What is a Mining Pool?

Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power.

While mining pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner.

Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.

Pool Concentration in China

Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoin’s biggest issues at the moment.

There are about 20 major mining pools. Broken down by the percent of hash power controlled by a pool, and the location of that pool’s company, we estimate that Chinese pools control ~81% of the network hash rate:

China – 81%
Czech Republic – 10%
Iceland – 2%
Japan – 2%
Georgia – 2%
Russia – 1%

The Biggest Mining Pools

The list below details the biggest Bitcoin mining pools. This is based on info from Blockchain’s pool share chart:

ViaBTC

ViaBTC is a somewhat new mining pool that has been around for about one year. It’s targeted towards Chinese miners and mines about 9% of all blocks.

A Note on Pools

While we can see which mining pools are the largest, it’s important to understand that the hash power pointed towards a mining pool isn’t necessarily owned by the mining pool itself.

There are a few cases, like with BitFury and KnCMiner, where the company itself runs the mining operation but doesn’t run a mining pool.

Bitcoin miners can switch mining pools easily by routing their hash power to a different pool, so the market share of pools is constantly changing.

To make the list of top 10 miners, we looked at blocks found over the past 6 months using data from BlockTrail.

The size of mining pools is constantly changing. We will do our best to keep this posted up-to-date.

Note:

If you cloud mine then you don’t need to select a pool; the cloud mining company does this automatically.

Why are Miners Important?

Bitcoin miners are crucial to Bitcoin and its security. Without miners, Bitcoin would be vulnerable and easy to attack.

Get this:

Most Bitcoin users don’t mine.

However, miners are responsible for the creation of all new bitcoins and a fascinating part of the Bitcoin ecosystem.

Mining, once done on the average home computer, is now mostly done in large, specialized warehouses with massive amounts of mining hardware.

  • BTC and ETH being popular cryptocurrencies take anywhere between a few minutes to few days for transactions to process them. This is due to the fact that there are not enough computing resources that is on-demand to process them by default.

Large pools of traders work with other miners and devices on the internet to pool resources in performing complicated calculations that generate blocks of data.

The mining ‘reward’ is then rewarded to each of the participant based on their computing contributions.

Once you join the pool of miners, you are willing to mine with other crypto miners and share the reward according to work you put in. This makes the process of mining much quicker as numerous other miners pool their resources together and generate blocks faster.

There are hundreds of bitcoin mining pools to choose from; however, in this article, we’ll be reviewing ViaBTC, a mining pool company based in China.

About ViaBTC Transaction Accelerator

ViaBTC was founded by Yang Haipo in May 2016, in Shenzhen, China. Yang is also the company’s current CEO. ViaBTC initially started as Bitcoin mining pool and later went on to broaden its services to cloud mining in November 2016.

With its continued development, ViaBTC has also launched mining pools for Litecoin, Dashcoin, Ethereum, Ethereum Classic, and Zcash. The company now offers services like wallet, mobile application, explorer and other essential bitcoin tools.

Since its establishment, ViaBTC has employed over 17,000 workers, who have managed to mine over 22,256 BTC.

ViaBTC offers various tools like Trading Accelerators, Profit Calculator, Transaction Broadcast and Signature Verify. We will also be briefly discussing ViaBTC’s Trading Accelerator.

How ViaBTC works?

Signing into ViaBTC is a straightforward process that will take a minute or two. You will need to enter the username, email, and a password. Once you are done signing up, you can link your cryptocurrency wallet to your account.

After the registration process is completed and adding of the wallet, you can now choose the amount of Hashrate you want to purchase.

As a ViaBTC customer, you gain access to some of the platform’s most advanced features. The company also promises lower electricity fees, due to its farms situated in provinces with low electricity costs.

Features of ViaBTC

ViaBTC offers some great benefits in providing a reliable mining pool to its users. We have listed some of those below:

1.Transparency: ViaBTC provides an hashrate to pools that can be monitored by any user at any given time. Thereby allowing transparency for the users to check and validate their earnings continually.

2.Cancellation: ViaBTC automatically cancels accounts, that has not received a payout for ten days consecutively.

3.Regular Uptime: Ever since ViaBTC was established it has maintained an uptime of 99.9%. Because of this, payments here are more responsive; moreover, the site is also very responsive, making it more difficult for hackers to hack the platform.

4.Daily Payment: Payments are deployed every day at 0 AM Beijing Time, that makes it to GMT +8.  The users can log into the site every day and check for their daily yields. In rare cases, the profit can be somewhere be around 0.00098611.

5.Fewer Fees: Fees are only collected to assist the program and to pay for the data miners. Usually, fees are minimum, only to ensure that profits remain more significant. Low fees are added on the blocks on the PPS (Pay Per Share) and PPLNS (Pay Per Last “n” Share), that account to only 6% of the earnings.

6.Services: The platform’s core advantage is that it has combined cloud mining, a crypto exchange and mining pool into its platform. Making the platform more accessible to its customers of having everything associated with crypto under one platform.

ViaBTC Transaction Accelerator

Before we discuss ViaBTC’s Transaction Accelerator, let us first learn about what a Bitcoin Transaction Accelerator is.

A Bitcoin transaction accelerator is an off-chain free or paid request to a mining pool to purposely include that particular transaction in the upcoming block regardless of low transaction fees.

ViaBTC’s Transaction Accelerator initiative had a wave of excitement in the Bitcoin community when it was first launched. Initially, this tool was offered to alleviate network congestion.

ViaBTC also supports paid services for accelerating bitcoin transactions in special cases such as emergencies, experiments or low fee problems.

To use the accelerator, there is no need to sign-in, you are only required to submit any TXID of delayed transactions that at least include a fee of 0.0001BTC/KB. Once the number of transactions exceeds the limit, you will be presented with a message “Submissions are beyond limit. Please try later.”

ViaBTC supports the acceleration of 100 free transactions per hour exceeding the limit you will be asked to use the paid service.

ViaBTC’s TA was implemented to protest against the prior 1MB limitation of the bitcoin network. ViaBTC offers its priority towards the user-submitted transactions for the next mined blocks by the ViaBTC pool.

ViaBTC Pool Website

  • PPS
  • PPLNS
  • SOLO
  • Server LocationsAsia
  • Average Fee2.3%
  • Supported coins
  • BTC
  • LTC
  • BCH
  • ETH
  • ZEC
  • DASH
  • Stratum
  • Monitoring
  • Vardiff
  • Transaction Fees Shared With Miner
  • Merged Mining
Merged mining coinsNMC,DOGE

ViaBTC is a Bitcoin, Litecoin and BitcoinCash mining pool. By mining in the ViaBTC pool, miners support the Bitcoin Unlimited version which in turn supports larger block limits. ViaBTC charges a 4% fee for the PPS payment system and a 2% fee for the PPLNS.

The server for ViaBTC is

BTC:

  • stratum+tcp://btc.viabtc.com:3333

BCH:

  • stratum+tcp://bch.viabtc.com:3333

LTC:

  • stratum+tcp://ltc.viabtc.com:3333

ETH:

  • stratum+tcp://ethereum.viabtc.com:3333

ZEC:

  • stratum+tcp://zec.viabtc.com:3333

DASH:

  • stratum+tcp://dash.viabtc.com:3333
Mining pool minimum payout0.0001 BTC 0.0001 BCH 0.0001 LTC

LINK 

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