πŸ”₯ Mining Pools: Explaining Concept Behind New Age of Mining - 36 Crypto Analytics

Irma - Aug 26 - - Dev Community

πŸ”‹ After the Bitcoin halving, mining activity surged while hashrate and average revenues hit lows. As mining remains popular, efficiency and sustainability are key, bringing mining pools into focus.

🏊 A mining pool is a group of miners who combine their computing power to increase the chances of earning rewards. When a new block is found, the reward is split among members based on their contribution. Popular payout methods include Pay-Per-Share (PPS), Full-pay-per-share (FPPS), and Pay-Per-Last-N-Shares (PPLNS).

βš™οΈ Mining pools like WhitePool by WhiteBIT offer benefits like 0% fees on rewards, 24-hour multilingual support, and VIP programs. Pools are more efficient and cost-effective compared to solo mining, which faces high competition and expenses.

πŸ” While solo mining can yield higher rewards over time, mining pools provide stability and lower costs, making them a more viable option. With increasing regulations, pool mining might become the preferred method for many.

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