Join a mining pool vs solo?
Posted: Thu Feb 25, 2021 1:14 pm
A mining pool is the pooling of resources by miners who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block. A "share" is awarded to members of the mining pool who present a valid partial proof-of-work. Mining in pools began when the difficulty for mining increased to the point where it could take centuries for slower miners to generate a block. The solution to this problem was for miners to pool their resources so they could generate blocks more quickly and therefore receive a portion of the block reward on a consistent basis, rather than randomly once every few years.
By combining resources from all clients in that pool, they increase the odds of discovering the solution to a given block. When a solution is found to the block, it rewards the newly issued coin to the pool owner. The pool owner then divides the coins between the miners based on their contribution.
• Pooled mining produces a constant revenue of smaller values, whereas solo mining tends to be more erratic and could take years to mine one block.
• Pooled mining can generate a 1–2% higher income (before fees, if any) due to long polling provided by the pools. Solo mining wastes time due to only supporting getwork pull.
When looking for the right mining pool to join, your goal is to find a fair pool that you can trust to provide you with optimal payouts in exchange for your time and energy resources. Though, the pool you choose, statistically, will not increase or decrease your odds. Choosing the right pool can greatly increase your overall earnings.
By combining resources from all clients in that pool, they increase the odds of discovering the solution to a given block. When a solution is found to the block, it rewards the newly issued coin to the pool owner. The pool owner then divides the coins between the miners based on their contribution.
• Pooled mining produces a constant revenue of smaller values, whereas solo mining tends to be more erratic and could take years to mine one block.
• Pooled mining can generate a 1–2% higher income (before fees, if any) due to long polling provided by the pools. Solo mining wastes time due to only supporting getwork pull.
When looking for the right mining pool to join, your goal is to find a fair pool that you can trust to provide you with optimal payouts in exchange for your time and energy resources. Though, the pool you choose, statistically, will not increase or decrease your odds. Choosing the right pool can greatly increase your overall earnings.