It is obvious that a cryptocurrency miner’s main aim is to maximize profits. At the time of publishing this article, Ethereum is the most profitable cryptocurrency to mine for maximum profits and stable returns.The best way to mine Ethereum for maximum profits is to join Ethereum Mining Pool and to combine one’s resources with miners all over the world. Solo mining is a daunting task and finding a block solo can prove to be difficult as well. Thus cryptocurrency mining pools come in very handy for miners with less hash power.
Now, that the importance of cryptocurrency mining pools are established, it is also important to choose a suitable one from the many different ones available in the market. Usually, the most reliable cryptocurrency mining pools are the ones that have been mining for longer periods of time and did not suffer any major attacks. Ensuring that you receive funds for the coins that you have mined. In this article, I have listed out the “Best Ethereum mining pool for maximum profits.”
But before jumping to the list of Ethereum mining pool, let us first have a short introduction about Ethereum mining and what factors to be considered before joining any Ethereum pool.
Also Read:- List of Best Bitcoin Mining Pools
Ethereum Mining is a process of earning ETH by validating and verifying the Ethereum transactions. These transactions are verified by using high end Graphics Process Units (GPU’s).
In the modern days, cryptocurrency miners combine their resources and share their hashing power. The rewards of this are split equally according to their individual contribution in terms of ‘shares’ towards solving a block.
The associates of the Ethereum mining pool must present a valid proof of work for them to be awarded a ‘share’. The origin of Ethereum pools can be attributed to the increasing difficulty in mining to generate a block. For some, it could take even a few years to generate a block for themselves.
The only alternate solution was for miners to combine their resources to generate blocks quickly. This would enable them to receive a portion of Ethereum consistently instead of waiting years for it.
Cryptocurrencies are the new digital assets which are being regularly added in portfolios by large corporations. As large organisations adopts blockchain technology and tokenization,Cryptocurrencies will replace stocks and bonds.
Even, world’s biggest Cryptocurrency, i.e Bitcoin is considered as “Digital Gold”. The trend has shifted from mining for gold to bitcoin mining or ethereum mining or mining of other cryptocurrencies. The earlier ones required the use of heavy machinery to dig in and extract it from the depths of the earth surface. The latter one requires the use of sophisticated computers to extract it.
One of the first factor to look before joining any Ethereum mining pools is the “Reputation” of the pool. Making sure that you choose the pool which:
If you want regular payments, then you must pick a bigger pool. But the increase in pool size is inversely proportional to the amount of payment you will receive. As the payment is shared among a larger group. If you pick a smaller pool, the frequency of payouts reduces but the amount will increase. In the long term, the returns should even out.
Calculating your share of the Ether mined is a complex process for Ethereum mining pool. Many share calculation schemes have been invented to come up with the fairest method. The two most popular types are Pay-per-Share (PPS) and Double Geometric Method (DGM). Similarly, there are various methods apart from these two.
Make sure that the Ethereum Mining Pool you want to join has a good percentage of hashing power on the Ethereum network. Good percentage of hashing power means good chances of high numbers of block mining which will fetch higher rewards.
The fees of different mining pools can vary from 0% to 3%. Though you might not be able to see it when you register.
Note:- When you decide to join any Ethereum Mining Pool, you will have to submit an Ethereum wallet address where all your rewards will be deposited. It is advised to never use any exchange wallet to hold your cryptocoins. Thus, you should use those wallets of which you have the access of private keys. Here is a list of best Ethereum Wallets to safely store your Ether coins.
Ethpool and Ethermine are among the best and the most popular Ethereum mining pool in the community. They are hosted at two different websites and takes around 25% of the total network hash power. With more than 60,000 miners using the platform, these are the biggest ethereum pool.
Miningpoolhub is a minor community formed by professional Ethereum miners. The Ethereum pool is located in several locations in the world, which ensures a more reliable mining process. It accounts for 7,6% of the total hashrate of the Ethereum network.
Different cryptocurrencies including Bitcoin, could be mined when using F2pool. One of the most reliable options in Asia, the Ethereum pool contributes over 25% of the hashrate of the Ethereum network. A miner can even mine Litecoin in this pool.
Generating over 13% of the network hashrate, Nanopool is an important Ethereum Mining Pool. Apart from being quite intuitive and secure, it allows individuals to select the payment threshold.
Dwarfpool is a haven pool for cryptocurrency miners with versatile taste as it allows Monero, Ethereum, Expanse, and many other coins. Miners with powerful equipment and devices are guaranteed to enjoy using the pool. It accounts for 4.3% of the total hashrate.
Ethfans is a specifically designed platform for users in China and neighboring countries. Accountable for 8.6% of the hashrate of the network, it is a posse as a strong competition to all the other pools mentioned above.
Undoubtedly, there are many other Ethereum Mining pool as well. While some may charge cheaper fee, some might have varied virtual currencies available or some might more professional miners. One will always have to decide which cryptocurrency mining pool will work best for their specific mining needs. For instance, one can look up a pool with the longest period of time operating without attacks and choose it for reliability. To save the fee, a cheaper one can be preferred. In fact, one does not have to compulsively depend upon an ETH exclusive pool, If they want to mine different currencies.
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Rohit Kukreja
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.
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