Mining Pools List
Mining Pool - In Cryptocurrency world, you should often hear about Mining Pool from your colleague or you may have read it from a blog or forum, today there are so many institutions and people want to take a share from the Pie by start Crypto Mining Project while the cryptocurrency becomes more and more valuable. To start mine cryptocurrency, you have to prepare a lot of things before like Mining Hardware, Internet, a place for your mining equipment, money for maintenance, electricity bill and surely you do not have to prepare pickaxe because the Mining activity will be not done inside mother earth but on internet world.
After you have prepared all necessary things for you to start mine your cryptocurrency, along with the time cryptocurrency became more and more valuable and people want to take a part of it and that makes Cryptocurrency more scarce and the mining difficulty increase from time to time, because of it almost impossible for Single Miner or some miners to complete a Block reward and claim the Reward, that makes people start creating a group to solve a Block reward known as Mining Pool.
The Process of Crypto Mining
Crypto Mining activity involves a very high technology computer system that use ASIC (Application Specific Integrated Circuit) and GPU (Graphics Processing Unit) to create a new coin, ASIC itself has a function as a normal computer, however the creation ASIC is more specialized for crypto mining, computer resources will be used to solve high-level mathematics problems at once it will used to make sure the blockchain network intact, when ASIC and GPU run in certain amount time the owner will be given reward for their effort for solving the problem and support for the blockchain stability, The crypto that mined has inherent value and related with Electricity and Computing resources which make them valuable.
As time goes by the Mining activity become massive and more people join in, with that the cryptocurrency mining difficulty become hard and the mathematic problem is hard to solve (Block) that makes deviation between price and mining efforts and push cryptocurrency (Bitcoin as example) price skyrocketing which is very different traditional money paper which the price will go down because inflation.
For example, the total max Bitcoin supply that created is 21.000.000 BTC which Bitcoin has been mined 17.850.700 BTC and there are at least 3.1 Million BTC that not yet mined with the least amount remaining I believe Bitcoin price will higher along with the time, there are Two Main Function of Crypto Mining Activity, which:
- Releasing Crypto that just Mined to Blockchain
- To Verify transaction on Blockchain Ledger
To complete the job and task, the mining equipment must connect to the internet, when Blockchain released new and fresh BTC at 2009, the computing resources with simple CPU is efficient and enough to support BLockchain Network and get paid with BTC, later on, Simple CPU already not enough to start mining because of it more high tech Mining equipment created like GPU and ASIC. Process Crypto Mining is very burdening the processor, to solve mathematic problems the processor will consume Electricity in a huge number and the miners that able to solve the problems will able to claim the reward for the effort.
At first,cryptocurrency mining activity competition between individual unbalance and one-sided because each people has different computing resources which people with higher computing resources will solve more problems and more reward than people who only own simple and standard equipment and they will fall out soon enough, because of this people start to create Mining Pool.
What is Mining Pool?
What is Mining Pool? Mining Pool is where the miners will create and gather all their computing resources in a group or network, the reward that will be received for the group or network will split depending on their effort and ability to find a new Block (Problem), with the resources that miners gather used to solve the problem faster and finding the new reward block. Mining Pool is like a coordinator to control and manage the miners Hash Level to find new block reward with combined effort and solve it, tracking each miners contribution, splitting reward depend on their effort, some Mining Pool charge a small fee for their miner members.
2 Main Function of Mining Pool
- Divide the work between Miners.
- Divide the Reward for miners efforts to solve problem with their computing resources at Mining Pool.
When miners complete the block their reward will able to claim for at 2018 reward for each block approximately generated about 25 BTC, then that 25 BTC will split evenly for all miners depend on their efforts (participate when solving the block), and the reward percentage could be seen at Mining Pool based on how much Hash their use. However, to mine crypto by join Mining pool doesn't mean there are no risks. There are 2 kind label known as "Accepted" and "Rejected". In some cases, miners able couldn't do the mining job because labeled as "Rejected", and all their effort like electricity and computing resources became worthless and make nothing.