Cryptocurrencies are a trending subject and more and more people learn about them daily. Some choose to use go mining and this is when you need to decide which crypto mining pool to join. From the exact currency to the size of the pool, here are the things you need to check out when you are looking for a pool.
Choose the currency
Before you decide on a mining pool, you need to decide which currency to mine. Just like real currencies, crypto alternatives are divided into low profitability or high profitability. Even if you choose the best mining pool, like 2Miners pool, mining for a low profit currency is not going to earn you a good revenue. The most profitable currencies are the older ones, but you need powerful equipment to mine them. Newer currencies are easier to mine with a regular computer, but they might not have the same profit. However, you might find new currencies which can provide you a decent profit.
Check the reputation of the mining pool
There are scammers in the world of crypto mining, so you need to make sure the mining pool you are about to join is reliable. Some pool owners retain some of the profits made by the miners, so you can check the internet for the pool’s reputation. Read other people’s reviews and find out what they say about that mining pool. Keep in mind that you can’t please everyone, so finding one or two negative reviews about a pool, among many positive ones is normal. The red flag comes in sight when there are more negative reviews.
The bigger the better
In the world of cryptocurrency mining, the bigger the pool, the better. The size of a mining pool comes from the number of miners who are using it and the hash rate. Small pools with a low hash rate have the same profitability as solo mining. Big mining pools on the other side might require high power equipment. Depending on your equipment and the currency you want to mine, you should look for a pool that has a good balance between the number of miners and the required strength of your equipment.
Another thing you want to research before joining a mining pool is it’s payment history and rules. One of the most frequent problems is the high minimum payment, which might prevent small miners from making a profit right away.
Payment thresholds also depend on the currency, as there are currencies with low transaction fees that result in low thresholds.
Before you commit to one pool you can try out several pools and see which one is best for you. Keeping this strategy for a long time is not advisable, as it will take you longer to reach the minimum payouts on each mining pool. At the same time, you might find that more than half of your earnings are spent on transaction fees.
All in one, before you join a mining pool research several pools and make a shortlist. Work for some time on the pools on your list and then stick with the pool that is best for you.