Can you go Swimming in a Mining Pool? Naaa, not that kind of Pool.
When you were younger and your group of friends wanted to borrow Dad’s car to joy ride for the evening, but you didn’t have gas money, what did you do so that you could accomplish this?
No doubt you did what many other youngsters did and that was to “pool” your money so that you could buy a tank or so of gas for the vehicle. This “pooling” or putting funds together in one “chunk”, enabled everyone in the Pool to raise the funds to have a good time by being able to buy the gas and enjoy the ride!
This “Pooling” results in shared costs so that no one person is footing the whole responsibility making it easier and more enjoyable for all.
This same principal applies to a group of Bitcoin Miners who share their computational resources, Hash power, and costs of mining so that it is profitable for all.
China currently has the largest mining pools in the world and are responsible for about 81% of all new Bitcoin mined.
Out of a list of ten of the largest mining pools, it is recommended that IF you wish to join a mining pool you join one of these. See complete list of the 10 largest Mining pools at https://www.buybitcoinworldwide.com/
Even though the mining pool may be located in another country, it matters not as they generally have servers in every country. What you WILL need to join a mining pool is a Bitcoin Wallet (so that you have a place to send any Bitcoins you earn), mining software, and of course a computer capable of running it.
Mining Pools vs Cloud Mining
https://www.buybitcoinworldwide.com/ says: “Many people read about mining pools and think it is just a group that pays out free bitcoins. This is not true! Mining pools are for people who have mining hardware to split profits.”
“Many people get mining pools confused with cloud mining. Cloud mining is where you pay a service provider to mine for you and you get the rewards.”
Are you simply interested in purchasing Bitcoin?
Mining may not be for you then and it certainly is not the easiest way to obtain Bitcoin. The quickest way is to buy it from an exchange. Be sure to have a wallet in place for storage of your Bitcoin as leaving it in an exchange is not ideal.
- Cryptocurrency mining pools are groups of miners who share their computational resources.
- Mining pools utilize these combined resources to strengthen the probability of finding a block or otherwise successfully mining for cryptocurrency.
- If the mining pool is successful and receives a reward, that reward divides among participants in the pool.