Crypto currency became more popular as time passes, it required greater levels of computing power to successfully mine the crypto currency. Hobbyist small-time miners are put at a distinct disadvantage as they have to compete with large corporations with far more processing power. But mining pools might offer a solution, let’s take a look at what they’re all about.
On the surface, mining pools are a very simple concept. Like a lottery pool, where players pool their money together to play the lottery and split any winnings based on the initial investment, mining pools don’t pool investment, but pool processing power and computer resources.
If you were to mine solo, it might take you weeks, months even, to earn a reward for a successfully mined block. If you join a mining pool, you might start making a return in much less time, but you will only get a fraction of the reward you’d receive if you were mining solo. It’s really a game of probability, have fewer high value rewards, or more frequent low value rewards.
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