10 BEST Bitcoin Mining Pools [Profitable Crypto Pool List] (2024)

Bitcoin Mining Pools are groups operated and organized by third parties to manage hash power from miners worldwide. They share the resulting Bitcoin in ratio to the hash power that is contributed to this pool.

Miners combine their resources to make the mining process more effective. When pools succeed and receive Bitcoins, then they split the reward. This process depends on the power used by each miner. Therefore, the person that used the most power earns the largest reward, and small miners can help them to be successful.

Yes, you need a Bitcoin wallet. It is needed because all mining pools will ask you for Bitcoin address which will be utilized to send your rewards and payouts. You can read a full guide on the best bitcoin wallets. It will help you to get the best crypto wallet.

Also Check: Best Mining Software

Bitcoin mining is a process of digitally adding transaction records to the blockchain. Crypto mining is a record-keeping process that is executed through enormous computing power.

Each of the Bitcoin miners in the world contributes to a decentralized P2P (Peer-to-Peer) network to make sure the payment network is secure and trustworthy.

The Blockchain network is basically a decentralized P2P network that contains a shared ledger. The network has no central authority, so the transactions are recorded, processed, and validated in the miner’s network. The data shared over in the network is completely transparent, but the personal data is always anonymous.

Here, the miners require validating blocks of transactions to access their blocked rewards. Whenever a new transaction block is added to the system, a new BTC is introduced in the network.

So, not only they work to secure the network but also to verify the transactions. In order for the blockchain network to operate properly, miners need to work on the blockchain network.

Here are some basic aspects being considered while choosing a mining pool:

• Reputation: You need to join the group and see what other people are saying about pool. This will give you good information from miners who have tried the pool.
• Pool Fee: You need to a reliable pool with the highest payout and lowest fees. If you are a beginner, then you can try BTC pools with no fees.
• Uptime Efficiency: You have to do some research before committing to any pool. It is good to ensure that they have uptime of 99.5% or higher.
• Location: You should always look for a mining pool running on a server located near you. You may lose precious shares if your computer takes too long to respond to the pool server.
• Support and Feedback: Your chosen best mining pool for Bitcoin should provide support when you encounter any issue in mining or variation in your payout.
• UI Panel: When you choose the pool, you should check their API tools and statistics page to check whether they have a good user experience or not.

No. The size of the mining pool does not matter. However, the total number of Bitcoins mined over a period of time is proportional to large or small size pool’s computing power. The big pools will have a higher probability of finding blocks whereas, the small one requires you to wait longer. But this can be followed by a period where blocks are hit.

If you are OK with a regular payout for a long time, it is better to go for smaller pools. In contrast, for the steady income with a high probability and low payout scheme, you may choose a larger pool.

Calculating your Bitcoin mine share can be complicated. Here are some of the methods that can make this calculation easy:

• PPS: Pay Per Share approach offers instant guaranteed payout for the share that a miner solves. This method can transfer risk to the person operating pool.
• PROP: This is a proportional approach that offers a distribution of the reward when a block is found amongst all workers.
• PPLNS: The Pay Per Last N Shares or PPLN approach is similar to the proportional method. But the only twist here is it looks at the last shares while doing calculation.
• SMPPS: SMPPS or Shared Maximum Pay Per Share uses a similar approach to PPS, but this method does not pay earnings getting more than Bitcoin mining pool.
• ESMPPS: The Equalized Shared Maximum Pay Per Share method distributes payments equally among miners in the mining pool.
• RSMPPS: The Recent Shared Maximum Pay Per Share method prioritizes the most recent person mining the Bitcoin first.
• CPPSRB: Capped Pay Per Share with Recent Backpay uses MPPS (Maximum Pay Per Share) system to pay miners using the income from finding blocks.
• BPM: Bitcoin Pooled mining uses a system where older shares from the beginning of the mining block are given less priority compared to recent shares. This will reduce the ability to cheat the mining pool system by pool switching.
• SCORE: This approach uses a system in which proportional reward is distributed and weighed by the submitted work and time.
• ELIGIUS: It is a mining pool that uses PPS and BPM to earn shares and get instant payouts.
• Triplemining: Triplemining uses generated Bitcoins and add to the jackpot of the founder’s pool. It allows shares to grow faster than any other Bitcoin mining pool.

Here are pros of most profitable mining pool sites:

• It gives you more predictable payouts.
• You require minimum Internet speed to the pool server
• Pools enable you to quickly check the status of miners.
• You need a low setup for pooled mining.
• Miners will get paid on a daily basis.

Here are the cons of the mining pool:

• It charges fees and gives you a lower payout.
• You may need to depend on a third-party system to earn your money, and your miners may be idling due to a website down issue.
• Miners are responsible for your own software side or server-side security.

Bitcoin Mining Pools are groups operated and organized by third parties to manage hash power from miners worldwide. They share the resulting Bitcoin in ratio to the hash power that is contributed to this pool.

On the other hand, Cloud Mining is a good option for you if you are interested in mining but not ready to buy costly equipment. It allows you to buy time duration on other people’s mining equipment. This type of mining operation generally uses cloud computing so that software, servers, and storage can be accessed from any place and anywhere.

If you want to learn about Cloud Mining, here’s a free tutorial you’ll want to check out: What is Cloud Mining?

Also Check: Best Cloud Mining Sites

Here are countries that mine the most Bitcoins:

• China: This country mine approx 60% of all new Bitcoins.
• Georgia: It mines about 15% of all Bitcoins.
• US: This country mines about 3% of all Bitcoins.
• Other countries: These countries mine the rest of Bitcoins.

Pool mining can produce a constant revenue of smaller values. On the other hand, solo mining can be inconsistent and takes years to mine a single block.

Pooled mining can generate 1-2% higher income through long polling provided by the pools. While Solo mining wastes your time due to the support of only getwork pull.