Ethereum mining involves solving complex mathematical equations and earning Ether. However, the mining difficulty on the Ethereum blockchain keeps increasing making it hard to discover new transactions to validate by solving the equations.
As the mining difficulty increases, an Ethereum miner will be forced to acquire more powerful mining equipment or go for days without finding any new transactions to confirm (leads to losses since electrical power has to be paid), or power off their Ethereum mining rigs and forget acquiring Ether (ETH) through mining.
Here comes the savior: Ethereum mining pools
The above three scenarios can be avoided by joining an Ethereum mining pool. A mining pool is a group of miners who interconnect the power of their individual mining rigs to form one powerful mining rig. The rig has the power to discover and confirm new transactions faster. Miners whose rigs participate in the discovery and confirmation share the rewards.
Ethereum mining pools: Factors to consider
Since the advent of cryptocurrency mining pools, the number of Ethereum mining pools has been on the rise. Some genuine, some dubious, and others have complex terms and conditions making it hard for an ETH miner to get any meaningful payouts.
As such, before joining any Ethereum mining pool, it’s advisable to consider a pool with higher computational power, has low fees, has smaller more frequent payouts, and the mining pool servers should preferably be near you to reduce latency.
5 leading Ethereum mining pools by hash rate
This pool also has close links with ETHpool. The difference between the two is that they are accessed from different websites but the two lead to the same Ethereum mining pool. Ethermine is the largest ETH mining pool with a hash rate share of approximately 26.8 percent.
The fee on this pool is 1 percent which is part of what makes it have more miners than other pools. The pool has a computational speed for 39.28 Tera hashes per second and has 1,763 blocks mined. The block utilization for Ethermine stands at 82.5 percent.
This the next Ethereum mining pool with a high hash rate. Sparkpool boasts of a hash rate of 23.4 percent with a computation speed of 34.37 Tera hashes per second (TH/S). It has mined 1,490 blocks and has a block utilization of 71.9 percent.
This pool is also known for supporting Bitcoin miners. For you to be able to smoothly use this website, you will need to be conversant with the Chinese language. F2pool2 is among the oldest Ethereum mining pools having been around since 2013. On the Ethereum blockchain, it has a hash rate share of 12.3 percent which is almost half of the previous top two mining pools. Its computational power on the blockchains is also almost half of the top two which stands at 18.05 TH/S. The pool has already mined 43 uncles and 807 Ethereum blocks.
Its servers are majorly in Asia and considered reliable with high uptime. If you are interested in joining this Ethereum mining pool, you can incorporate an in-browser language translation plugin or you can select the English language option when on the site.
For beginners, the interface provided by Nanopool is easy to use and the default payouts are set at 0.02 ETH although it gives room to adjust this payout according to your needs. To allow for maximum interaction with this Ethereum mining pool, there exists a ‘frequently asked questions’ section and an expansive help section that helps you to properly ‘point’ your Ethereum mining rig to it.
The hash rate share of Nanopool is 12.3 percent and the actual hash rate is 17.88 TH/S with 762 blocks and 80 uncles mined. The uncle rate stands at 9.5 percent.
Our top five list of Ethereum mining pools ends with Miningpoolhub1. However, the pool should not be mistaken to be the least. It has a hash rate of 7.92 TH/S which is roughly 5.4 percent of the total hash rate on the Ethereum blockchain. Its servers are spread across Asia, Europe, and North America. The servers provide backup capabilities eliminating the need for a miner to have their own backup.
Other advantages ETH miners get by joining Mininpoolhub1 is the chance to switch to mine other coins that have the same algorithm as Ethereum but may have higher returns that ETH.
Note that the above top 5 Ethereum mining pools can be replaced with others or they can be rearranged in a different order. This can be influenced by, among other things, the number of miners contributing their Ethereum mining rigs’ power to a particular pool.
If you are a beginner in the Ethereum mining world, it would be advantageous to join one of the above pools for you to increase your chances of earning some Ether out of mining activities. However, the above list should not hinder you from exploring other pools that may offer fewer fees and frequent payouts.
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