Crypto mining is just one way you can make some extra cash when you’re playing the cryptocurrency market. If you know what you’re doing, have a decent setup, and have realistic expectations regarding how many coins you’ll make, then you can go it alone. The alternative is joining the best Scrypt mining pool.
If you’re not interested in investing in the market, and find it too volatile to trade in, then sticking with mining can be a viable solution, if you join one of these major mining pools and increase your chances of earning each day.
Mining pools are basically groups of miners who work together, pooling their resources to mine coins, then they share the profits. In some pools you can actually make more coins than if you went about it on your own. Especially if you don’t have a lot of money for a massive mining setup.
But not all mining pools are created equal, which is why we’ll discuss how these mining pools work, how to find the best of the best, and which mining pools are booming.
Diving in the Pool
Crypto coins can be digitally discovered with the use of your PC, software programs, and some standard mining equipment.
In the beginning, with the rise of bitcoin, the system put a max limit in place of just twenty-one million bitcoins to be mined. Over the years many of these coins have been mined and are now held by investors and traders, waiting to trade and sell when the time is right.
But bitcoins aren’t the only crypto in town. In fact, there are many new coins on the market that also operate on the Scrypt algorithm. Mining isn’t as easy as it once was, but it’s still possible to earn coins this way, especially if you join a mining pool.
Mining crypto is considered an intense computation process that involves solving mathematical calculations. The first miner to solve the problem is the one who gets to claim the reward and put the next block in the blockchain.
Because of the way the system is now set up, the more miners that are mining, the harder these problems become. In terms of monetary gain, mining can be very lucrative, but considering the large volumes of miners that have been drawn to the market, going about it alone can mean earning significantly less compared to those miners who work as a team.
The Benefits of the Scrypt Mining Pool
Mining pools were started as a way for groups of miners to pool their resources together in order to increase the odds of finding a block. Through this pool the miners will combine their computing power and resources in order to significantly increase their processing power, resulting in a faster output and a much better chance of earning.
The functions of the pool involve managing hashes, assigning shares of each coin mined to each pool member, keeping track of each member’s time and performance level, and looking for rewards.
Some pools are free to join while others will charge a weekly or monthly fee.
All About Scrypt
Some crypto coins use the Scrypt algorithm, while others will not. In the past, Scrypt made it much easier for people with basic PC setups to mine coins, but ASICs, which are dedicated mining machines, can also now process Scrypt based coins.
So, if you’re considering joining a mining pool, consider using an ASIC Scrypt mining machine to increase your mining power. While they’re pretty expensive, they’re also very effective. As long as the coin is Scrypt based, you can use the mining machine to mine more profitable coins.
Finding the Right Mining Pool
Now that you know how mining and mining pools work, check out the top mining pools we’ve listed below. Each of these mining pools has a solid rep in the crypto industry, however, before you join make sure you check out the pool’s rewards programs, workload assignments, and the general rules in order to determine if a pool is right for you and your earning goals.
Considered one of the largest and oldest mining pools around, Litecoin Pool is a pay per share pool in addition to a merged mining pool. With this pool, thanks to the pay per share system, members will get paid even in the event that a block ends up orphaned on the network.
The pool boasts a total of eight diverse servers, which makes this a great pool to join, regardless of where you live in the world.
Coming in at second place, Via BTC is the second largest mining pool around. Not only does it mine Litecoin, but bitcoin, dash, and Ethereum as well. With this pool, you can choose the pay per share option, or you can opt for the pay per last -n- shares option, which has become increasingly popular with newer mining pools. The site doesn’t charge transaction fees however, you can expect to pay a four percent pay per share fee.
This is another big-league mining pool that you’ll want to check out. This pool also uses the pay per share system and allows the members to choose which type of cryptocurrency they would prefer to be paid in. The pool does charge a flat four percent fee that includes unlimited use of site features and doesn’t charge for transactions. This mining pool also offers the option of setting your mining account to automatic, which can significantly boost your earning potential.