A quick Google will reveal no shortage of bitcoin mining pools out there, making it near impossible to choose the best one to join. The best bitcoin mining pools are popular for a reason, but are they the best choice for you?
Here are 4 top tips to make sure you choose the right mining pool and make the best decision for your future.
- Ensure Transparency
If you want to protect yourself and your money, be sure to do your homework to confirm the pool is as transparent as they claim. For example, are they sharing the true total hash rate? Does their site’s main page feature a real-time dashboard?
The best bitcoin mining pools have nothing to hide, so do your research and go forth with confidence.
- Check for Stability
Does the pool have a reputation for downtime? Remember that outages affect your ability to mine and make a profit, so try to find out if the pool you’re interested in joining is stable. The best bitcoin mining pools out there are proud to flaunt their stability – backed by proof, of course. Ask them if they have a secure connection like a VPN, how vulnerable they are to DDoS attacks and if they’ve experienced/overcome any.
- Review Pay-Outs
As a rule of thumb, if your mining device has lower-end hardware, try to avoid pools with high payment thresholds.
Lower computational output = lower earnings. You’ll also want to investigate whether the pool uses a Pay-Per-Share (PPS) method, Pay-Per-Last-N-Shares (PPLNS) or Full-Pay-Per-Share (FPPS). PPLNS uses a weighted system whereby the pool is only paid when a block is mined. As far as the PPS is concerned, you get paid a fixed amount for every share of work you submit.
The latter, FPPS, pays miners a fixed amount for every valid share they contribute to the mining pool, regardless of whether or not the pool finds a block.
- Check Pool Fees
Obviously, a huge part of choosing the right mining pool involves knowing how much you’re expected to pay. Some pools have no fees at all, but their hashing power is generally lower. Make sure you can afford the fees, and check that the benefits you’re getting outweigh the price you pay. Apart from chatting with the mining pool themselves, you could also join conversations on mining forums.