Cryptocurrency mining has become one of the most sought-after topics for beginners and experts alike.
However, after setting up your mining hardware the first question, every miner ponders on is whether to go solo or join a mining pool.
While both of them are affected advantages and limitations, the extensive benefits which one can reap from them are entirely distinct.
But always remember that regardless of what your decision is, it should align with your goals and interests.
Mining highly popular cryptocurrencies like Bitcoin, Litecoin and Dogecoin are not extremely rewarding these days. Hence, people have moved on from them.
These days’ amateurs and professionals are trying their luck at mining ethereum as it seems insanely profitable.
But if you are still confused about whether to join a mining pool or go solo let us set it straight first.
To Be or Not to Be
To get rid of the confusion that plagues you it is suggested that you discuss with miners about a mining pool. Understand their experiences and note down the best and the worst about being a part of a mining pool.
Moreover, if you are a beginner, we suggest that you heed the advice from miners on the same level as you are. That will help you determine whether joining a mining pool will be rewarding or not.
Going Solo has its advantages as everything you earn will be kept by you. But it also means doing, things alone and the time taken to process one mining block will significantly increase. Here is a list of what exactly it means to go solo and join a pool.
Mining Pool v/s Going Solo
- Variance is low. In simpler terms, you get paid on a daily basis. One can earn continuously over a regular interval.
- Setting up mining hardware becomes comfortable as you are provided with guidelines, strategies, tips, and documents by the admins and the other members of the pool to boost the effectiveness and efficiency of your mining rig.
- Fees are the most annoying part about joining a mining pool. First, you have to pay a fixed amount of joining charges, and then you will be charged 1-1.5% of your total earning as the transaction fee.
- Another concerning attribute of getting associated with a mining pool is to trust people blindly with your money. As the exchange and transfer of your earnings in cryptocurrency is driven by the admin of the group you can’t do much other than wait for them to clear your dues.
- The period of the payout in going solo is its most prominent disadvantage. It is very well possible that takes you months ever years to earn something substantial when you go solo.
- Another limitation associated with going solo is to set up mining hardware. With no proper methodology or technique, it becomes frustrating and alarmingly complicated to assemble and deploy your mining hardware.
- The absence of any fees and the complete accessibility to your earning are two of the most significant benefits of going solo.
In conclusion, when you join a mining pool, the rewards are often divided amongst the miners. But if your mining hardware is reliable and quick at solving calculations, it hardly matters that your earnings are shared. Hence, joining a mining pool can be considered as a steady flow of income.
In addition to that, various mining pools have distinct payment models so you can always join one which suits your preferences and join the one you like the best.
Before you choose a mining pool, it is often advised to examine, analyze and review various aspects of the mining pool.
The top priority for you should be the reliability of a mining pool. Because a mining pool is only as good as is dependability. Search for the one which is safe and pays rewards on a timely basis.
Connecting to an Ethereum mining pool
To join a mining pool, it is foremost suggested to determine the type of cryptocurrency you want to mine. It helps you narrow down some of the best mining pools available for mining that cryptocurrency. While there are some other pre-requisites as well, they have been discussed in brief in the segment as mentioned above.
One of the best sources of income when mining ethereum is the ethereum mining pool. The mining pool helps you extract a steady stream of Ether in your wallet which can then be exchanged for hard-currency.
The below guide will help you with the exact process of how to connect to a mining pool and mine ethereum. Also, based on the popularity and user opinions we have also cataloged a list of best ethereum mining pools in the last section.
Before getting started to connecting your mining hardware with the mining pool you need to register on the ethereum mining pool first hand.
Once you had registered as a member of the mining pool you want to be a part of you, have to create a worker. For every mining hardware, you want to connect to your profile on the mining pool you need to create a worker.
Now that you know all there is to about ethereum mining and pools you can earn amazing income and bigger profits. But the whole process isn’t as incredible as it feels. Please refer the guide below on how to connect to an ethereum mining pool and multiply your earnings
2) Make sure you have an Address
To store your earnings from mining cryptocurrency, you need a cryptocurrency wallet or an address. The address primarily serves as an id helping the ethereum mining pool determine where to store your earnings.
The mining pool provider automatically synchronizes the blockchain, so you need not worry about the same. For ex. you can use EthDev wallet if you are planning to join the Ethmine ethereum mining pool.
3) Connecting to an Ethereum Mining Pool
After you have an address, you need to start ethminer on your PC. If you haven’t already installed the same. Please download and install it by following the below steps.
- The first thing you must do is download Ethminer on your PC. It is responsible for running the hashing algorithm on your GPU and CPU. The hashing algorithm is an integral aspect of securing the Ethereum network of the mining pool through a proof of work. You can download it using the below link. Search for the right version by scrolling down to the bottom page. Thus, ensuring that you are downloading the latest and the up to date version of it.
- Once you have downloaded the correct version now, you must install it. Run the .exe to install it. When prompted for firewall access, just click on allow to refrain it from causing any issues shortly. If you are prompted with a message which seems like,”Windows doesn’t recognize or approve of the software” click on Okay to proceed with the installation of Ethminer. Click Next and Okay unless the installation Ethminer is not complete.
- After installing Ethminer open up the command prompt. Press the Windows + R key on your keyboard and type cmd. Press run and you will see a scary looking dull black screen. In the box, you will be able to able to see a command in the below format.
Ethminer isn’t located in this path, and thus, you need to navigate to the path where it is installed. For this you need to input the path directory where it is installed in the command prompt, “the dull black box” to be precise.
- Open another Command Prompt following the same procedure as in step 3. Once you have opened up another black window use the “cd/” command to change the directory and navigate to the path directory where Ethminer is installed. Use the following the command and press Enter to change the directory.
C:\users\username > cd/
- Type the command “cd prog” and press tab. This will automatically complete the phrase for the closer fit path under the C directory just like auto-text. If all goes well, you can see the following command in your command prompt window.
C:\users\username> cd prog “Program files”
Press Enter and the directory path will change to the below format.
- Type the command “cd cpp” and then press tab. After you press Enter, you will be navigated to the directory where ethminer is installed. The command should appear like below if you have done it correctly
- After installing Ethminer, you have to specify the address of your ethereum mining wallet determining the Ethminer to connect it to your mining pool and send all your mined cryptocurrency to your ethereum wallet address.
- The trickiest thing to do while mining cryptocurrency is to determine which ethereum mining pool to use. For the sake of example, we have chosen Nanopool with the following connection.
Add the address of the ethereum wallet, and it should look something like this:
Here, the address can be easily determined as 0x154230ed91d1e711e56b9c0f88b5ba5fd2b0503f
Now enter the above link in the command prompt window we opened in Step 2. as below.
C:\Program files\Ethereum 0.9.41\Release>ethminer.exe – F
Best Ethereum Mining Pools to join in 2018
Depending on some factors such as the location of the server, the network hashing rate, popularity amongst users, the fees for joining and transacting you can find below some of the best ethereum mining pools you can join for better incentives and rewards.
They are the largest ether mining pools currently and even the most popular also. The hash rate for the network with them is 25% and increasing.
F2pool is a multi-purpose mining pool. It allows mining of a plethora of cryptocurrencies from Bitcoin to Ethereum.
However, the ethereum mining pool is only available in China and is not one of the best options if you are planning to mine ethereum.
Deemed as the third biggest Ethereum mining pool with a network hash rate of 13%, Dwarfpool is best suited for beginners and amateurs.
Moreover, it also offers flexibility for mining a bunch of other cryptocurrencies like Monero and Dash apart from Ether.
With a network hash rate of 8.6% Ethfans is another ethereum mining available only for Chinese. But you can still mine other cryptocurrencies using Ethfans.
Thus, connecting your ethereum wallet to the mining pool is one of the easiest things to do. Once you had set up the ethereum wallet and specified its address to your mining pool, you can start receiving your cryptocurrency earnings into a wallet.
The earnings are majorly regulated by the efficiency of the mining hardware built by you.
You can now start minting cryptocurrency with your mining hardware after having connected your ethereum mining pool to your ethereum wallet.