If you’ve done your research, then you know that mining Ethereum can be very profitable. If you’ve decided to give it a try and have purchased the necessary equipment, your next step will be joining a top Ethereum mining pool. These pools consist of a group of miners who work together in order to mine a larger quantity of Ethereum. Connecting with a pool can help to reduce the volatility of your payouts through more frequent, smaller payouts as opposed to a large lump sum that you’ll only receive once a block is solved.
Choosing a Mining Pool
When you’re checking out different mining pools, focus on finding one that features lower fees and reliable returns. The pool’s server location is also something you should consider when deciding which pool to sign up with. Just remember, the closer a mining rig is to the server, the better it can mine.
We’ve found the top mining pools for Ethereum, each of which met our criteria in terms of fees, and payouts.
Ethermine and Ethpool
Ethermine and Ethpool are operated via a couple of different sites, but they actually contribute to the same mining pool. With twenty-five percent of the network hash rate power, this mining pool is one of the biggest on the network. Ethpool currency has just under nine hundred miners, while Ethermine has more than sixty-two thousand. Both sites charge a one percent fee on every reward you receive, which is one of the lowest fees offered by leading mining pools.
Ethermine will allow the miner to set the minimum payment threshold that’s needed in order to receive rewards. If the miner wants to receive their payments infrequently, then they can set the threshold for a max of ten Ethereum. The threshold can be set to a minimum of half an Ethereum for more frequent payments.
Considered the third largest pool, taking up thirteen percent of the network hash rate, Nanopool has more than thirty-eight hundred miners on the payroll. At just one percent, the mining pool’s fees are much more reasonable than some of their competitors.
The minimum payout threshold comes in at 0.2 Ethereum, but miners can choose to go lower and increase the minimum payout in their settings. The site’s interface is very easy to use, which makes it a great choice for the miner that’s new to the game.
Keep in mind that there have been reports that the that hash rate is much less than it would be mining solo or in other pools. However, many miners in the community seem to like and trust this pool.
Dwarfpool used to be a market leader, but now they’re pretty small with only four percent of the ETH network hash rate. Just like the other popular mining pools for Ethereum that we’ve recommended, this pool also only charges a one percent fee on the miner’s block rewards.
However, the miner’s account must reach one ETH before payout and the pool will only pay a total of six times a day. You might want to consider joining a pool that offers a lower minimum for their payouts, unless you’re mining with multiple miners or a super powerful mining rig.
Additionally, dwarf supports mining other coin including expanse, Zcash, and Monero.
Is Joining a Pool Worth It?
When it comes to the top mining pools for Ethereum, signing up with a pool can be a sure way to earn steady coin. Many of these major pools have the same fee structure and are very reliable. But in the end, it will mostly be a matter of which pool you feel most comfortable using.
What to Know About Mining Pools Before You Join
Many leading mining pools will come with plenty of up-front costs. You’ll also need to use Ethereum mining software programs to point your hardware toward the pool of your choice. A digital wallet that supports Ethereum is also essential.
If you can’t afford Ethereum mining hardware, you can always sign up for cloud mining and have another company mine for you.
When you mine on your own, you only have a small chance of finding a block, especially when you take into consideration the total amount of hashing power in the network. Which is why many people choose to join a mining pool.
But once you’ve found the right pool for you, there are certain steps you need to take before you can get started.
Once you’re all signed up and have a wallet or an address that the pool can send your payments to, you need to download the pool’s software. This software is needed to make your CPU or GPU operate the hashing algorithm that’s essential to securing the network via proof of work. Also, before you download, make sure you’ve got the most up to date version of the program.
Once you have the program installed and up and running, you need to tell the program to connect you and tell the pool where to send your mined coins.
Now that you’re connected and have started mining, you should begin to receive coin in your wallet. However, this can also depend on what you’re mining with. If you’re using a CPU it will be a very small amount. If it’s a GPU it will end up being a lot more because Ethereum was designed to be mined on GPUs.
Mining Ethereum can be difficult and not very rewarding if you decide to go about it solo, but once you join the right mining pool, you’ll find that you’re earning small regular payments on a daily basis, which can be a great way to supplement your income.
We hope our guide on the leading Ethereum mining pools has helped you to find a program that’s reliable, efficient, and one you can trust.
If you’d like to learn more about cryptocurrency and the best cryptocurrency exchanges, you can read our Binance exchange review.
We also have a great article on how to land some free Ethereum, which you can read.