Mining Crypto coins is not without risks, although the rewards do seem really lucrative. With limited resources, it can get really difficult even to find a Crypto coin successfully. This is where a mining pool such as 2Miners can help.
Mining pools are networks where a group of miners combine their resources and attempt to mine Crypto coins jointly. Due to the increased cumulative computing power, the chances of finding rewards here are high. However as a pool member, you may be expected to share your reward among the members according to certain pre-agreed terms. Here are a few factors that might make it easier for you to choose the right cryptocurrency mining pool:
Device & Software Compatibility
The mining device that you use needs to be compatible with the requirements of the pool. Not all pools support the use of all kinds of mining devices and software packages. You need to understand what device or software is compatible with the pool before you sign up.
The Mechanism of Task Assignment
In every mining pool there are tasks that are assigned to the miners. The algorithm that runs on the pool server is the one that distributes these mining tasks among the miners. It would be ideal to go for pools that assign difficult tasks to pools with stronger miners and easier tasks to pools with weaker miners for better efficiency and uniformity.
The Level of transparency
Every mining pool has a pool operator who performs certain designated tasks. How transparently this pool operator operates is one thing you need to consider before you join a mining pool. This will help you understand what you are getting into, while building the trust that you may need to stay with the pool.
The Payout Threshold
The payout threshold you choose has a lot to do with the hardware device you use for mining. You may not want to go for pools with higher thresholds for making payments if your hardware device is a low-end one. A low computational output leads to lower earnings. And if the threshold is high you may have to wait for a very long time before you get the payment.
The level of stability
Another thing you need to consider before choosing a mining pool is the security of the connection. You don’t want to go for a pool that is vulnerable to DDoS attacks. Such a mining pool may not be able to withstand and repeal the attack if hit by hackers.
The Fee Structure
Almost every pool charges a nominal fee for the participants who wish to use the services of the mining pool. You will have to consider the fee structure, the mathematical formula that the pool uses to calculate the payout, as well as any other charges, before joining a mining pool.
Luck, computational efforts, and lots of patience is what you may require if you want to be a successful miner. However, a mining pool might make things a lot easier for you through its readymade set up. Keep the above-mentioned points in mind and choose a mining pool that best suits your needs.