mining pool

BTC mining is not profitable anymore unless you have access to cheap electricity. Mining machines make a lot of noise and need regular maintentance. It’s not possible to mine BTC with graphic cards either. You need new-gen mining machines like Antminer S19, S19 pro to be successful, which gets costly.

If you want to mine BTC but don’t want to invest in a huge operation that might not even be profitable then you’ve come tot he right place. Read on to find out how to you Bitcoin mining pools to acquire BTC cheaply and easily.

Types of Mining Pools

Not all mining pools are made equal. There are many variations and combinations that differ in fee percentages, payout schedules, and share distribution. We will discuss the 3 main types of mining pools to keep it simple.

1. SOLO

As the name says, you are mining on your own. This means all the resources are placed upon you such as the computing power. The good news is that you don’t have to share the profits.

2. PPS (Pay Per Share)

This is a payment method that pays higher hash rate miners more shares of a block when found. This helps lower hashraties find blocks as it increases the chances. The downside is the high fees of joining this type of pool.

3. PPS+ (Pay Per Share Plus)

As a hybrid of PPS, this mining pool works similar expect that it distributes the BTC network fee to the miners. This payout amount is also based on the hash rate of each miner.

4. PPNLS (Pay Per Last N Shares)

A window of time is set within this pool that give miners a chance to find a block. If a block is found within this timeframe then the miners who contributed during this time will be rewarded. Payment is also based on the amount of shares contributed during this window (N).

Most mining pools use on or a combination of these type of payment, fee, and sharing methods.

Now that you know how mining pools work and why you should use them, let’s look at the 3 best BTC mining pools below.

F2 Pool

F2pool was privately launched in 2011 in China and for international miners it was not possible until 2014 to mine.

F2Pool also mined Bitcoin block 629,999 (the last block before the third halving), including a message echoing the one Satoshi Nakamoto included in the genesis block at Bitcoin’s creation.

F2pool is one of the biggest BTC mining pools with over 19 Eh/s hashrate at the time of writing. F2pool offers one of the lowest mining fees. You can even mine other 40 PoW coins.

f2pool

Pros

  • 2.5% fee in PPS+ mode
  • Daily payments
  • Minimum payout only 0.005 BTC
  • Support is good

Cons

  • Based in China (majority of hashrate is from Chinese mining pools)

AntPool

Antpool is a very well known mining pool among crypto miners and is one of the top 5 mining pools with large hashrate power. Antpool is owned by Bitmain the mining equipment manufacturer.

Supports PPS+, PPLNS, SOLO and other earning modes. It includes automatic settlement and payout each day, transparent earnings, and real-time mining data updates.

Pros

  • Daily payments
  • PPS+ payout scheme – 0.005 BTC minimum payout
  • PPS+, PPLNS, SOLO Mode

Cons

  • Based in China (majority of hashrate is from Chinese mining pools)
  • 4% fee on PPS+ mode almost twice the amount in F2pool

Slush Pool

Slushpool is one of the oldest mining pool launched in 2010. They have a scoring-based mining system, which is designed to prevent pool hopping and rewards long-term miners. If you are renting your mining hardware then I would advise you to mine with PPS+ method.

slushpool

Pros

  • US-based mining pool
  • Daily payouts
  • 2% fee and 0.001 minimum payout

Cons

  • No pay per share mining option
  • 0.0001 BTC fee for withdrawal under 0.01 btc

Using Mining Pools on the Go

one of the reasons that these are the 3 best BTC mining pools is because of their mobility. You can download mining apps on your phone to keep track of them outside of your home.
Look for our next article on how to connect these mining apps to your mining pool.

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