What Is And How To Use A Bitcoin Mining Pool?

September 19, 2013

To understand this one better, we will have to start with a simpler example. If you have ever played the lottery, then you will understand this better. When you are mining for the bitcoins, it is akin to doing hard arduous mining for gold or diamond. It is very hard work and the not-so patient people give up easily. If you approach this task on your own, you will make very slow progress. However, just like people form lottery groups where they pool resources and split winnings according to the contributions that every person made, you too can join a biotin pool. That way, you will increase your chances of getting the bitcoins.

Looking for the right bitcoin mining pool from the plethora of so many in the market can be very challenging. However, you can even start yours. You will have to register it and then you can look for members so that you hit the mining together. It might be a little hard for you to get started, but you can be sure that the payouts will be faster. Apart from the registration part, there are many more things that you need to consider and here we shall consider all of them.

Which mining hardware are you intending to use? The miner is very important, as it will virtually do all the work. Look at the options offered and pick the one that you work with, because it must be listed there. You can then be ready to get started as soon as possible. Another important thing for you to note here is that bit coins are usually given out in pieces of 25. For every given block (usually assigned by servers), the race is usually so competitive to get the bitcoins. Since the 25 chunks of bitcoins can only be awarded to one person at a time, when you are in a pool, you can get smaller payouts and that way, your fortune of bitcoins will build up.

Look for bitcoin mining pool whose servers will give easy-to-solve blocks. That way, you will be assured of getting some small, but steady payouts with time. The good thing is that once a block is won, the chunk of 25 coins is shared among the people who are in that pool. How much everyone gets is determined by the number of shares that they will have earned. That is why it is very important to use the best bitcoin mining hardware so that you can be assured of garnering many shares for higher payouts. As we said at the beginning of this post, it works just like the lottery syndicates.

Source: www.btcfaq.com