Proof-of-work systems have been in use for almost twenty years, however they’ve recently grown in popularity with the advent of Bitcoin. Since those early days of cryptocurrency technology, a slew of new coins have entered the market as aspiring entrepreneurs rushed to join the money creation bandwagon.
The difficulty with Bitcoin’s mining algorithm is that it has incentivized a hardware arms race in recent years. The biggest weapons go to the highest bidder, just like conventional battle. And those with the biggest guns get first choice of the spoils, in other words, the average person has been largely priced out of participating in proof-of-work cryptocurrency
Fortunately, there is a solution, and it comes in the form of pooled mining. Today we’ll look at using a well-known mining pool called Bitminter to collaborate with miners all over the world.
What is Pooled Mining?
Despite the fact that huge-scale mining facilities are successful, resourceful internet communities continue to surprise when it comes to addressing issues online. Make lemonade if life gives you lemons. When Bitmain squeezes your lemons, join a pool and take advantage of the sharing economy’s benefits.
The only method to compete with the big players now is through collective processing power. You’re pooling your resources by sharing your processing power over a network in order to share in the profits. Naturally, the profits you earn will be proportionate to the resources you contribute in the first place.
The major benefit of this strategy is that block rewards are earned faster and more often than in previous Bitcoin forks. There are a lot of mining pools, so the specialist miner should conduct her own research to discover the best solution for herself.
This isn’t a review of mining pools, but rather a demo on how to connect an ASIC to a pool. We’ve opted for Bitminter in this example.
Bitminter is a mining pool that seeks to make getting involved in cryptocurrency mining easier. It began as a notion to create a user-friendly graphical interface (GUI) for Bitcoin miners to interact with the blockchain. In those early years, cryptocurrency mining was largely the responsibility of computer technicians who used the command line – a text-only user interface tool
Bitminter has been in operation since 2011 and is run by Aesir Financial AS, which is held by Geir Harald Hansen. It claims to have more than 450,000 registered accounts. Geir decided to modify the project into a full mining pool after working on the GUI in early 2011, and Bitminter was created.
- Servers in Europe and the United States
- 1% Mining fee.
- It also allows you to use the most up-to-date mining hardware and makes full use of ASICBoost.
- Supports Merged Mining.
What You’ll Need to Begin
- At least one decent ASIC miner (such as the Antminer S9) and relevant ASIC USB drivers.
- You will also require Java, which must be the latest version. (Make sure to restart once installed).
- Bitcoin wallet
It’s not as difficult as you may think to begin cryptocurrency mining. That does not imply it is for everyone. It’s necessary to have the appropriate hardware to begin with. The sector is moving at breakneck speed, and sticking with antiquated equipment might make the difference between remaining profitable or bleeding cash slowly. With that in mind, here are a
The easiest solution is to invest in a bitcoin mining hardware that has already been refurbished. However, you should do your homework first and figure out how profitable your bitcoin mining hardware will be. Second, you should be aware of the controversy surrounding Bitmain, the largest ASIC producer in the cryptocurrency industry. Bitmain is notorious among enthusiasts for its unscrupulous
- There is still money to be made, despite all of this. If Bitcoin’s trend is anything to go by, those earnings might become quite valuable when the bull market returns.