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Bitcoin mining.

Started by Bitcoin, Feb 14, 2021, 08:32 am

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Which Countries Mine the most Bitcoins?
Bitcoin mining tends to gravitate towards countries with cheap electricity.
As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash power.
With many of these companies in the same country, only a number of countries mine and export a significant amount of bitcoins.
China mines the most bitcoins and therefore ends up "exporting" the most bitcoins.
Electricity in China is very cheap and has allowed Chinese Bitcoin miners to gain a very large percentage of Bitcoin's hash power.
It's rumored that some Chinese power companies point their excess energy towards Bitcoin mining facilities so that no energy goes to waste.
China is home to many of the top Bitcoin mining companies:
It's estimated that these mining pools own somewhere around 60% of Bitcoins hash power, meaning they mine about 60% of all new bitcoins.
Georgia is home to BitFury, one of the largest producers of Bitcoin mining hardware and chips. BitFury currently mines about 15% of all bitcoins.
Other Countries.
The countries above mine about 80% of all bitcoins.
The rest of the hash power is spread across the rest of the world, often pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US).
A Note on Pools.
While we can see which mining pools are the largest, it's important to understand that the hash power pointed towards a mining pool isn't necessarily owned by the mining pool itself.
There are a few cases, like with BitFury and KnCMiner, where the company itself runs the mining operation but doesn't run a mining pool.
Bitcoin miners can switch mining pools easily by routing their hash power to a different pool, so the market share of pools is constantly changing.
To make the list of top 10 miners, we looked at blocks found over the past 6 months using data from
The size of mining pools is constantly changing. We will do our best to keep this posted up-to-date.
If you cloud mine then you don't need to select a pool; the cloud mining company does this automatically.
Why are Miners Important?
Bitcoin miners are crucial to Bitcoin and its security. Without miners, Bitcoin would be vulnerable and easy to attack.
Most Bitcoin users don't mine.
However, miners are responsible for the creation of all new bitcoins and a fascinating part of the Bitcoin ecosystem.
Mining, once done on the average home computer, is now mostly done in large, specialized warehouses with massive amounts of mining hardware.
These warehouses usually direct their hashing power towards mining pools.
Payout Schemes.
How do Pools Pay Members?
You may be wondering how pools payout their members?
Is it the same way everytime?
Do all pools use a similar payment structure or are all of them unique?
When you become a member of a mining pool, there are a number of ways your rewards for contributing hashing power can be calculated. All of the payout methods use the term "share".
A "share" is awarded to members of the mining pool who present a valid partial proof-of-work.
Essentially, the more hashing power you contribute to the pool, the more shares you are entitled to.
Pay Per Share.
The most simple payout scheme, Pay Per Share guarantees the miner a payout regardless of if the pool finds the next block or not. The value of a share is determined by the amount of hashing power that is likely needed to find a block divided by the reward for finding it.
If 100 shares are likely needed to find a block and the reward is 6.25 BTC, then each share is worth .0625 BTC (6.25 / 100).
Payment is paid from the pool's existing balance and the amount of the payment is determined based on your number of shares.
Because payment is guaranteed, more of the risk is on the mining pool operator. The payouts to the pool members is therefore smaller than in Pay Per Last N Share, explained below.
One final feature of Pay Per Share is that transaction fees from each block are kept by the pool operator. Pool members are only paid based on block rewards.
Full Pay Per Share.
Full Pay Per Share (also known as "Pay Per Share +") is the same as Pay Per Share, except transaction fees are also paid to the pool members on top of the block reward.
Pay Per Last N Shares.
Pay Per Last N Shares is a more complicated payout that shifts more risk to pool members but also more rewards.
In Pay Per Last N Shares, pool members are only paid once a block has been found. Once a block is found, the pool looks at your share contributions for all previous blocks where the pool did not find the block, and this is called a "time window". All the blocks in a time window are known as a "round". Using these numbers, the pool determines your total share contributions over the round to determine your payout.
For example, if the pool mines through 6 blocks before finding a block, Then their reward for all the hashing power the pool contributed to the network over thsy 6 block round is 6.25 Bitcoins (not including transaction fees). If you contributed 100 shares for each of those blocks and the total number of shares was 1000, then your payment would be .625 BTC or .104 BTC per block.
The idea behind this payout scheme is that it removes all luck and only pays members based on their contribution to actual revenue earned by the pool. This scheme also incentivises members to continue mining on in the pool even as the profitability of mining different coins rises comparatively. This is because disconnecting from the pool before a block is found will pay you nothing.
Pools that use Pay Per Last N Share may or may not include transaction fees in their reward payouts so it is up to your to find this out from each pool.
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Bitcoin Cash Daily Profit.
Bitcoin Daily Profit.
* Based on current mining difficulty and Bitcoin price. View historical difficulty for BCH and BTC.
** Daily fee covers electricity and maintenance costs. The contract will end if the total revenue from the past 30 days is less than the total daily fee for the same period. global pool network.
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In this article, we'll examine the top five Bitcoin mining pools. It's worth noting that this article is about mining with your own Bitcoin mining hardware and not cloud mining.
Best Bitcoin mining Pools Summary.
Mining pools allow individual miners to join their mining resources with other miners, to improve their chance of mining a block and earning Bitcoins. There are several pools to choose from, that are different in size and the payment methods they offer.
Larger pools offer more frequent payments, but smaller pools offer higher rewards (since the reward is split among less miners). Here are the top Bitcoin mining pools today:
If you want a detailed understanding of how mining pools work and reviews of each one keep on reading. Here's what I'll cover:
1. What are Bitcoin mining Pools?
New Bitcoins enter circulation as a "prize" for miners who managed to guess the solution to a mathematical problem. The winning miner gets to add the latest block to the blockchain and update the ledger of Bitcoin transactions.
For a detailed explanation about mining watch this video.
By design, the more miners you have, the more difficult it gets to solve the math problem, and vice versa.
This system is called 'mining difficulty' and it was designed to regulate the flow of new Bitcoins into the system (i.e. to prevent inflation).
Bitcoin's popularity boost made the mining difficulty sky rocket and rendered small home mining operations pretty much obsolete.
As more and more people jumped on the mining wagon, the mining difficulty rose to a point that it became unprofitable to mine with a home operation.
Throw in the initial & ongoing costs involved in home mining (buying the gear, electricity bills, etc.) and not only you're not making a profit, you're actually losing money.
Enter mining pools.
Mining pools are basically groups of miners who pool their mining resources together to get more hashing power (i.e. computing power). The more hashing power you own, the better your chances of adding a block and claiming the mining reward.
With mining pools, miners manage to solve problems more often than they would mining solo. The rewards are then split between the pool members, proportionally to the amount of hashing power their gear contributed to the solution.
The mining pool owner usually charges a fee for setting up the pool as well. The pools vary in their payment methods, as well as in the fees they charge and other parameters.
2. How to Choose a Mining Pool?
Here are a few factors to consider when you're choosing a mining pool:
Pool size - Bigger pools offer more regular payments. However, the payout is smaller because it's shared among more members. Smaller pools offer less frequent payments but larger payouts. Whichever you choose, the return should even out in the long term.
Fees - Some Bitcoin mining pools charge fees, and some don't. Fees can range from as little as 0%, and go as high as 4% off the reward.
Reliability and security - An important thing to look out for is whether you can trust the pool to not cheat and steal your funds, or not get hacked and lose your earnings.
A good way to mitigate such risks is by joining a more veteran, established pool. Make sure to also read user reviews before you join, keeping in mind that there'll always be disgruntled users so nothing should be taken at face value.
Payout policy - Whether you want regular daily payments or to get paid whenever a block is solved by the pool, make sure to do your due diligence before you sign up to a pool.
3. Mining Pools Reward Methods.
Before we can understand how mining pool reward methods work, we need to first understand what shares are, in relation to mining.
Simply put, shares are units that allow pool owners to calculate an individual miner's contribution to the hashing effort. Whenever miners are mining via a pool, they receive shares that are proportional to their contribution to solving a block.
Miners can then get paid by the pool, according to the amount of shares they received.
To be clear, in terms of the Bitcoin network, shares are invisible, they are only used internally by the mining pools. According to the share amount the pool's payment can take several forms.
Pay-per-Share (PPS)
In a PPS payment scheme, miners receive shares that can be paid out at any point along the hashing process. PPS allows miners to get paid for shares they received, regardless of whether a block has been solved during their participation.
To achieve that, the pool operators pay miners from their own balance. The shares' rate is fixed and known in advance.
A newer version of PPS exists, PPS+ rewards. This method takes the form of PPS as well as the TX fees included in the block. The reward TX fees are distributed using PPLNS.
This payment method guarantees payments and leaves the miners with very little risk of not being paid for their contribution. The downside of this scheme is the high fees the pool owners charge, to mitigate the risk they take by paying regularly.
Similar to PPS, miners submit shares along the block finding period.
The more hashing power you have and the longer you mined for the block, the more shares you can submit. Once a block is found, the pool pays the miners according to the amount of shares they received.
However in this payment method, the value you will receive for each share will equal the block rewards divided by the total number of shares submitted by all miners.
This means that the more miners that join the pool, the lower the value of each share you receive.
This payment method was designed to prevent miners from pool-hopping.
Your mining time and hashing power are calculated into a 'scoring hash rate' score. The longer you stay on the pool, the greater your score is and the greater the value of the shares you receive.
Once you stop mining, your score gets smaller and the value of your shares drop accordingly. Miners are rewarded once a block is found.
Pay Per Last N Shares (PPLNS)
In PPLNS, miners only get paid for shares received during a predefined "window" that ends with the solving of a block.
Unlike other payment schemes, shares received outside of the window will not be rewarded at all. This window can either be defined as a time frame (uncommon), or by a certain number (N) that represents the last shares received up to the block solving.
For example, if N equals 1 Billion, once a block is found only the last 1 Billion shares will be rewarded. While not defined anywhere explicitly, N is usually set as a multiple of the mining pool difficulty with a constant (usually 2).
Due to this, PPLNS is also called Pay Per Luck Shares. When implemented correctly, miners can't predict the right time to join.
With PPLNS miners can either get higher rewards if they get to receive more shares within the last N shares, or get no reward at all if they didn't.
Naturally, if you hang around a certain pool for long enough, your hits and misses should eventually even up.
4. Top 5 Bitcoin mining Pools.
May 2020: Hashrate distribution by mining pool. Image credit:
Pros: Established medium+ pool, score-based method reduces risk of cheating, user-friendly dashboard.
Cons: 2% fee may be too much for some people.
Announced in 2010, SlushPool was the very first Bitcoin mining pool and undoubtedly led the way for many other mining pools to come.
Founded by SatoshiLabs current CEO Marek Palatinus (aka Slush), it's based in the Czech Republic and follows a score-based system to discourage pool-hopping.
This is a medium-large sized pool. SlushPool claims a 2% fee from every block solving reward. SlushPool's dashboard is very user friendly and provides excellent detail with regular updates.
While it may not be the largest of the Bitcoin mining pools, it's certainly considered one of the best.


Pros: Offers both PPLNS (0% fees) and PPS+ reward types, plenty of security options.
Cons: Owned by Bitmain (considered a drawback for Bitcoin maximalists)
Antpool is a medium sized Chinese Bitcoin mining pool operated by Bitmain Technologies.
One advantage Antpool has is that you can choose between PPLNS (0% fee) and PPS+ (4% fee from the block reward and 2% from mining fees). Payments are made once per day if the amount exceeds 0.001 Bitcoin.
Those new to Bitcoin mining will appreciate the clean interface. The dashboard clearly displays earnings and hashrates.
There are also a variety of security options, including two-factor authentication, email alerts, and wallet locks.
Pros: Established large pool, low withdrawal fees, TX fees included in payouts.
Cons: 1.5% fee, owned by Bitmain (considered a drawback for Bitcoin maximalists)
Known for their wallet and their own blockchain explorer, have been around for a while, before opening a pool in 2016. Owned by Bitmain Tech, is one of the largest pools around. have their own payment method, FPPS, which similar to PPS+ includes TX fees in the payouts, along with the block reward. As for mining fees, charges 1.5% and has a 0.001 BTC payment threshold.
Pros: Additional coins supported, low payout threshold, daily payouts.
Cons: 2.5% fee.
F2Pool is a medium-large pool established in 2013. Operating a PPS+ reward system, F2Pool takes a 2.5% fee, which is a bit on the high side.
Aside from Bitcoin, F2Pool also supports mining Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), as well as other coins. There's a daily automatic payout, and the minimum withdrawal is 0.005 BTC.
Unlike some Chinese Bitcoin mining pools, it has an English interface. The layout is quite simple, with information presented in a clear and concise manner.
Kano CKPool.
Pros: Low fees (0.9%), welcoming community.
Cons: Interface isn't user friendly.
Also known as KanoPool, Kano CKPool was founded in 2014. This small Bitcoin mining pool offers a PPLNS payment model, charging a 0.9% fee.
With regard to payout, per each block found you will need to wait +101 block confirmations to get paid, which might take some time.
The pool's interface could do with an update as it's not the most user friendly. It doesn't have much in the way of features, but it does have two-factor authentication as an extra layer of security.
Pros: Additional coins supported, daily payouts.
Cons: 4% fees for PPS, 2% for PPLNS.
Launched in 2016 and headquartered in China, ViaBTC is a medium mining pool. In addition to BTC, the pool supports LTC, BCH, ETH, ZEC and DASH mining.
ViaBTC offers both PPS (4% fee) and PPLNS (2% fee) payment methods. ViaBTC is known for being able to maintain a high uptime, more than 99.9% as of writing.
Pros: Worldwide access, decent coin support.
Poolin was founded by 3 former Bitmain employees and quickly became one of the world's largest mining pools. In fact, with hundreds of blocks a month mined, Poolin is now one of the top 5 mining pools in the world.
The pool charges a 2.5% FPPS BTC mining fee. Additionally, poolin allows you to mine other coins including BCH, BSV, LTC and more.
5. Frequently Asked Questions.
The best performing miner today is the Antminer S17 Pro that can reach up to 62 TH/s with a power consumption of 2790 Watts.
How do I join a Mining Pool?
Here's how to join SlushPool:
Sign up to SlushPool Configure your mining device Register your payout address Check to see that you're mining.
A detailed explanation can be found here.
At a difficulty factor of 7,459,680,720,542.3 one Antminer S17 pro set to maximum power can mine 0.00208995 Bitcoins a day. Difficulty changes every two weeks on average so make sure to calculate before starting to mine.
Yes. With the right configuration Bitcoin mining is still profitable. However, you'll need to have low electricity costs and a cool environment. You can calculate the exact profitability of Bitcoin mining with a Bitcoin mining calculator.
Remember that home mining is practically extinct and you're up against some big player, so in most cases it won't be worth mining if you're not doing it professionally.
6. Conclusion - Which pool should you choose?
Joining a mining pool is the logical thing to do if you want to make money mining Bitcoin. As you can see the pools vary in size, payment methods and fees.
If you're just starting out perhaps it would be best to join a large established mining pool in order to gain some experience. Once you feel comfortable you can optimize your earnings by choosing smaller or low-fee pools.
If you want to share your experience with one of the pools above, or tell us of a new pool, feel free to leave a comment below.


Want to find the best Bitcoin cloud mining contracts? This post has you covered. Just know ahead of time - the truth about cloud mining in 2020 isn't pretty.
Most Bitcoin Cloud Mining Companies are Scams.
Like the heading says, most cloud mining contracts are scams. Why?
Because it's easy for companies to take peoples' money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware.
So remember: 99.9% of cloud mining companies are scams.
Mining is not the fastest way to buy bitcoins.
Which Companies Are Not Scams?
We can't recommend any cloud mining companies at this time.
Note: If you do find a legitimate one, you'll need a wallet to receive payouts to. A secure hardware wallet like the Ledger Nano X is a good option.
Is Cloud Mining Profitable?
It depends what your goals are with cloud mining. If your goal is to obtain bitcoins, then there is really no reason to cloud mine or even mine at all.
You will get more bitcoins for your buck if you just buy bitcoins!
If you find a legitimate cloud mining operation and you are making profit, you will very likely need to pay taxes on that profit. The best way to determine the taxes you owe is to use a crypto tax software.
Bitcoin Cloud Mining Scams History.
The reason there are so many cloud mining scams is because it is very easy for anyone in the world to setup a website.
Once the website is setup it can claim that the company has a large mining facility.
The company can act legit by sending initial payments to its customers. But after that it can just keep the already received payments for hash power and then make no further payments.
Two of the most famous cloud mining companies have already been exposed as scams: HashOcean and Bitcoin Cloud Services.
Even as recently as September of 2019, cloud mining scams are stealing people's money. The SEC equivalent of the Phillipines just issued a warning to customers of Mining City to get out now and have told promoters of the company that they could go to jail for up to 21 years if they don't stop immedietely.
Cloud mining scams are not a thing of the past. They very much so still happen today, so be vigilant or, better yet, just avoid them.
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Red Flags to Look Out for In Cloud Mining Operations.
If you beleive you have found a legitimate clound mining company, you can really make sure by putting it to the test.
If any of these red flags are present, we recommend proceeding with caution.
NOTE: the following are taken largely from Puppet's Cloud Mining 101 reddit post, which is a great supplement to this post.
Is there a way to direct hashing power to your chosen pool?
If you have purchased options for the right to some amount of hashing power, there is no reason why you shouldn't be able to direct that hashing power to any pool that you want.
If this is not an option, it is very likely that the hashing power does not exist at all.
Has an ASIC manufacturer endorsed the cloud miner?
There are only a handful of ASIC manufacturers who could service a large scale mining operation with hardware. Any cloud mining operation would not only allow an ASIC manufacturer to disclose a large ASIC purchase, but they'd also want them to do so to prove they are serious. So far, no cloud mining operation we are aware of has has an ASIC manufacturer acknowledge they are selling hardware to a cloud mining company.
Does the cloud miner have an affiliate program?
Cloud mining operations that offer affiliate bonuses are very suspect, especially when they are offering numbers as high as 10%. Bitcoin mining is very competitive and has incredibly thin margins. There would be no way to mine profitably if they were paying not only you, but also the person who referred you.
Can you find out who the owners are?
If there is no way to the know idenntity of the cloud mining operation, there is no way to hold them accountable if they run with the money. It also makes it harder to catch the person who stole your money.
If, for instance, Jack Dorsey or Elon Musk was an investor/founder of a cloud mining operation (and they were public about it in a verifiable way), it would speak volumes about the legitimacy of the operation because they are so wealthy and so public that they would have too much to lose by scamming a few thousand people out of a few Bitcoins.
WARNING: Just because a cloud mining website boasts a famous person as an investor or advisor does not mean that person is actually investing or advising.
Anyone can throw up a picture of Elon Musk on their site. The real proof is if Elon Musk himself says in a news clip that he is a founder.
Can you sell your shares?
Investments should never be a one-way transaction. If you can easily give the cloud miner money, but there is no obvious way to sell your position and get it back, then that is a good indication you will never get your money back.
Does the cloud miner guarantee profits?
Any investment that guarantees profits is a scam. If the cloud miner has so far made good on delivering its guarantees, it is because they are using funds from new investors to pay off old ones and appear solvent. Ponzi schemes work this way. Eventually, they are going to run with the money, but you never know when it will happen.
The other point to consider is: if a miner could guarantee profits, why would they sell that right to you? Why wouldn't they take teh guaranteed profits for themselves?
Is there an unlimited amount of hashrate for sale?
If the amount of shares for sale in the cloud mining operation appear infinite, then they are definitely running a scam. No miner has an unlimited amount of hashing power. If they did, they could just 51% attack the network of their choosing.
What Payment Methods do Cloud Mining Companies Accept?
Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins then there is a good chance it is a scam.
This is because Bitcoin payments cannot be reversed. Once the scam company receives your bitcoin payment you have no way to get your coins back.
Are there Free Cloud Mining Trials?
No company would give away free cloud mining; this is basically giving away free money.
Any company offering free trials, especially if they require payment information, is most likely a scam.