What Does Cloud Mining Sites Mean?

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Now you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. What's a Mining Pool Mining pools are all groups of cooperating miners who agree to share block benefits in proportion to their contributed mining hash electricity. While mining pools are desired to the average miner since they smooth out rewards and also make them more predictable, they unfortunately concentrate capability to the mining pools owner.

Pool Concentration in China Before we get into the best mining pools to join, its important to note that most mining pools are located in China. Many only have Chinese sites and support. Mining centralization in China is one of Bitcoins biggest problems at the moment. There are about 20 big mining pools.

This can be based on info from Blockchains pool share graph: We strongly recommend new miners to join Slush Pool despite it not being one of the greatest pools. It was the first Bitcoin mining pool and remains one of the most dependable and reliable pools, especially for beginners. 1. BTC.com BTC.com is a public mining pool that can be joined.

2. Antpool Antpool is a mining pool based in China and owned by BitMain. Antpool mines about 25% of all cubes. 3. ViaBTC ViaBTC is a somewhat new mining pool that has been around for about one year. Its targeted towards Chinese miners. Slush was the initial mining pool and currently mines about 3% of blocks.

 

 

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DiscusFish, also known as F2Pool, is based in China. F2Pool has mined about 5-6percent of all blocks over the previous six months. 6. BTC.top BTC.top is a private pool and cannot be joined. 7. Bitclub.Network Bitclub Network is a massive mining pool but seems to be somewhat dishonest. We recommend staying away from this pool.

BTCC BTCC is a swimming pool and Chinas third biggest Bitcoin exchange. Its mining pool currently mines roughly 7 percent of all blocks. 9. Bitfury Bitfury is a private pool that cannot be joined. Bitfury currently mines about 2% of all blocks. BW, established in 2014, is another mining company based in China.

 

 

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Bitcoin Mining Pool Comparison PoolLocationFeesPrivate PoolBitFuryGeorgia0percent YesBTCCChina2-3%NoSlush PoolCzech Republic2%NoAntpoolChina1percent NoBWChina1percent No The comparison graph above is just a fast reference. The location of a pool does not matter that much. The majority of the pools have servers in each country so even if the mining pool is located in China, you could connect to a host in the US, for instance.

Mining Pools vs Cloud Mining Many men and women read about mining pools and think it is merely a group that pays out free bitcoins. This is not correct! Mining pools are for people who have mining equipment to split profits. Many men and women get mining pools confused with cloud mining. Cloud mining is where you pay a service supplier to miner for you and you get the benefits.

 

 

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Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bitcoins when you purchase $100 or more at Coinbase. Which Countries Mine the many Bitcoins Bitcoin mining tends to gravitate towards countries with cheap electricity. As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the great majority of network hash electricity.

China China mines the most bitcoins and so ends up exporting the most bitcoins. Electricity in China is very economical and has allowed Chinese Bitcoin miners to gain an extremely large percentage of Bitcoins hash electricity. Its supposed that some Chinese power companies point their surplus energy towards Bitcoin mining facilities in order that no energy goes to waste.

Its estimated these mining pools own somewhere around 60 percent of Bitcoins hash power, meaning that they mine about 60 percent of all new bitcoins. Georgia Georgia is home to BitFury, one of the largest manufacturers of Bitcoin mining equipment and chips. BitFury currently mines about 15 percent of all bitcoins. Sweden Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm.

US The US is home to 21 Inc., a Bitcoin mining company based in California. 21 runs a massive amount of miners, but also sells low powered bitcoin miners as part of the 21 Bitcoin computer. Most of the hash electricity from the 21 Bitcoin computers has been pointed towards 21s mining pool.

 

 

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Mines about 3 this post percent of bitcoins. Other Countries The countries above mine about 80 percent of bitcoins. The remaining part of the hash electricity is spread across the rest of the planet, often pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US). What is a mining poolGet that a Bitcoin Wallet and Mining SoftwareThe Largest Mining PoolsBest Bitcoin Mining Pool ComparisonMining Pools vs Cloud MiningWhich Countries Mine the most BitcoinsOther CountriesA Note on PoolsWhy are Miners ImportantAntpool ReviewBitfury InformationBTCC Mining Pool ReviewSlush Pool Review A Note on Pools While we can view that mining pools are the greatest, its important to understand that the hash electricity pointed towards a mining pool isnt necessarily owned by the mining pool .

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