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Saturday, 17 February 2018

What is a CryptoCurrency mining pool or Bitcoin mining pool?

A Mining Pool is a protocol for a group of miners to work together, in order to smooth out their mined coins.
Bitcoin mining pool

A mining pool is the collection of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block.

And before a member can be awarded a 'SHARE' of the mining pool, he must present a valid partial proof-of-work .

The origin of Mining in pools began when the difficulty for mining increased to the point where it could take years for slower miners to generate a block.

The solution to this problem was for miners to pool their resources so they could generate blocks more quickly and therefore receive a portion of the block reward on a consistent basis, rather than randomly once every few years.

Read Also: Want to mine Bitcoin? Here are things you must know first and not ignore

There are many good Bitcoin mining pools to choose from. So what bitcoin mining pool should you pick?

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