Quick Overview: Our Top 2 Bitcoin Mining Pools
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|ViaBTC Pool||GET STARTED →|
Are you new to mining and have an interest in becoming a Bitcoin miner? Or are you a miner and currently looking out for a new mining pool? In this article, we have reviewed some of the best Bitcoin mining pools which is helpful for you to get started. Let’s jump right into it!
Top 7 Best Bitcoin Mining Pools 2022
1. Binance Pool
With a dedicated focus on PoW (Proof-of-Work) and PoS (Proof-of-Stake), Binance has created an ecosystem for trading, investments, lending, and mining pools. This enables users to seamlessly switch between functionalities without the need to integrate Binance services with third parties.
With a focus to improve mining earnings, they even offer free VIP membership to those with a high hash rate. To justify this, Binance has a Binance Smart Pool, which uses the SHA256 algorithm to automatically switch hash rates so that the same algorithm can be used to mine different currencies.
The algorithm automatically switches to the higher hash rate between BTC, BCH, and BSV to guarantee a minimum income to all its miners. The sheer size and users of the platform makes it one of the biggest bitcoin mining pool.
Fees and Payment
At present, the payment is based on the FPPS settlement model and the Luck Value is automatically assumed to make calculations simpler for the miners. Mining rewards and transaction fees to workers are distributed on the basis of the hash rate. The formula used is “FPPS = Theoretical Average Daily Settlement Earnings * (1 Transaction Fee Rate) * (1 – Mining Pool Fee Rate)”.
BTC, as well as merged mining earnings, are awarded at the same time i.e., 15:00 hours Beijing time.
The standard mining rates are 2.5% – a lower than average amount compared to the market average.
The bitcoin mining platform is protected against DDoS attacks using Cloudflare. This ensures that the hash power is not lost. Optional 2FA (2-Factor Authentication) is available on the website. Apart from this, Binance’s entire ecosystem, right from its wallets to trading platform, implements advanced security measures. This ecosystem acts as a financial and trading cocoon, meaning users are protected right from mining to trading and investing.
- Earnings are based on the FPPS earning model, meaning around a 5% increase in earning percentages per block.
- Complete support for multiple algorithms and currencies, with an advanced technological implementation like multi-node deployment and read-write separation.
- 24/7 support services, special benefits and customized services for VIP customers.
- With its own exchange, labs, launchpad, and other platforms, Binance has created a complete ecosystem, thus ensuring that customers get a range of services without having to switch platforms.
- Support for merged mining through ELA, VCash.
- You will not be paid until you reach the settlement threshold within the settlement cycles.
- Centralized platform and there is always a risk of sudden changes out of your control.
2. ViaBTC Pool
ViaBTC first launched in 2016 with a Bitcoin mining pool and today supports coins such as Litecoin, Ethereum, and over 10 other crypto assets. Besides the mining pool, you can also access its other services, such as CoinEx Exchange, Smart Chain, OneSwap DEX, ViaBTC wallet, etc., from the pool website itself.
The User Interface showcases the chart, hash rate, and other necessary info in a clean and sleek layout. It has separate tabs for workers and earnings for you to explore and leverage for a complete mining experience.
Its features include smart mining, auto conversion, etc., which automatically switch and show the most profitable crypto that can be mined at that time and automatically convert all your earnings to BTC or USDT every hour. ViaBTC has mining options more coins when compared to Binance mining pool.
Fees And Payment
The platform charges 4% for the PPS block rewards payment system and 2% for PPLNS. With PPS, the payout occurs every hour based on the current difficulty. However, with PPLNS, the payout is calculated by the users’ hash rates in the last 5 difficulty rounds when a block’s 6th confirmation completes.
- Simple UI makes the platform easily navigable.
- Access to additional services from the website can enable miners to explore, experiment, and learn other aspects of the crypto world.
- Unlike other mining pools such as Bitfury, ViaBTC has an extensive help center with beginner tutorials and documentation that can guide anybody on how to get started with Bitcoin mining, the ins and outs of the platform, and more.
- Furthermore, it supports more coins compared to SlushPool, which only supports Bitcoin and ZCash.
- The mining fees on the platform are relatively high compared to competitors such as Binance and AntPool that charge much lower fees.
- As per user reviews, the support team is slow and the answers to queries are robotic and vague.
AntPool is one of the best Bitcoin mining pool and is the largest in terms of its hash power based in China. It is operated by the world’s largest Bitcoin hardware manufacturer called Bitmain Technologies.
You can create an account in AntPool without paying any fee, but a Bitcoin mining hardware is required along with mining software which can be downloaded later.
The interface is quite ergonomic. Your earnings can be viewed on your dashboard and you can monitor your hash rate on a minute, an hour or on daily basis. The Smart pool confugration allows you to switch between coins based on mining difficulty and profitability.
Fees and Payment
Creating an account in AntPool is free. You are allowed to opt for peer to peer solo mine with your hardware (1% fee) or can choose between PPLNS (0% fee) and PPS (2.5% fee). The fee charged on the transaction is hidden and it is not disclosed by AntPool. Bitcoin transaction fee has been increased recently and AntPool keeps 1-2 bitcoins for itself collected from each block, which is not shared with high volume miners.
AntPool does not have an payout threshold and makes a payment every day for balances over 0.001BTC around 10 AM UTC. Every Bitcoin block is rewarded by 12.5BTC by AntPool.
AntPool consists of two-factor authentication, wallet locks, email alerts as security measures. The pool operators create their own forums and consists of easy and simple documentation for the main tasks miners do in the pool.
- Antpool is the largest and a popular Bitcoin pool with a sleek interface for new miners to start with
- You can choose between PPLNS and PPS which is an added bonus.
- AntPool comes with great security measures
- The Smartpool option optimizes mining power usage and ensures the best returns
- The payouts would be reduced as it is a big pool
- The transaction fee is not disclosed by AntPool
4. Slush Pool
Slush Pool is the first Bitcoin Pool launched in the year 2010 by the name Bitcoin Pooled Mining Server. Slush Pool is run by Satoshi Labs, the Czech based tech company. The first offline Bitcoin wallet and the first Bitcoin-centric world map was created by Satoshi Labs in addition to the mining stratum protocol which is being used by the other best mining pools.
Slush Pool stands unique for using Score based method, where the old shares are given lesser prominence than new shares at the start of the round. This method avoids the risk of getting cheated by other miners if they shift pools within a round. A demo account is provided for all the new miners to test before actually signing in. This is helpful for new miners. Users will be updated regularly with updates, information, and news through release notes or their social media accounts.
Fees and Payment
A standard transaction fee of 2% is fixed and is shared with the miners. A threshold is set for the balance over 0.0002BTC and the payments are made regularly once the threshold is hit by the user. Score based method allows a fair distribution of rewards among miners.
Slush pool has two-factor authentication, wallet address locking along with a read-only login token, which is provided by the users if someone else is monitoring your Bitcoin mining. Slush Pool runs on highly secured servers, which protects the Bitcoin wallets of the user.
- Has the distinction of being the world’s first Bitcoin mining pool
- The dashboard is organized and the stats are easy to track
- They have open source mining software which helps in optimizing mining operations
- The transaction fee is slightly high compared to other sites
- Even Though using Score-based method is an advantage, user’s score quickly decreases once stopped mining
F2Pool is one of the largest crypto mining poosl, launched in the year 2013. It is better known as Discus Fish mining pool in the world of Bitcoin mining. Apart from Bitcoin, Litecoin, Ethereum, and Zcash are mined here. The difficulty level in mining is based the hash power, as the site uses stratum mining protocol and vardiff.
Fees and Payment
F2Pool operates on the PPS reward system and charges a fee of 4% which is quite lofty. The payouts are made every day by setting a limit on withdrawal, i.e 0.001BTC.
The site works on HTTPS protocol and consists of Bitcoin wallet lock feature. You are not allowed to change your email address once registered, but the site lacks in utilizing two-factor authentication.
- F2Pool allows mining of Bitcoin, Litecoin, and Zcash
- The payout threshold is really low and offers regular payouts
- The fee (4%) applied is quite exaggerating when compared to other pools.
BTC.com is one of the most trusted Bitcoin mining pool owned by Bitmain, creator of AntPool. The site works on stratum mining protocol and VarDiff. The site was launched in the year 2015 and has its own wallets along with mining pool.
Fees and Payment
BTC.com stands out to be transparent by sharing the transaction fee with its miners. The site operates on PPS model with an average fee of 1.5%. It takes 2 hours for the site to send payouts to the users. It completely depends on the Bitcoin network. However, BTC.com tries to send the earnings within a short period of time.
Cloudflare is implemented by this site to protect against DDoS attack and ensures that the benefits and hash power is not lost.
- BTC.com operates worldwide and maintains transparency with miners
- The site offers a good support system and security
- Sometimes sending payouts might require some time, as it depends on the Bitcoin network
Bitfury is a private pool located in Georgia. Bitfury is the producer of mining hardware and chips. Bitfury is working to make Bitcoin decentralized. It mines about 11% of all blocks. Bitfury operates with zero % fee.
What is a Bitcoin mining pool?
Bitcoin miners are a group of “miners” who are indulged in solving a block for earning bounty/reward. The reward is equally split among themselves according to their contributed mining hash power. Bitcoin mining pools is a way to pool their resources and to share their hashing power.
A valid proof of work should be presented in order to gain reward. Initially, generating a single block was taking years for slower miners and then Bitcoin mining pool came into existence, where the miners would receive a portion of block reward and the blocks would be generated quickly. There are various Bitcoin mining pools and choosing the most popular one is quite enticing. It is preferred to choose a small Bitcoin pool to avoid potentially harmful concentration of hashing power.
Bitcoin pools across the globe
The Chinese dominance is coming down with the recent crackdown on mining related acitivities. Some of the top mining pools from China have shifted base to United States and North American countries. This trend will continue to play out as we are seeing regressive measures by the Chinese government. Overall, this is positive for the crypto mining space as the mining activity is well distributed and not dependant on one single country.
Before getting started with mining
There are different crypto mining pools, as the size of the pool increases, the payout decreases, as it is to be shared among many miners. There are different reward types that you should be aware of before mining.
Pay-per-Share (PPS) – The amount is fixed for each user which is paid whenever a share is submitted.
Proportional – The users are awarded proportionally to the amount of share contributed by them.
Score-based – This method gives prominence to the newer shares than older shares and the user is awarded proportionally based on the time of submitting the share.
Pay Per Last N Shares (PPLNS) – This is similar to the proportional type but varies in rewarding each share in multiple rounds.
Full Pay-per-Share (FPPS) – It is similar to PPS but includes dividing transaction fee among miners along with rewards. The transaction fee is distributed according to the miner’s hash power.
Shared Maximum Pay Per Share (SMPPS) – It is similar to pay per share but will pay you less what the pool earns.
There is a difference between mining pools and cloud mining. Mining pools involve a group of miners sharing the rewards as per their share, but cloud mining involves a service provider whom you have to pay for mining and in turn, you get the rewards.
As you can see there are various Bitcoin mining pools offering different services along with different rewards. An option of solo mining might hit your mind, as you can bang complete rewards without sharing it, but It is suggested to join a pool if you are new to this world of mining. Mining pools come with many advantages as well.
It is the time for you to get started with mining. It is very easy to create an account, similar to signing up for any Bitcoin exchange platform. The main criteria for getting started with mining pool is that you should possess a mining hardware. Apart from this requirement, mining has been made simple with various mining pools.
Are Bitcoin mining pools worth it?
It is subjective. Bitcoin mining pools might give you higher profits than merely holding, provided you do it efficiently. For this, you’ll have to use efficient hardware, have access to cheap electricity, and a reliable mining pool that charges lower fees.
As you see, it is highly challenging to satisfy all these factors, and factors such as electricity rate might not even be in your control. So it’s relatively easier to trade Bitcoin or shift towards staking since that uses lesser hardware power and can help you gain more profits.
Do mining pools pay in Bitcoin?
Yes, mining pools do pay miners in Bitcoin. Every time they mine a block, they are awarded a Bitcoin. However, based on the calculation and payment methods of different pools, miners get rewards based on their hash rate and that of the other users as well.
How do I join a Bitcoin mining pool?
We’ve listed in this article some of the finest Bitcoin mining pools out there. We’ve chosen them based on security, fees, payment methods, UI, customer support, and more. You can explore and experiment with these pools and choose the ones that suit you best. However, if you’re looking for mining pools other than these, you can find them over the internet.
What pools can mine Bitcoins?
Any pool that supports SHA-256 miners can mine bitcoins. Some of the top bitcoin pools current are:
Which bitcoin mining pool is the most profitable?
There is no straightforward answer to this, based on returns and fees – Antpool seems to be the most profitable mining pool. However, this keeps changing based on the mining pool size, mining difficulty, and the cryptocurrency you are trying to mine.
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.