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Bitcoin has surged to become one of the most prominent industries in modern economics. With the cryptocurrency worth nearly one trillion USD, many people want to cash in with Bitcoin mining sites. But how does one go about Bitcoin mining online?
Read on for a quick read-up on some of the most popular crypto mining platforms.
Bitcoin Mining Pools
A mining pool is a joint group of cryptocurrency miners that focus their efforts together. Afterward, users split the reward equally according to the amount of work the user contributed.
Bitcoin mining is never free, but mining pools help keep costs lower. Here are some of the most popular Bitcoin mining pools to try.
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Antpool
The first pool is the Chinese company Antpool. One of the more popular options, Antpool, is great for users of all skill levels.
Currently, Antpool mines slightly less than 15% of all Bitcoin blocks. Foundry USA is the only pool that mines more than Antpool.
ViaBTC
Compared to many other mining pools, ViaBTC is a newer platform. As of writing this, the platform has only been around for roughly a year.
ViaBTC has risen in popularity considerably in this relatively brief time. However, the features make it better for veterans rather than beginners.
Poolin
Poolin is another pool based in China but is popular worldwide. Their website is available in English, making it accessible to a variety of users.
Poolin is also user-friendly and great for beginners. Many that are just getting into Bitcoin mining often favor Poolin over competitors.
Binance Pool
Binance Pool is also relatively-new and growing quickly. The pool is owned by the company Binance and is based out of Malta.
Overall, Binance Pool is a strong choice. They currently mine about 11% of all blocks, making them one of the larger pools.
BTC.com
BTC.com is also a public mining pool based in China. They’re relatively average as a whole but a good option for many beginners. BTC.com offers perks on par with pools like Slush Pool or Poolin.
Foundry USA
Foundry USA’s primary presence is in the United States, owned by the German company Foundry Digital. They’re also responsible for the majority of new Bitcoin blocks mined.
As of writing, Foundry USA accounts for about 17% of all mining efforts. It’s a large pool with user-friendly features and an enormous community.
Slush Pool
Slush Pool was the first mining pool. Because of this, the name is well-known and reputable, making it inherently popular.
Despite this popularity, it’s not one of the largest. Rather, it mines about 6% of all blocks. However, many consider Slush Pool as one of the best mining pools regardless of the relatively small size.
SBI Crypto
Last on our list of Bitcoin mining pools is SBI Crypto. Of the ones listed, SBI Crypto is among the smallest.
Based out of Japan, SBI Crypto currently mines about 2.6% of the blocks. It’s steadily growing and is popular in many nations but primarily caters to a local audience.
Bitcoin Mining Pools FAQ
There is nothing wrong with having some questions about bitcoin mining pools. The most frequently asked questions are answered here.
Is Bitcoin mining profitable in a pool?
Yes, it can be! If you join a mining pool, you can share the profits from all the other miners who work for you. The bigger the network, the higher the rewards. However, the longer you wait to join a pool, the less likely you are to be accepted into one.
However, it is important to know how much electricity costs in order to calculate whether it makes sense to mine Bitcoins.
How to start bitcoin mining?
Bitcoin mining is a process where computers solve complex mathematical problems using specialized hardware in order to verify transactions and create new bitcoins. The first miner who solves these problems gets rewarded with newly minted coins. There are two ways to mine Bitcoins: cloud mining and solo mining.
Cloud mining refers to buying into a pool of miners, which makes it easy for users to use one account and share rewards. The risk of cloud mining is trust to the cloud mining service providers. So, majority of the time it would be better idea to go with solo mining.
Solo mining means setting up your own computer and running software to help you find solutions to the math problems.
If you want to choocide solo mining path and mine bitcoins, you need to purchase some equipment such as ASICs or GPUs, then set up a computer server at home. The first step is to install the software for mining, which includes setting up the hardware, installing drivers, and configuring the network settings. After all these things are done, you can start mining.
Cloud Mining Platforms
There are plenty of options when looking for the best Bitcoin mining pools; what about cloud mining?
Cloud mining allows users to mine cryptocurrency without directly using hardware. Cloud mining has a lower barrier to entry and is often considered easier than “traditional” mining.
Please note that while some of these sites have phone apps, one cannot use their phone to mine Bitcoin. Apple and Google have both banned any app that allows such features, and the average phone isn’t powerful enough to mine effectively.
Here are some of the best cloud mining platforms for cryptocurrency mining.
Remember: Use of cloud mining is always risky and this list exists only for informational purposes.
StormGain Cloud Mining
It is a cloud-based service that allows you to mine Bitcoin, Ethereum, Litecoin, Dash, Zcash, Monero, and other cryptocurrencies without having to install any software or hardware. All you have to do is sign up with their website and choose a plan. Then, you can access your dashboard where you can monitor all aspects of your operation including your balance, profit, hash rate, power consumption, and more.
Genesis Mining
Genesis Mining is a user-friendly cloud mining platform and is one of the largest and most popular options. With more than 2 million customers in over 100 countries, Genesis is easily one of the best options. The platform is suited for both beginner and veteran crypto miners.
ECOS
ECOS is a reputable and legitimate company that many users hold in high regard. Miners are given daily payments and can customize their own contracts to fit their needs. The minimum withdrawal is also extremely low to give users control over their funds.
Using Bitcoin Mining Sites
Whether using cloud mining or a pool, using Bitcoin mining platforms or doing solo mining is somehow complicated way to engage with cryptocurrency.
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