Cyprus Mail
Business Cryptocurrencies Sponsored Content

What is cryptocurrency mining, and name some of the leading mining pools?

dmitry demidko gohvuwwn he unsplash

Even though bitcoin activated the launch of numerous altcoins, bitcoin never failed to retain the top position in the cryptocurrency marketplace. The popularity of bitcoin is due to progressive returns and many other factors.

The consensus mechanism present in the bitcoin network has created numerous opportunities for individuals to make money, and one of these business opportunities is mining. Visit this Pattern Trader to get a complete information guide to cryptocurrency trading. The youth and large-scale industries are attracted to this business as the reward has not failed to lure anyone. Let’s get to know more about the bitcoin mining pool, and here listed are some of the leading mining pools of all time.

What is a mining pool?

A mining pool is a key to success for a solo miner in the mining industry. For an individual miner, it is very challenging to survive this place as gigantic mining companies entirely trigger the industry. Mining pools have both disadvantages and perks in the mining industry, and both of these are for solo miners.

The mining pool is a great way to generate a handsome income stream in the mining business as an individual player. Any group of individuals who own mining machines and are ready to contribute their hashing power to a single network collectively is known as a mining pool. Let’s find out some of the popular cryptocurrency mining pools.

Ant pool!

Ant pool is an ultimate giant in the mining pool industry and is owned by another giant of the mining industry, Bitmain. Every active cryptocurrency miner has heard Bitmain as it is a top-rated company that creates very robust mining machines. Another popular name that creates robust mining machines is Antman.

Both Antman and Bitmain usually creates ASICs, and these produce ASICs exceptionally compatible with cryptocurrencies. For example, they create bitcoin particular ASICs and ethereum special ASICs.

These mining machines run on a hashing algorithm; if a cryptocurrency mining machine is running on the SHA-256 algorithm, it is highly compatible with bitcoin. If the mining machine is running on a hashing algorithm like the script, it can mine cryptocurrencies like Dogecoin, dash, etc.

Ant pool is one of the latest mining pools, and in a brief period, the pool has acquired the top spot in the mining pool industry. Ant pool operates from China, but you can join this pool remotely and mine with the members of this mining pool from any location. The robustness of this mining pool is so immense that it has generated 20% blocks on the blockchain of bitcoin in just six months.

BTC. Com!

There are many reasons why Bitmain is famous as the giant of the cryptocurrency industry, and one of these reasons is that the company owns two giant mining pools. As per the reports, BTC.Com is the second biggest mining pool.

Undeniably the contribution of BTC.Com is significantly less than that of ant pool, but still, the mining pool has managed to retain the top second spot by creating 13% of blocks. BTC.Com is an utterly different mechanism when it comes to withdrawing the rewards. The utmost potential method that BTC.com use for providing rewards is full pay per share.

BTC.Top

The above listed two mining pools are subsidiaries of Bitmain Company but BTC.TOP itself is a parent company of many cryptocurrency mining pools. Rather than just offering bitcoin mining, the cryptocurrency pool allows you to mine a large variety of digital currencies. These currencies are the most popular hard fork of bitcoin, bitcoin cash.

BTC.TOP has also contributed a 13% hash rate on the bitcoin network. In short, three of the leading cryptocurrency pool have contributed nearly 45% of the hash rate in the bitcoin network over the past six months.

Slush!

When it comes to the list of oldest yet powerful mining pools, slush appears at the first number. This is because slush entered the stream when there was no single cryptocurrency exchange and a mining pool. Even after hefty competition in the mining pool industry, slush has maintained its spot top five mining pools of 2021. The contribution of slush on the bitcoin network is 10%.

These are some popular mining pools.

Related Posts

More job cuts planned in banking sector

Kyriacos Nicolaou

Cyprus Business Now

Kyriacos Nicolaou

Mobile segment driving game industry growth

Kyriacos Nicolaou

The European Commission’s spring forecasts and some longer-term considerations

CM Guest Columnist

Russia’s Rosneft says German ex-chancellor Schroeder quits board

McDonald’s Russia franchisees to have option of working under new brand