6 Factors to Consider Before Join in a Bitcoin Mining Pool
As hashrate and mining difficulty increased, the probability for a single miner to dig a block is getting lower and lower. Now mining in a mining pool has become the first choice for crypto miners to guarantee revenue. That’s why we list the factors to evaluate before choosing a bitcoin mining pool.
Mining in a pool with a good reputation not only ensures the stability of the platform and payments, but also enables users to become part of a community that are willing to expand the pool and collaborate on continuous technological improvements.
Join a mining pool with good hashrate capability in bitcoin network which indicates the possibility of mining a large number of blocks in the pool. A high hashrate means that the margin difference decreases over time.
On the contrary, the mining pool with a small share of hashrate in bitcoin network has the risk that the number of blocks dug out is very low. Those pools with a small share of hashrate have difficulty in paying miners.
Bitcoin mining enthusiasts have many parameters of the ASIC miner to check before they connect to the pool. From the network difficulty and the graphic performance of the device to the change of payment amount. Users always need these indicators to prepare for any inconvenience.
The more parameters, graphics, and statistics available to the user, the more useful and efficient the control panel will be. The pool that provides the most wide selection has a great advantage in the competition.
Even though the pool provides diverse statistics and indicators, such as the number of blocks mined per hour, the earnings of miners and the total hashrate of the pool, the fact is that these statistics have not been publicly or fairly reviewed. There exists a possibility that the pool will secretly change the figures to improve its own efficiency. In fact, the mining pool can confirm the profit share by hash proof system.
Voice and vote of users
The current debate on the scalability of bitcoin networks has resulted in multiple options of client versions on how to solve the transaction backlog to ensure future stability.
The manager of the pool will decide which client to use. This leaves many users without the right to vote. Therefore, it is essential for the pool to provide its users with as many versions as possible so that the users can connect to the node running on the client they choose.