Based on market capitalization Monero is the 9th cryptocurrency. Monero is designed in such a way so that it can be private, secure and untraceable cryptocurrency. The official ticker of Monero is XMR.
What is a Mining pool?
A mining pool is a way for miners to pool all of their resources together and also share their hashing power while also being able of splitting the reward equally according to the number of shares they have contributed for solving a block. A “share” is then awarded to the members of the best monero mining pool who present a valid proof of work that their miner has solved.
To mine more efficiently, the miners have come up with a strategy that allows them to combine individual hashing power. This is done through mining pools only. For receiving more frequent payout’s mining pools are a way of mining by teaming up with other miners. The rewards are given proportionally to your contributed hash power when you collectively mine a block.
The expected payout as the amount of block’s mined reach infinity would be the same if you were to mine on your own. Due to the variance involved with mining, this is not practical. If you want to mine for profit then the monero mining calculator have pretty much become mandatory.
Monero provides users with an equal term of mining, both CPU and GPU. A Crypto Night hashing algorithm is used in the Monero and it is responsible for equal mining. The Monero difficulty is changing each block and it allows the network to quickly adjust to any change in network hash rate.
Best monero mining pool
It is recommended to mine Monero using Monero pools. It’s almost impossible to perform an effective XMR solo-mining even with a great CPU and GPU processors. You can also use the official monero.org mining pool.
Monero is steadily and slowly becoming more popular than Bitcoin. The amount of best xmr pool used on the Darkweb is bigger compared to the number of Bitcoins, according to the recent research conducted by forensic firm Chainalysis. This has resulted in many different XMR mining pools charging into the scene.
Few factors one should consider while choosing a Monero Mining Pool.
-> Do all the pools have a fee? Actually, most mining pools do.
-> Is there any minimum payout? Yes, the lower the better.
-> What is the total hashing power of pools?
-> What should be the pools uptime? The higher uptime is better.
Here are some Monero mining pool we recommend:
Here’s a list of mining pools to mine Monero
This mining pool provides multiple mining pool servers in various available locations. The pool also supports mining directly to an exchange.
This is the first pool which has introduced merged mining. Which means using Minergate, you can mine different coins simultaneously without decrease of hashrate for major coin.
Its a mining pool located in France which has 13.51 MH/s hash power and 1559 miners.
It’s a USA-based mining pool which currently offers a variety of services including mining to an exchange.
Amsterdam based mining pool Poolto.be provides 61.18 KH/s hash power with 1% total fee offers to mine directly to an exchange using PayID. How can we calculate Monero mining pool profitability?
A website called as Cryptocompare allows you to plug in electricity cost, hash rate, power consumption and also your pool’s fee to determine just how profitable you will be mining Monero.