Stellargold mining farm - EEF mining farm makes the Earth a better place for cryptocurrency mining
Cryptocurrency has been trending and still is the hottest topic for discussion over the internet forums, communities and social media. There’s no surprise that investing in cryptocurrency has unveiled a new way of reaping out profits (with a ginormous value) just by sitting at home. With every new currency popping over internet each day, there unfolds a new mining operation with promising returns, unique dividend models and easy governance. As an avid follower of cryptocurrency, you can easily get into the world of cryptocurrency mining by either using your own solo mining devices or by joining a crypto pool where all the devices/resources from solo miners are clubbed together so as to get speedier, efficient and effective results.
We all have read the term “Mining” in our VII class Science books. Mining is done to extract the metals most commonly by digging out earth. And the company or individual, who digs out the metal, becomes the owner. In the same way, Cryptocurrency is discovered using computational power of the computer programs. Most of the virtual currencies have been mined while some are left. Out of 21 million Bitcoins, 80% have already been mined and just 20% are remaining. Mining is the essence of cryptocurrency for being decentralized and following a transparent approach towards p2p transactions. Whenever there happens any transaction, the crypto miners are given a task to solve and verify that activity. Whosoever completes the task is rewarded with a share and is responsible for adding a new block into the Blockchain and updating the ledger.
Mining Pool: Explained in Simple terms
Cryptocurrency mining pools are formed when a number of miners come together for a sole purpose of mining a cryptocurrency. A liquidity Pool is necessary because as the number of crypto coins are decreasing which are making the mining process further more difficult. So, very heavy computational power is required to mine out the coins. As solo miners cannot afford to have expensive mining machines so, they club together their computational power.
How cryptocurrency mining pools work?Essentially mining pools work on certain algorithms which are designed to check the authenticity and validity of the transactions made. These simple looking mathematical problems are way beyond the complexity they look. They actually require very High computational power to solve them. People are keen on investing into crypto mining activity due to its volatile profits and nature of the digital currency. When people combine the mining power, the rewards are also split accordingly.
Well, sharing may not seem to be lucrative to you, but you don’t have any choice as having a single rig isn’t capable of solving even a tiniest bit of that transaction. Rather, splitting will split the risk as well as the energy consumption. So, it’s a win-win situation for you as if anyone from your pool cracks the transaction, you are rewarded too!!
Advantages of investing in a multi-pool Mining
Single mining pools are the ones which are mining only a single cryptocurrency and multi-pools will be mining multiple ones. Multi-pools give user a choice to mine for a cryptocurrency for his choice and can later switch depending upon the reward points offered. The reward points depend upon the mining difficulty, the exchange rate between different coins, the hash rate and the block generation time. The crypto-analysts recommend the new investors to go for multi-pools as it gives them equal opportunity to earn high with the lowered risks.
Pool Rewards
Rewards vary from currency to currency. The factors stated in the last paragraph decide the reward structures, but the miners are rewarded once the block is successfully added to the Blockchain. Here are some reward structures which are followed by most of the mining pools.
Pay-per-share (PPS): PPS is the most common reward structure followed by the mining pools. Here instant payout is rewarded as per the contributed share of puzzle solved. The user can instantly withdraw his/her earnings. The payout is offered from the pool’s existing balance.
Full-pay-per-share (FPPS): It is similar to the PPS but the difference is that the transaction fee is also added to the block reward over a time and thereafter distributed to the miners.
Proportional (PROP): After the end of mining round, the miner is rewarded a share which is proportional to the number of shares he has in the pool w.r.t. the pool’s total shares.
Shared Maximum Pay Per Share (SMPPS): The reward give out is similar to PPS but its limits the payout to a maximum number which the pool has earned.
Equalized Shared Maximum Pay Per Share (ESMPPS): Here all the miners receive equal share following the SMPPS rule. Well, there are more to the list such as recent shared maximum pay per share, Capped pay per share, Bitcoin pooled Mining etc.. Before joining any pool have a look at the payout structure, mining pool and any fees charged? A genuine pool will charge 1% to 3% of fees. If they are offering for free, there may be a catch!!!
We at Bitbose deeply understand the concerns and insecurities prevailing in an investor’s mind. So, team Bitbose came up with an extremely novel idea of developing a smartest mining pool and trading platform ever anyone has developed.
BitBose Platform lets you mine BOSE Token and generate a stable inflow of Bose Tokens in return. Though this technique is more for the advanced user, BitBose software combined with state of the art hardware is capable of handling extreme loads and frequent transactions. Bitbose’s unique Investments Solutions are designed to maintain enough liquidity organically by exchanging multiple fiat & crypto currencies which give birth to a modern Hybrid Intelligent Trading Exchange & Payment Solutions at a glance.
The Bottom Line
Investing in mining pools have their own advantages such as offering more stable income, lower energy costs and generating a higher income.
Crypto mining is becoming increasingly popular by high-speed devices but getting profits from individual mining machines is nearly impossible. Rather than opting for solo mining pools, opt for a multi-pool mining which will allow you to earn high profits and can even make you a MILLIONAIRE!!!
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