Mining pools combine hashing power of several miners to reduce variance. If collectively a block is found, the rewards are distributed proportionally to the hashing power contributed. In exchange for their services, mining pools take a small fee.
The process of mining for Ethereum is nearly identical to that of Bitcoin. Miners use their computers to guess answers to the puzzle quickly and repeatedly for every transaction block until one gets the correct answer.
Specifically, miners run the unique header metadata for a block via a hash function while changing the nonce value. Miners who find hashes matching the target receive Ether and then broadcast this block across the network. Each node then validates the block and adds it to its copy of the blockchain ledger.
Because the puzzle can’t be solved by cheating, it is referred to as proof of work. Profitability from mining depends on the computing power devoted to it and luck.
Those who want to mine need computer hardware that is dedicated to this task full time. Ether mining requires GPUs, and most miners will want to make a mining rig with several GPUs. From there, you install mining software and use it to connect to the Ethereum network.
Table of contents:
- 1 What is an Ethereum Mining Pool?
- 2 Tips for Choosing a Mining Pool
- 3 Top 12 Ethereum Mining Pools 2019
- 4 How to connect to an Ethereum mining pool?
- 5 Post-Casper GPU Mining
- 6 Conclusion
What is an Ethereum Mining Pool?
According to Wikipedia “A mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block.”
Or in simple words, you can say a mining pool is a platform where different miners join and help each other to mine Ethereum using their cryptocurrency mining device or CPU power. Also once the mining pool generates a good amount of Ethereum, it gets divided into every miner equally.
Also apart from Ethereum mining hardware and Mining pool account, you will also need a software. The mining software will help you to mine Ethereum using your CPU power apart from these things you will need an Ethereum wallet to hold the Ethereums that you will mine.
In return, the mining software or the pools charge a minimal fee from your earning. Apart from the reputation of the company, mining fee plays a very important role in selecting the pool.
Now you have enough idea about the Ethereum mining pool. So it is advisable to create an Ethereum wallet before joining any of the Ethereum mining pools. If you already have an Ethereum wallet address, then you are good to go.
Coming back to the topic, So here is a list of the top Ethereum mining pools that you can join to mine Ethreum.
Mining Pool Criteria
One thing that’s important to look at when choosing a mining pool is the fees charged. You’ll want lower fees to increase your own profits. It’s also good to look at the minimum payout of the mining pool to ensure you won’t be waiting too long between payouts. Finally, it’s important to consider where the mining pool servers are located. The closer your rig is to the pool servers the more efficiently you’ll be able to mine.
|POOL||MINING FEE||HASHRATE ESTIMATE|
Below I’ll go into more depth about twelve different mining pools and what you can expect from them. Beyond that is a short discussion of what might happen once Ethereum switches from proof of work mining to the hybrid proof of work/proof of stake mechanism expected to be implemented sometime in 2018 with the Casper network upgrade.
How to Pick the Best ETH Mining Pool?
It’s somewhat misleading to say “the best” since the definition of the best will depend on the persons requirements and expectations when looking at Ethereum mining pools. The fact is, it isn’t all that easy to determine the best Ethereum mining pool for you, since they are all quite similar on the surface.
You’ll soon find that there really is little difference between mining pools, and almost any of them could serve you well. The rewards you will receive will be similar, and the real differences come from the fees charged and the location of the pool servers. You might be able to choose simply based on these two criteria alone.
Your location in regards to the location of the pool servers will play an important role in how quickly and efficiently you’ll be able to mine Ethereum with your rig.
You might find some differences in the details of the mining pool once you’ve joined, such as software configuration, or in the hashrate you’re experiencing, but you have to try and see what your personal results are.
Maybe you read on a forum that mining pool A is great and mining pool B sucks, only to read at a different forum that mining pool B is the best, and everyone should avoid mining pool A.
To at least get you started with the factors that are objective in determining the best Ethereum mining pool I’ve put together a list of five you should definitely consider.
How ETH Mining Pools Works?
Back in the days, it was not easy to tell how this computing language works. However, with the passage of time, it is becoming softer. Today, ethereum mining is not so different from that of bitcoin mining.
First, there are blocks. For each block, miners do transactions. The aim is for miners to repeatedly and at a fast speed try to find answers to the cryptic puzzle by use of computers. In the end, one miner must find the answer to the cryptic puzzle.
Different miners will use the blocks information, which includes software version as well as timestamp using the hash function. In the event that the miner identifies a harsh, which they will match to the target, then the miner gets the Ether. The information is broadcasted across the computing system of the block to notify the network the miner has the Ether thus add a copy of it to the ledger.
PS1. There is no cheating in this game. It is extremely difficult to cheat. For this reason, the smart system is referred to as ‘proof of work’ smart system.
Upon identifying the answer to the puzzle that matches the target, it takes seconds for others within the system to verify, confirm, publish, and propagate the hash value. This is the work of each node.
The process of identifying the right answer to the puzzle does not take long. Although it is difficult, it takes miners 10 to 15 seconds to solve the puzzle.
PS2. In the event that miners delay or take long to unravel the puzzle, the algorithm comes to their aid. It simply auto adjusts itself thus enabling the lucky miner to ‘proof its work’ within the time limit of 12-15 seconds.
In the end, different ethereum miners earn Ethers depending on their speed, computing power, which boils down to nothing but luck.
After seeing what Ethereum mining is, the benefits of mining ethereum to the investor, detailed information on how ethereum mining works, it is important that we look at some of the top-rated ethereum mining pools. As we embark on this comparison, look at the pros and cons of each ethereum miner. In the end, you’ll make an informed decision on the type of ethereum mining pools you will go for.
Tips for Choosing a Mining Pool
With so many Ethereum mining pools available, you do not want to choose the wrong one since this can lead to a loss of money or just wasted time. Always pay attention to a pool’s reputation as well as how long it has been around.
While some newer pools can be reputable, you will always feel more confident with a well-established pool that has kept up a positive rating from miners.
Some feel that you should also opt for one of the pools that are larger or have a greater hashing power since this increases the chances of profits. Others point out that with larger pools, you get lower but more reliable payouts, while smaller pools have more irregular but larger payouts. You will have to decide which of these structures is best for you.
Don’t forget to also consider the interface of your chosen mining pool. After all, you want a clean user experience. You should also confirm that your chosen pool has support, a feedback mechanism and transparency, all of which will increase your confidence.
Of course, you should absolutely always confirm that the Ethereum mining pool you select is compatible with the hardware you have, as well as the mining software you prefer to use. Finally, consider the stability of the pool, payout frequency and threshold, and fee structure.
With a clear idea in your head of why you may want to join an Ethereum mining pool and how to pick one, it is time to take a look at the best ones available.
Top 12 Ethereum Mining Pools 2019
So, you’ve heard that mining Ethereum can be a profitable business and may have bought a mining rig.
Your next step should be to join an Ethereum mining pool.
Mining pools are simply groups of miners that work together to mine Ethereum. Joining a pool helps to lower the volatility of your payouts by providing smaller, more frequent payments rather than a lump sum that you only receive when a block is solved.
When choosing a mining pool, it’s important to join one with low fees that brings reliable returns. You should also consider the server location of the pool when deciding which is best for you. The closer your mining rig is to the server, the more efficiently it can mine.
In this article, we highlight twelve of the best Ethereum mining pools so you can confidently decide which one to join.
At the very first we have the Ethpool, people considers Ethpool as one of the best Ethreum mining pool that exists on the web.
Talking about the features of the mining pool, well Ethpool is a solo mining pool. This mining pool has a global mining network that comes with DDOS protection.
Also talking about the servers, well the mining pool has their servers located in the US, Europe, and Asia. Also, the mining pool has a unique payout scheme. So I would like to suggest you to read the payout scheme at first and then join the mining pool. Apart from these things the mining pool supports different miners type, such as qtMiner, cudaminer, eth-proxy, and ethminer.
One of the good things about this mining pool is that it offers great support and comes with an efficient mining engine. It has low uncle rates compared to the other Ethreum Mining pools on the web.
Also, the mining pool pays all the uncles and transaction fees, so you do not have to worry about that. Apart from all these it offers a third-party Android application the monitors your Ethreum ming stats and provides you other details related to your mining pool account.
Ethpool mining fee: 1%
For our next suggestion, we have the ethermine.org.
Well, the mining pool looks exactly as same as the Ethpool. However, there are a few differences in features. Talking about the features, well the ethermine.org comes with a Real-time PPLNS payout scheme. Also, it offers an accurate hash rate reporting so you can keep an update. Just like the Ethpool this mining pool also pays all the blocks, transaction fees.
Also, it offers instant payout, so you do not have to wait weeks and weeks to get the payment. It also lets you fix a customizable minimum payment threshold.
- Standard: 1 Ether
- Minimum: 0.05 Ether
- Maximum: 10
It has a global mining network that has DDOS protected servers located in the US East, US West, EU (France) and Singapore. Just like the above mentioned Ethreum mining pools it also has an efficient mining engine and low uncle rates.
The major thing that caught my eye was it supports all type of ethereum miners. Not only this, To keep you updated with the accounts stats it has an IOS and Android smartphone app as well you can select telegram to get the updates.
- accurate reporting and miner statistics in the pool;
- convenient and simple interface;
- instant payments;
- it has secure servers in America, Europe and Australia;
- does not require registration.
- charges additional fee of 0.001 ETH for a withdrawal of less than 1 ETH.
Ethpool mining fee: 1%
At the next, we have the Dwarfpool which was really popular a few years back. By using this mining pool, you will not just be able to mine ETH. But you can also mine other cryptocurrencies, such as Monero or XRM, Zcash or ZEC, EXPANSE or EXP, and GroestlCoin or GRS.
Talking about the features of the Mining pool, well people consider this mining pool as one of the most profitable and fair RBPS. It has a true round based payment system.
This pool is a great optimized stratum pool engine that can be found online. It offers you maximum transparent and detailed statistic related to your mining account. You can also monitor every mining ring via email. As well you do not need to register on the website in order to mine ETH.
Like other mining pools, it does not have any transaction fee or any other hidden fees. Nor they steal your shares. It also has an auto-payment feature, which sends the miners their payment once an hour.
The mining pool has powerful servers located at different places around the globe. So you better choose the nearest located server from your location. The others servers will work as a backup, or you can use them at times.
Also, all your shares will be calculated and finalize your payout. The good thing about the mining pool is that it offers excellent support in English, русский, Deutsch languages.
Drawfpool mining fee: 1%
At the end, we have the Nanpool. This one is also a popular yet ETH Mining Pool that can be found online. By using this mining pool, you will not just be able to mine ETH but a few other cryptocurrencies as well, for example, Siacoin, Zcash, Monero, Pascal and so on.
This is a China-based mining pool that has a low uncle and transaction fee. However, the mining pool does not reveal much about the mining fee.
Well in order to mine ETH using Nanopool all you have to do is download the Claymore Dualminer mining software from the website and extract the file in a folder. Then you have to some configurations and then execute the start.bat file. However, You can get the complete step by step process on their official site.
- you can calculate the profit for a certain period of time;
- easy setup and user-friendly interface.
- has a smaller “ball”, unlike other similar services;
- frequent server lags and lower ping.
The administration of the pool has officially stated that there will be no refund in case of any technical problem or balance loss.
Ethpool mining fee: 0.8%
I’m including MiningPoolHub last, but it certainly isn’t least in our consideration. While it began as a small mining pool run by a dedicated group of Ethereum enthusiasts, it has grown to be the second largest global mining pool. Because there are a lot of things to like here.
One of them is the fact that you can also mine roughly three dozen other coins. Another is the charges, which are calculated based on rewards depending on the block finding fee, transaction fee, the bonuses and a few added incentives too.
Like the other global mining pools it has servers in Asia, Europe and North America and a low 0.9% fee. Best of all, the servers in each location are redundant, meaning there’s no need for a backup.
One feature user’s love is the algorithm switching feature that allows you to mine multiple coins of the same algorithm at the same time. People also love the auto-exchange feature that exchanges your mined coins for another coin you specify.
And finally there is an auto algorithm switching feature that will set your account to mine whichever algorithm has the most profitable reward at the time.
If you are a looking to be a professional Ethereum miner, Miningpoolhub might be the perfect Ethereum mining pool for you.
Like some of the other best Ethereum mining pool options, Suprnova allows you to mine Ethereum as well as several dozen other cryptocurrencies including Litecoin, ZCash, Monero and BitcoinCash. The interface is nice and straightforward, but those in search of anonymity will not like the fact that you have to register.
The commission fee is the familiar 1 percent charged by many other mining pools, and the minimum payout is at 0.01 ETH, a very low figure. Withdrawals are conveniently automatic. Suprnova also has a reputation for reliability, high-quality service and good performance.
Compared to most other pools on this list, Suprnova’s Ethereum mining pool is relatively small, with just 230 active workers and a rate of 59,985.71 MH/s. Even so, this pool is worth considering for its range of other cryptocurrencies that you can mine.
Those who are still relatively new to Ethereum mining will appreciate that Suprnova’s Ethereum pool page has instructions for getting started, including how to register and create workers, how to download a miner, how to configure your miner and how to create an Ethereum address so you can receive payments.
There is also a short question-and-answer section called “About” that answers many common questions about the pool.
Supernova mining fee: 1%
Another mining pool that deserves our attention is Maxhash: it guarantees flawless mining experience due to 24/7 monitoring, powerful servers in the US, Europe and Asia, as well as fast connectivity. The platform charges fees only when the pool brings profit and offers various promotions. Although the website isn’t popular yet, its community is steadily developing and provides users with helpful recommendations and tips.
For some reason, the interface of F2pool is well-adapted for mining Bitcoins, but its Ethereum mining pool is available in Chinese language only, which hinders normal usage. The platform has been around since 2013, and it now contributes to almost 25 percent of all hashrate! Payments are performed via PPS and are made daily. Its servers are spread over Asia and are considered to be highly reliable. You can try it with a built-in translation plugin in your browser, but anyway, it’s far from being the best pool for Ethereum yet.
Another Chinese project that deserves being included in our Ethereum mining pool list is Ethfans: it accounts for 8.6 percent of overall network hashrate. If you’re ready to deal with the inconvenience caused by unknown language, you can try aligning your force with Asian users.
This is a versatile platform for users from all over the world. CoinMine allows mining different types of coins. It charges one percent fee for rewards and has minimum 0.1 ETH threshold– optimal conditions for beginners. CoinMine allows for anonymous mining– you can avoid registration and simply use your wallet address. In the Anonymous Dashboard, users can check their miner details.
European miners should pay utmost attention to this platform– work in Coinotron is a no-brainer, and the platform is safe. It puts a heavy focus on customer safety:
- passwords are hashed
- two-factor authentication powered by Google
- DDoS protection of servers
- protection against brute attacks
- round-the-clock monitoring of performance
To top it off, Coinotron processes payment requests every two hours, and the interface is simple.
One of the newer mining pools that has just entered the market is 2Miners. Given that they are one of the newer pools, they have a unique and modern user interface design.
2Miners developers have taken into account all the drawbacks of the current mining pools and made their product from scratch. The operation of this pool is completely transparent – all statistics could be viewed and analyzed by anyone.
2Miners have 2 different payout systems: PPLNS and SOLO. This is the only pool with the notification bot available for different messengers.
The pool is really easy-to-use. The “Quick start” option enables the rookie miners to set up their hardware and start mining in a few seconds. 2Miners provides the 24/7 support via helpdesk, social networks and messengers.
In terms of Ethereum Pool fees, it charges the standard rate of 1% on the block rewards. It will be interesting to see how 2Miners grows as miners try to diversify away from established pools.
How to connect to an Ethereum mining pool?
Create an Ethereum address:
For starters, it’s advisable to use MyEtherWallet since its very user-friendly and has less complications. following the instructions in the website, you should be able to create your own address. This will let the mining pool to know where it will be sending your ethereum.
Download your preferred mining software:
Claymore is fastest and most stable Ethereum miner which is still under active development.
It supports dual mining: you can mine Ethereum along with Decred/Lbry/Siacoin/Pascal at the same time with little or no impact on Ethereum mining speed.
It displays detailed mining information, temperature, fan speed and hashrate for every card.
You can download latest version of claymore v11.9 at below link https://bitcointalk.org/index.php?topic=1433925.0, you can go ahead and download the software and install it on your PC.
Now that you have downloaded claymore and select your favorite mining pool. Follow the instructions of mining pool and configure claymore with Ethereum address which you have.
Post-Casper GPU Mining
Ethereum will be switching to a Proof of Stake consensus mechanism sometime in 2018 and some wonder how this will impact mining. The good news is you can still mine, but the bad news is you’ll have to do it by staking Ethereum, and by all accounts it will need to be a large amount of Ethereum.
You could start mining now, but if you don’t already own the hardware it probably isn’t worth it, although you could go the cloud mining route to accumulate some Ethereum and avoid the hardware costs.
That said, the initial Casper change will be a hybrid Proof of Work and Proof of Stake system, where PoW still mines coins, but every 50th block uses PoS as validation. That is the switch that is coming sometime in 2018, and no one knows for sure when Ethereum will move fully to PoS.
With that being the case, it might be worth it to buy or setup an Ethereum mining rig now, if you believe the price of Ethereum will increase dramatically in the next couple of years, because it will likely be at least that long until Ethereum becomes totally PoS.
One fear that has been circulating revolves around GPU mining in general. There have been estimates that as many as 2.5 million GPUs are being used to mine Ethereum, and if Ethereum mining stops there will be a glut of GPUs that will make mining a profitless task.
What isn’t figured in is that these GPUs will likely be slowing moving away from Ethereum once the hybrid system is implemented. And by the time a full PoS system is in place for Ethereum there will almost certainly be other coins that can be mined, and even other projects that can take advantage of spare GPU computing power.
So, chances are money spent on a GPU mining rig now will hardly be wasted.
If you believe in Ethereum for the long term, then starting a mining rig and joining a mining pool now makes perfect sense. There are plenty of great pools to choose from and even with Ethereum switching to Proof of Stake, it looks as if several years will pass until that transition is completed.
If you choose one of the four Ethereum mining pools listed above you’ll know you’re getting reliability, stability and fair rewards. Plus you’ll have a jump on the move to Proof of Stake in Ethereum.
Frequently Questions and Answers
Now that you know about some of the ethereum mining pools name. So let’s just move to the next section where we will be talking about some of the Frequently Questions and Answers. So here we go:
How to choose the right ETH mining pool?
Well, it is easy, most of the pools are pretty good and does the job in a great way. However, consider going with a ming pool that has a server near your location, has low fees and quite reliable.
Can I Join a Bitcoin Pool or Any other Crypto Pool?
Well, there are many pools that let you mine ETH as well as other cryptocurrencies. However just in case if you want to mine Ethereum only. Then consider joining one of the top Eth mining pools.
Apart from a Mining pool what else I will need?
Well as mentioned above you will need a Hardware to mine ETH as well as a Software and ETH wallet. You will get the mining software from the ETH pool itself.
So that was all for the Ethereum mining pools. So before you join any of these ming pools make sure you have read all the terms and conditions as well as payout schemes.
Also, do not forget to compare the transaction fees and make sure you have chosen the right pool to mine ETH.
Anyway if you have any questions regarding this, then do not forget comment below. And we will surely help you out.
How do I know if a pool is paying accurately?
You can check in your Ether mining software that you are really being paid according to your shares contributed.