The Benefits Of Joining A Bitcoin Mining Pool

There are several different methods that people use today to get their hands on the coveted Bitcoin (BTC). The most common and arguably the easiest method is to simply create an account at one of the many cryptocurrency exchanges and then buy Bitcoin either with fiat money or exchange them for another type of cryptocurrency. Other people choose to get down the private route and will simply do trades with friends or family.

Today, one of the less common methods to obtain Bitcoin is through the mining process. It used to be a lot easier to mine Bitcoin, so much so that people used to do it at home using their personal computers.

Today, however, that is not possible. As Bitcoin has got increasingly popular, the mining process has got increasingly more difficult. Much more expensive mining hardware is needed and a lot of power for it to work. Btxchange.io even presents information that clearly shows how much worldwide mining is a power hog, using more electricity than 150 of the world’s countries combined!

What is a Mining Pool?

To overcome this problem, mining pools have been created, which are essentially a group of people working together to mine a ‘block’ and then share the rewards. Of course, the reward you will get is a lot smaller than what you would get if you went at it alone, but the chances of you actually getting any reward at all are increased dramatically.

Although the payments may be on the smaller side, you can at least guarantee that there will be a steady stream of revenue coming in.

If you have never mined before and are just looking to join the industry, then joining a mining pool is definitely the way to go. There are various mining pools to choose from, so it is worth doing a little research to find the best option for you.

Different mining pools will  mine different coins; such as Ethereum (ETH) and EOS (EOS), so your options are not restricted to Bitcoin. Diversification may be a big step, but there can be some decent benefits!