In a mining pool, several entities join together to "mine" a cryptocurrency.

A Bitcoin mining pool bundles energy or computing power, for example, to increase the chance of jointly generating a block and receiving the block reward for it. This is then divided fairly among the mining pool members.


The largest mining pools include Slush's Pool and IQMining.


However, a mining pool account by itself is not enough to mine Bitcoin successfully. In addition to the appropriate hardware (e.g., the so-called ASIC miner), a mining client is usually also required, which, among other things, saves the cryptocurrency in a wallet. The previously created mining pool account is created in this wallet.

Among the best-known open-source mining clients are Bitcoin-Qt, Electrum and Armory.

Similar terms

Miner

A miner is a computer or group of computers that verify blocks from other miners on theBitcoin network.

Mining Reward

The mining reward is the remuneration received by miners.

Bitcoin Transaction

In a Bitcoin transaction, Bitcoin values are transferred from one wallet to another. The transfer is secured by digital signatures and is stored in the Bitcoin network (blockchain), where it is transparently visible to all users (and remains visible

Stable Coin

Stable coins are cryptocurrencies that digitally represent a stable (underlying) value and guarantee value parity.