What is bitcoin mining pool

in #bitcoin6 years ago

To mine bitcoin you need to have a computing machine that can solve complex math puzzle. Mining company runs some equipment that can solve those math problem. Actually in every 10 minutes bitcoin creates new block. The miner who can solve first the problem can solve the get 12.5 rewards. So it is one type of first solve first reward. If you run mining from your home pc, there is a little chance to get those block rewards.


Source

Mining pools set up those machine and rent those equipment to the users. There are some reputed company in the market now. You can but any package to mine bitcoin or any other coin. They splits the 12.5 btc rewards among the users.

Currently mining pools are not profitable, so before buying any package consider that. But it can be profitable if btc price increases.

Sort:  

Right thoughts you have @carnation, and set them cool

Congratulations @carnation! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

Award for the number of posts published
Award for the number of comments received

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

SteemitBoard Ranking update - Steem Power, Followers and Following added
Presentamos el Ranking de SteemitBoard

Support SteemitBoard's project! Vote for its witness and get one more award!