Once you have bought/built your Ethereum mining rig, the next step on your list should be to join an Ethereum mining pool.
These groups are deemed as mining pools by professionals and are groups of miners who work collectively to mine Ethereum.
One of the important reasons to join an Ethereum mining pool is to lower the number of payouts. These mining pools give you a smaller and frequent payment profile as opposed to the receipt of a lump sum. Moreover, such groups help you mine better and earn more.
What is an Ethereum Mining Pool?
As mentioned, an Ethereum mining pool is a group of collective miners who work together to mine Ethers.
However, many Ethereum mining pools are not limited to Ethereum only. Various Ethereum mining pools allow their miners to dig for other crypto coins in order to boost the earnings and the rewards. Thus, Ethereum miners ensure that the volatility of their returns is controlled and reduced.
In simpler terms, you can think of these Ethereum mining pools as diversified investment portfolios which yield controlled and sustainable returns towards your contributions.
Hence, it is advised to be associated with various Ethereum mining pools as per as the saying goes, ‘Do not put all your eggs in the same basket.’ Also, it must be duly noted that mining is a time and power-consuming procedure. From assembling various hardware components to improving the power efficiency of various GPU’s, mining can be quite tedious.
If you are one of those who doesn’t believe in wasting time, then we suggest that you do not dedicate time for Ethereum mining rather just buy Ethereum sold by other miners and resale the same with increasing profits.
But if you have a knack for mining and are persistent of building Ethereum mining rigs you must be well versed with the variety of hardware components used in building a mining rig.
Moreover, apart from powerful hardware Ethereum mining also requires powerful software to compliment
the efficiency and effectiveness of your mining rig.
You might also need an Ethereum mining wallet to store your cryptocurrency as well. Now that you have decided whether to buy Ethereum or mine it is the right time to select best Ethereum mining pools to sell you cryptocurrency or mine the same more proficiently.
But there are various elements which you must bear in mind when considering to join an Ethereum mining pool.
The principal element for joining any Ethereum mining pool is, ‘Low Rates Reliable Returns.’ Always choose those mining pools with fewer requisites for joining. The other vital element to be considered is, the location of the mining server; the closer the server is to your mining rig, the better.
What is best Ethereum Mining Pool?
The definition of the best depends on your expectations and requirements. In Ethereum mining pools also, it is ambiguous to choose the best.
All mining pools are more than sufficient to serve your needs. The rewards associated with the Ethereum mining pools correspond to the efforts practiced by you.
The only difference which can be classified as differentiating emerges in the form of joining fees and the charges associated with the usage of the same.
But, the preference for joining an Ethereum mining pool must be decided based on the fees and the location of the server.
The proximity of the server plays an impactful role in determining the connection and the speed with which you Ethereum mining rig will operate. Hence, considering all of the above we have compiled a list of best Ethereum mining pools which you can be part of.
1) Ethermine and Ethpool
Being two different websites but Ethermine and Ethpool contribute to the same Ethereum mining pool. Deemed as the most significant Ethereum mining pools, both serve as the best bet for starting up with a mining group.
In addition to being the largest mining pool, both of them boast of 25% of the net’s hash rate power approximately. With over more than 62,000 Ethereum miners currently using an Ethermine pool and around 900 miners using Ethpool, both of them are humongous Ethereum mining pools.
Both of them charger a 1% fee for every reward obtained from your mining as a part of their joining fee. In comparison to other Ethereum mining pools, their charges are the lowest. Thus, these mining pools are cost-effective and rewarding to be precise.
Hailed as the third biggest Ethereum mining pool, the Nanopool Ethereum mining group has more than 13% of the Ethereum hash rates.
Moreover, it features a number of 38,000 miners and even more. Besides such an amazing hash rate and thousands of user base, Nanopool charges a pool rate charge of 1% per reward which is consistently low.
On joining any Ethereum mining pool, the minimum requested threshold for payment is 0.2 ether. However, Nanopool offers flexibility to lower or increment your requested payment threshold by changing your user settings.
The best thing about Nanopool though is their user-friendly interface. Hence, if you are a newbie, it will be easier and simpler to use the same.
As per as the statistics from atozforex.com, F2pool is the second biggest Ethereum mining pool. Moreover, the mining pool offers support for mining other cryptocurrencies as well such as bitcoin.
However, its availability is its drawback. The F2pool Ethereum mining pool is only available to the users of China.
It doesn’t dampen the fact that F2pool has the largest number of digital currency users from Asia only, so it shouldn’t surprise you that it can be the most prominent Ethereum mining pool in the world if was accessible across the globe.
Another limitation of the F2pool mining pool is that it charges 3% fee for every reward that you earn from mining a cryptocurrency.
One of the biggest Ethereum mining pool, Dwarfpool has now been reduced to what seems like its name. The hash rate associated with Dwarfpool has also since dropped tremendously to an approximate of 4.3%.
Similarly, to the other Ethereum mining pools mentioned in the above list, Dwarfpool also asks for 1% block fee on your earned rewards from the mining pool.
According to the reports from coincentral.com, Dwarfpool allows you to withdraw from your account only when your Ethereum balance reaches to 1.01 ether minimum.
The other limitation associated with Dwarfpool is the frequency of the payments. It only pays its members six times in a single day. Provided that you are not using multiple Ethereum mining rigs for a strong Ethereum mining, then Dwarfpool is the right choice for you.
However, do consider the lower payout minimums corresponding your Ethereum mining. The only advantage offered by this Dwarfpool is that it allows you to mine other digital currencies apart from Ethereum as well. Using the Ethereum mining pool, Dwarfpool one can also mine cryptocurrencies like Zcash, Monero, Expanse and many other.
Estimated to generate approximately 7.6% of the hash rates on their Ethereum network, Miningpoolhub unlike other big Ethereum mining pools is a small mining group used by rare professionals and Ethereum miners.
The charges are calculated based on rewards depending on the block finding fee, transaction fee, the bonuses and a few added incentives too.
The best part about Miningpoolhub is that is available across various locations and has its servers in the US, Asia, and Europe. Most importantly, the best thing about these servers is that they offer a redundant environment for mining.
If you are a professional Ethereum miner and looking to earn more rewards and bonuses then, Miningpoolhub is the perfect Ethereum mining pool for you.
Joining an Ethereum mining pol can be one of the beneficial things for earning rewards if you are an Ethereum miner or an Ethereum mining rig expert.
Thanks to a plethora of mining pools available you can choose to join or more Ethereum mining pools depending on your necessity.
However, as suggested, the biggest one and the most popular ones can be vouched for in terms of reliability and stability. While most of the Ethereum mining pools charge the same joining and rewards fee, it must not hamper your earnings and rewards.
Therefore, choose only the trustworthy and reliable Ethereum mining pool such as the ones mentioned above to ensure you get rewarded for your efforts.