If you are interested in any cryptocurrency mining first of all question in your mind occurs that what is Mining pool and why do i need join a mining pool and why i can't start mining without a mining pool.
Let's start with the answers of your questions.
Types of Mining.
There are two standard way you can start mine cryptocurrency. First is Solo mining in which you can mine without any pool help and the second one is pool mining in which you will have to join a pool where lots of people contributing their hash power and pool paying them according to the hash-rate they are contributing.
Why should i join a pool.
The main reason behind to join a pool is that you need lots of power to mining a block and there is a large payout but if you are mining with a pool then you can share your hash power in that pool and once the block mined pool will splits the amount in all the workers.
Pros and Cons to join a mining pool.
- Its a very easy process to join a mining pool whereas solo mining is a long process.
- You can start with the lowest hashrate and you will get the return back according to the power you are investing whereas in solo mining you need a bulk power.
- The main disadvantages of the pool mining is that there are some fee that pools takes from you (1% or 2% or more).
- The another disadvantage is that you need to trust on a pool as it can charge you more apart from the pool mining fee and you cannot verify that.
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