mining pool | BTCC Knowledge

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What is mining pool?

DEFINITION of Mining Pool. A mining pool is a joint group of cryptocurrency miners who combine their computational resources over a network.

What is pool?

Legal Definition of pool (Entry 2 of 2) : to combine (as assets or votes) in a common form or effort especially : to combine (interests) so as not to have a merger of companies considered a purchase for accounting purposes.

What is a pool in blockchain?

A pool is a group of miners who act as a single miner on the blockchain network. Let's take a Bitcoin blockchain for example. The total Bitcoin blockchain network capacity at the time of writing is around 150.000.000 TH/s. This means that the entire network can try 150 million x 1.000.000.000.000 hashes per second.

What is a proportional mining pool?

Proportional mining pools are among the most common. In this type of pool, miners contributing to the pool's processing power receive shares up until the point at which the pool succeeds in finding a block. After that, miners receive rewards proportional to the number of shares they hold.

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