The Most Comprehensive List of Bitcoin Mining Pools
When the mining hardware is obtained, choose the suitable mining pool to enroll with.
Mining Pool Defined
A mining pool is a collaboration of miners willing to distribute block rewards based on their supplied mining hash power.
Although mining pools remain popular with regular miners as they allow getting more foreseeable rewards, their power is essentially consolidated in the pool owner’s hands.
Nevertheless, miners can change the direction of their hashing power and route it to another mining pool anytime.
Centralization of Mining Pools
Before diving into details about the most reliable mining pools to join, it is critical to point out that the majority of mining pools are located in China. While Bitcoin remains the best cryptocurrency to mine, the pools are typically Chinese-managed. Also, most of their websites and support are in Chinese.
As stated by the most recent estimates, the hash rate is unevenly distributed between the major pools, and about 81% is centered in China-based pools. Therefore, the centralization of mining pools within China continues to be classified as one of the relevant issues today.
Largest Mining Pools
This hash power share chart presents thorough information on the power allocation among the industry-leading mining pools:
Being the most seasoned and trustworthy pool, Slushpool’s share is merely 9.6%. Nonetheless, it stands out amongst the most well-known alternative pools for amateurs.
Currently, BTC.com has the largest share, supports numerous currencies and mines around 15% of all blocks.
Located in China, Antpool has been in the mining business since 2014. The pool supports various cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, etc.
Slushpool has been in the industry since 2010 and is believed to be the first original mining pool. It is still on the rundown of the most prominent mining pools worldwide.
F2Pool was launched in China in 2013. It is renowned as one of the primeval Chinese Bitcoin mining pools.
ViaBTC is another China-based novice. The ViaBTC team has representatives from the biggest internationally recognized Chinese companies like Tencent, for example.
BTC.top is a pool that cannot be currently accessed. It is situated in China, and its website is available solely in Chinese.
DPOOL is another Chinese mining pool. However, it is available for miners from Europe, Asia, and North America.
Bitclub.Network is a well-known pool, but the majority of reviews indicate that it is not reliable.
Bitfury is a trustworthy but private mining pool that operates with no fees. Despite high demand, it cannot be joined currently.
58coin is a relatively new Chinese pool. Fortunately, 58coin is not private anymore, and its website is available in multiple languages.
Mining Pools Analysis
In case you are concerned about the server whereabouts, approximately every 3rd pool has servers outside of China. Therefore, the opportunity to connect to alternative servers eliminates the essence of the problem for most of the miners.
Cloud Mining Defined
Mining pools still seem to be an area partly unclear for people. First, to sign up and start working with a mining pool you need to buy mining equipment. Afterward, you will be able to split profits.
Furthermore, mining pools are frequently confused with cloud mining. Even though the essence of both is mining Bitcoin, cloud mining is mostly based on collaboration between you and the service provider. However, in this case, the service provider is responsible for mining itself, and you are gaining the rewards.
Top Countries for Bitcoin Mining
Location of companies mainly depends on the electricity costs. Given that the mining is centralized, around 15 companies own the bulk of hash power volumes, and about every 3rd of them are located in China. Nevertheless, solely a limited quantity of countries is in a position to mine and transfer a specific amount of Bitcoin.
China mines and transfers the largest amount of Bitcoin. Low-cost electricity enables local pools to accumulate the greatest volume of hash power. In addition, energy is intentionally directed to the local mining facilities by the power companies.
In contrast to China, an insignificant amount of mining pools are currently located in Georgia. Nonetheless, Georgia is the second most profitable mining area. The soft regulatory policy makes Georgia attractive for both pools and miners. However, the mining industry is believed to be a risky investment in Georgia.
Within the US Bitcoin mining is presently at a setback phase. Currently, international relations and politics dictate the rules and set foundations for the industry. Primarily, issues between the USA and China are inflicting the decline.
The listed countries mine about 80% of Bitcoin, and the remaining 20% is distributed between other countries and smaller pools.
Additional Information for Miners
Miners have the ability to route the hash power to any pool at any moment. This fact explains the regular changes in the market. On top of being crucial for the stability of the currency, Bitcoin miners are of major importance for the industry ecosystem as well.
Antpool is a pool recognized all over the world and the prime example of a successful Bitcoin mining pool.
Antpool has no obligatory fees and can be easily joined. Nonetheless, you should bear in mind that besides mining hardware you will also need software to direct the hash power to the pool.
To start working with Antpool, sign up here: antpool.com
Antpool states that it has a zero transaction fee. Nevertheless, you might face the situation when the pool actually obtains 1 or 2 Bitcoins after the transaction. The undisclosed fees are compromising the reliability of the pool. Furthermore, Antpool was linked to the Bitcoin upgrades issue based on the Segwit feature, which was not implemented by Antpool.
BlockTrail names Bitfury the third biggest Bitcoin mining pool. However, it is critical to point out that access to it is restricted. However, if your mining hardware is located in the warehouse, you will be able to join the pool. Additionally, Bitfury sells various types of mining servers, cooling, and other hardware.
BTCC is a mining pool located in China. In addition to mining, the company also created a wallet and Bitcoin exchange.
Its servers are located worldwide, enabling easy connection to the pool. Besides, the pool splits the transaction fees owned and shares them with miners.
Creating an account is the first basic step needed to join the pool. Besides signing up, it is essential to own both mining software and a Bitcoin wallet. The video below is a manual, showing how to start working with Slushpool: