When Bitcoin was introduced in 2008, its mining was way more profitable than it is today. It was much easier to mine bitcoins and get block rewards. However, with more people chasing the block rewards, bitcoin's mining process has become more difficult over time as it requires more computational power. This same principle applies to other proof-of-work-based cryptocurrencies too.
Furthermore, due to the Bitcoin halving concept, block rewards are reduced by half every four years. It makes the mining process less rewarding for individual miners. Miners also have to buy expensive computational resources such as GPUs or ASICs to get block rewards.
It is now becoming impossible for a single piece of personal computing equipment to successfully mine a block due to the evolving difficulty of the mining algorithm. Here comes the concept of a crypto mining pool. Individual miners are grouped to increase the chance of receiving a block reward. Let’s have a detailed look at the mining pool and how it works.
A cryptocurrency mining pool is a group of miners who collaborate as one entity to increase their chances of mining a block and share rewards in proportion to the computing power they contribute toward mining a block. Members of the mining pool who present a valid partial proof-of-work receive a "share."
This idea came a long time ago, in 2010, when Slush Pool was established as the first Bitcoin mining pool. Since then, there have been many popular mining pools for cryptocurrencies like Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Zcash (ZEC), and many more.
The mining pools provide information on aspects such as the mining hardware's status, the current hash rate, estimated earnings, and other parameters that allow crypto users to consistently participate in the mining process of a specific cryptocurrency and earn rewards in proportion to the computing power contributed.
Mining in pools began when the difficulty of mining increased to the point where slower miners could take centuries to generate a block. Miners pool their resources to generate blocks faster and thus receive a portion of the block reward consistently, rather than once every few years.
Germany was the first country to recognize #Bitcoins as “units of value” and that they could be classified as a “financial instrument.”
Legal regulation for the decentralized industry in Germany is ongoing. Now, 16% of the German population 18 to 60 are #crypto investors.
These people who own #cryptocurrencies or have traded cryptocurrencies in the past six months.
41% of these #crypto investors intend to increase the share of their investments in #crypto in the next six months. Another 13% of Germans are #crypto-curious.
They intend to invest in #cryptocurrencies too. Yet, only 23% of the #crypto-curious said they are highly likely to invest, with the rest remaining hesitant.
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0:38 Black Wednesday in Crypto
1:00 Crypto Crash Leads to Issues on Exchanges
1:16 Insider Predicted Bitcoin Crash?
1:35 China Announces Limitations on BTC Mining
1:49 U.S. Treasury Limiting Crypto Privacy
2:12 Societe Generale Prefers Gold over Bitcoin
2:27 Millennials Prefers Doge over Bitcoin
2:46 Wells Fargo to Offer Crypto Investment
3:04 Cathie Wood Still Thinks BTC Could Reach $500K
📺 The video in this post was made by 99Bitcoins
The origin of the article: https://www.youtube.com/watch?v=n2Vv25nszVo
🔺 DISCLAIMER: The article is for information sharing. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Not investment advice or legal advice.
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