If you are new to the cryptocurrencies and blockchain world you can be unfamiliar with the whole idea of this market. So what exactly are mining pools? These are the platforms where the miners come together to mine Ethereum. Basically when you join a pool you tend to lower the volatility of the payouts. This is done by providing frequent payment instead of a lump sum. This combined the harsh power of several miners to reduce the variances. Ethereum mining is pretty similar to Bitcoin. Using your system you guess the answer of a puzzle quickly for every transaction blocked until the correct answer is found. This means that a pool helps you to get more frequent periods rather than only getting paid when you solve an Ether block. The miners who find hashes matching the target receive Ether. Then this is broadcasted across the block network. Its node validates the block. Then it is added to its copy of the blockchain ledger. There are top 5 Ethereum mining pools.
The first one is ETHpool. This is probably one of the best web based Ethereum mining pools. It comes with DDos protection that offers a global mining network. It supports pools like eth-proxy, Ethminer, qtMiner and Cudaminer. This has proved to be an effective and efficient mining with its unique payout scheme so that it takes care of the transaction fee which makes it a free of cost Ethereum mining pool. You can also monitor the Ethereum mining starts.
Next we have Ethermine. It has almost similar features as ETHpool. The best part about this is that it lets you have a customizable minimum payment threshold. It has the PPLNS out scheme. It takes care of the harsh rate on a daily basis and takes care of the transaction cost as well. This way you don’t have to worry about the block. It operates on a DDvs protected server and has an IOS and Android smartphone app to keep you updated with the accounts staffs. It is probably one of the fastest Ethereum miners as well.
The third one on our list is Nanopool. This is also a very popular web based Ethereum mining pool. The special fact about this is that you can mine other cryptocurrencies other than Ethereum as well. It was a low cost transaction and is based in China. The first thing you need to do is install claymore Dualminer. It has a user friendly setup which is very easy to use.
Just like Nanopool, Dwarfpool is another platform which can be used to mine other crypto currencies such as Zcash other than Ethereum. It is an optimized stratum which features an auto payment feature which sends the miner the payment once an hour pool engine. It has the most profitable round base payment system or RBPS. Also there is no transaction or hidden fees involved as it has a powerful server located all across the world.
Lastly we have Mining Pool Hub. What was started by a dedicated group of Ethereum enthusiasts has now turned into the second largest global pool. Based on the rewards of the block finding fee, transaction fee and some added incentives the charges are calculated. It has a mining fee of around 0.9%. There is no need to worry about backup as the server is redundant irrespective of the location. You can mine multiple tokens of the same algorithm with the algorithm switching feature. However this platform may be a bit tricky for beginners. It aims at professional miners. On an average there is 12 seconds to mine Ethereum. All you need is an ETH wallet and a mining pool and you are all set to get started.