world. The website supports Spanish, and Chinese. Services provided to you by F2pool You are charged by the mining pool when mining F2pool with a fee of up to 2.5%. Note that iOS and Android apps are being made available for personal account management.

Binance pool

Binance had fully established itself in crypto in the year 2017. Since then, the Binance ecosystem has seen a rapid growth. Binance is one of the largest crypto exchanges when it comes to the industry and also offers a wide range of bitcoin mining pools and crypto products. Just like in the crypto sectors, Binance Pool has been quite successful when it comes to pools. Currently, up to 8.1% is being shared by these miners. It also allows users to mine blocks on a blockchain created by the SHA-256 hashing algorithm. Binance Pool is not as large as others, yet it is provided with basic UX/UI so that it can be easily recognized by the user.

Closing thought

A range of bitcoin pools is offered to you by the crypto industry. You will find which one suits you the most.