Now that you have Litecoin Pool Mining Software mining hardware, your next step is to join a Bitcoin mining pool. Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power. While mining pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner. Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.
Pool Concentration in China Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoin’s biggest issues at the moment. There are about 20 major mining pools. The Biggest Mining Pools The list below details the biggest Bitcoin mining pools. We strongly recommend new miners to join Slush Pool despite it not being one of the biggest pools.
It was the first Bitcoin mining pool and remains one of the most reliable and trusted pools, especially for beginners. However, we strongly recommend joining Slush Pool instead. ViaBTC is a somewhat new mining pool that has been around for about one year. Slush is probably one of the best and most popular mining pools despite not being one of the largest.
Bitclub Network is a large mining pool but appears to be somewhat shady. We recommend staying away from this pool. BTCC is a pool and also China’s third largest Bitcoin exchange. Bitfury is a private pool that cannot be joined. BW, established in 2014, is another mining company based in China.
The comparison chart above is just a quick reference. The location of a pool does not matter all that much. Get a Bitcoin Wallet and Mining Software Before you join a mining pool you will also need Bitcoin mining software and a Bitcoin wallet. Mining Pools vs Cloud Mining Many people read about mining pools and think it is just a group that pays out free bitcoins. Mining pools are for people who have mining hardware to split profits. Many people get mining pools confused with cloud mining.
Cloud mining is where you pay a service provider to miner for you and you get the rewards. If you just want bitcoins, mining is NOT the best way to obtain coins. Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. 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. 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. Sweden Sweden is home to KnCMiner, a Bitcoin mining company based in Stockholm.
US The US is home to 21 Inc. Bitcoin mining company based in California. 21 runs a large amount of miners, but also sells low powered bitcoin miners as part of their 21 Bitcoin computer. Most of the hash power from the 21 Bitcoin computers is pointed towards 21’s mining pool. 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.
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. The size of mining pools is constantly changing. We will do our best to keep this posted up-to-date. Bitcoin miners are crucial to Bitcoin and its security.
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Without miners, Bitcoin would be vulnerable and easy to attack. 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. Antpool Review Despite recent controversy, Antpool remains the largest Bitcoin mining pool in terms of its Bitcoin network hash rate. Antpool is run by Bitmain Technologies Ltd.
Bitcoin mining hardware manufacturer, and a large portion of their pool is run on Bitmain’s own mining rigs. Also, Antpool’s user interface is surprisingly slick considering that the underlying company thrives mostly off of hardware sales. How to Join Antpool The pool is free to join and the process is simple. First, you need to acquire Bitcoin mining hardware. Then you need to download mining software.
If you need help deciding, I suggest you take a look at our hardware and software guides. Hardware is important because it determines the size of your contribution to the pool’s hash rate. Software is important because it enables you to direct your hardware’s hash power towards the pool you prefer. So make sure to make the right choice in order to optimize your rewards. Antpool claims that it does not charge any fees for using its pool.
While Antpool does not directly charge fees, it also does not disclose the Bitcoin transaction fees that are collected. Basically, clients are left in the dark. Currently, every Bitcoin block has a 12. 5 BTC reward which Antpool does share with you when it finds a block.
Lately, however, Bitcoin transaction fees have been rising and an additional 1-2 bitcoins are collected per block by pools. At this time, Antpool keeps 1-2 bitcoins form transaction fees for itself, which are not shared with miners who have hash power pointed toward the pool. It can be argued that these rates prevent the service from being usable for small-time and big-volume users. The pool does not appear to have a payout threshold and pays out every day around 10 AM UTC. The minimum withdrawal amount is 0. Can you do Solo Mining on Antpool? Solo mining means you mine for bitcoins without joining a pool.
So if you use Antpool you are not solo mining by default. Generally, you will receive more frequent payouts by joining a pool. What is the Controversy around Antpool? Antpool has refused to enable arguably beneficial upgrades to Bitcoin for reasons based on claims that have been largely disproved. Notably, this has taken place with somewhat of a vindictive attitude. Despite the fact that most Bitcoin users want this feature activated, Antpool, among other pools, appears to be blocking this feature.
Antpool claims that it will only signal for Segwit if there is a hardfork, which is a proposition that most users oppose. Furthermore, allegations that the owner refuses to sell hardware to Segwit supporters have also begun to circulate. By using Antpool, you allow the pool to decide your hardware’s approach to these matters, meaning that the pool that you used dictates the type of Bitcoin protocol that your hardware employs. If you wish to decide which implementation your hardware should signal for, you can use a pool that leaves the choice to its users, like the Slush mining pool. The main difference between the Bitfury pool and other mining pools is that Bitfury is a private pool.
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Bitfury, the company, makes its own mining hardware and runs its own pool. So, unlike Slush or Antpool, Bitfury cannot be joined if you run mining hardware at home. Bitfury 16nm ASIC Chip Unrelated to its pool, Bitfury sells a 16nm ASIC mining chip. BTCC Mining Pool Review BTCC Mining Pool is run by BTCC, a Bitcoin company based in China. The company also runs a Bitcoin exchange, wallet, prints physical bitcoins and more! Our mining pool currently has customers from the United States, South America, Europe, China, and Africa.
Shared Transaction Fees One great thing about BTCC pool is that it shares Bitcoin transaction fees with its miners. In every Bitcoin block, around 1-2 BTC worth of transaction fees are also rewarded to the pool. Some pools keep these fees for themselves and DO NOT share with their miners! BTCC evenly splits the transaction fees among its miners, just like it splits the 12.
Slush Pool Review Slush Pool is run by Satoshi Labs and was the world’s first ever Bitcoin mining pool. It’s advanced yet also a great pool for beginners. How to Join and Use Slush Pool Slush Pool is easy to join. Configure your mining software to point your hardware’s hash power to Slush Pool.
Enter your Bitcoin wallet address that will receive the payouts. Slush Mining Pool URLs According to Slush’s website, there are the current URLs for the mining pool. You will want to point your software towards the URL location closest to you. This will maximize your mining profits. This may seem like a lot but unlike other pools it shares the transaction fees with its miners. At current levels, these amount to 1-2 BTC more per block.
Satoshi Labs Satoshi Labs runs Slush Pool. They also make the Bitcoin TREZOR hardware wallet and Coinmap. Ethereum Mining Pool Many people want to use the pools above for Ethereum too. But, most of the pools listed above are only for Bitcoin mining. Please see our post on Ethereum mining pools for more info on ETH specific pools. Litecoin Mining Pool Like Ethereum, none of the pools above support litecoin. For LTC mining you will need separate hardware and a separate pool.
Bitcoin Mining Pool Taxes You’ll have to consult an accountant or lawyer in your area. But most likely you will have to pay income tax on income from mining pools just like you would for any other type of income. Get the latest Bitcoin news and analysis. Accordingly, the information on this post is provided with the understanding that the author and publishers are not herein engaged in rendering legal, accounting, tax, investment, or other professional advice and services. Litecoin mining is very profitable in 2018. This guide is going to provide you with the best Litecoin miner to maximize your profits. There are plenty of Litecoin ASICs out there, but not all Litecoin mining hardware was created equal.
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Litecoin is faster than Bitcoin, and focuses on smaller transactions. There will only ever be 84 million Litecoins mined. Some may disagree, but many draw the comparison that Litecoin is to Bitcoin as silver is to gold. One of the key differences between Litecoin and Bitcoin is the 2.
Output at Current Difficulty
5 minute time to generate a block, opposed to Bitcoin’s 10 minute block time. For miners, Litecoin’s different mining algorithm also plays a big part. Litecoin uses scrypt, whereas Bitcoin uses the SHA-256 algorithm. Vertcoin uses Scrypt too, but it implements the Adaptive N-Factor.
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You can read more about that here. Mining is far more profitable when you use multiple ASICs. For large orders, or more information, please contact me. This miner is the fastest Litecoin mining ASIC on the market today.
As we have seen with other popular cryptocurrencies such as Ethereum, Monero, Dash, Zcash, and Bitcoin, mining profitability is always directly related with these factors. This Antminer is very similar to the Antminer S9 series. However, it is a bit taller than the S9 and has four hashing boards instead of three. Each hashing board requires two PCI-E power connections and one forward controller. That makes nine power connections total.
It is important to buy the right power supply for this miner, as it does not ship with a power supply included. The Antminer APW5 power supply is recommended. Just make sure the PSU that you choose can provide at least 850 W with 9 6-pin PCI-E connectors, uses a single 12 V rail, and has a gold or platinum efficiency rating. Don’t get me wrong, mining Litecoin with our suggested mining hardware is very profitable. However, if you just want to get Litecoin, it’s probably not the fastest route.
If you’re just looking to buy Litecoin, you should check out popular exchanges like Coinbase. They make it quick and easy to buy Litecoin. Once you buy your Litecoin, you can exchange it for Bitcoin and other currencies on popular cryptocurrency exchanges like Binance. Keep in mind that the value of Litecoin is steadily increasing. They are often out of stock, and are shipped out in batches. Keep your eye out for the next batch that is expected to ship, and pre-order early. With the current price of Litecoin, you’ll make your money back within a year of buying this miner.
If you choose to invest in more than one miner, you could potentially generate lots more revenue each year. If you don’t want to start mining Litecoin, it is still a reliable and safe cryptocurrency to own. Best Litecoin Mining Software In order to mine Litecoin, you’ll need to install mining software. There are many different software options out there, so it can be tough to choose.