What is a mining pool?

A mining pool is a joint group of cryptocurrency miners who combine their computational resources over a network to strengthen the probability of finding a block or otherwise successfully mining for cryptocurrency. Cryptocurrency mining pools are groups of miners who share their computational resources.

Should miners join smaller mining pools?

The advice given to miners is to join smaller, less influential pools, to make sure the networks stay in the hands of the people. But this is easier said than done. Mining pools have caught the attention of national governments. In China, which has housed the vast majority of them, is now looking to clamp down.

Should you join a bitcoin mining pool?

Unless, of course, you happen to have a garage full of ASICs sitting in Arctic conditions. If you’re a beginner, joining a bitcoin mining pool is a great way to reap a small reward over a short period of time. Indeed, pools are a way to encourage small-scale miners to stay involved. One method of mining that bitcoin facilitates is “merged mining”.

Will mining pools die out?

Mining pools might one day allow regular people to crowdsource funds. Companies like OsiaNetwork LLC for example, wants to allow constituents to pool their processing power to mine campaign funds for political candidates. But it’s more likely mining, and mining pools, will die out.