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Every 10 minutes or so, a single person wins the puzzle, and get 25 bitcoins as a prize. Then, the puzzle is reset, and it all starts over. This is made bitcoin mining very undemocratic. As people saw the potential profit, they began investing vast amounts in bitcoin mining equipment.
Some companies have even set up entire racks full of powerful computers, devoted to mining bitcoins. So, how do you, with your base level mining rig, stand a chance of ever winning one of these ten-minute contests? It would be like entering a drag race every 10 minutes, using a push bike. In the world of bitcoin mining, there are no rewards for effort. This is where mining pools come in. They are collections of people, who all club together to mine in unison. Their combined computing power stands a much better chance of winning the contest.
The poll then pays out all of the participants according to their effort. There are many different mining pools available. Which one you choose depends on a variety of factors. Should you join the largest pool possible, to maximize your chance of a reward? If you join a large pool, your probability of successfully mining a block as part of the pool increases, but the size of the pool means that your payout will be lower.
Day-to-day payouts will be more predictable. Conversely, if you are part of a small the pool, then you will successfully mined blocks less frequently. When you do, though, your reward will be higher. So, you might go some time without earning anything, and then get a large reward. Over time, it will all normalize. Part of. Investing in Bitcoin. How to Mine Bitcoin. Other Cryptocurrencies. By Full Bio Follow Linkedin. Follow Twitter. The rewards make mining a lucrative activity for monetary gains.
As more miners attempt to grab a piece of the pie, finding new blocks gets computationally more difficult, requiring more computing power. To draw an analogy, a gold digger having the capacity to dig square meters of land in one day will take days to explore one hectare of land for gold. Combining gold diggers can complete the job in just 1 day. The discovered gold can be split among all diggers evenly, assuming all have put in equal effort to explore their assigned portions of land.
The output is faster and has a better chance to discover bitcoins. However, this pooled work with better output and higher chances, comes at a cost. The reward earned through combined mining is split among the various pool members, as compared to sole ownership on the reward earned through individual mining.
A mining pool essentially works as a coordinator for the pool members. The pool may also charge a fee from each member miner. Work to each pool member can be assigned in two ways. Once the pool member completes the work on the assigned range, they place a request for a new work unit to be assigned.
A second mining method allows pool members the liberty to pick and choose as much work as they like without any assignment coming from the pool. There can also be a pool of pools, to further enhance output. Successful identification of the block hash leads to reward for the pool, which is then shared based on the pool shares mechanism. There are two kinds of shares — accepted and rejected.
Accepted shares indicate that work done by a pool member is contributing substantially towards discovering new cryptocoins, and these get rewarded. A pool member ideally wants all their shares to get accepted. Pool members are rewarded based on their accepted shares that helped in finding a new coin block. A share has no actual value, and it simply acts as an accounting method to keep the reward distribution fair.
Based on the accepted shares, members get rewarded using different methods, which include the following:. Before deciding to join a particular pool, miners should pay attention to how each pool shares its payments among members and what fees, if any, it charges. Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs.
Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.
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