Let's understand what mining is and how mining pool works. We will try to make it very, very simple language.
Most of cryptocurrencies, requires the creation of the block chain — the block chain. Each new block contains transactions for the last minute (conditionally).
To make it impossible to break this chain or replace one of the blocks, each new block contains a task that is based on information from the previous block.
These puzzles solve your processors, graphics cards or ASIC devices. These tasks are very complex even by the standards of modern computers, and their solution takes a lot of time. Since mining device alone will be a very long time to find the right solution to speed up the process, each such device receives a problem to miscalculate with at times less complexity, and mining pool checks whether each solution at the same time and complete solution of the problem. Thus, even weak devices that work on one task at a time have a chance to find a solution that will create a new unit. Miner found a solution, gets a reward.
For example in the Ethereum network — 3 ETH, online Musical — 250 MUSICOINS. - 10 PIRL
At the dawn of mining, any processor or graphics card had enough power to find a lot of solutions per day and get their reward for the block created. As interest in cryptocurrencies grew, the complexity of the tasks increased and a single computer could no longer find many solutions. The reward (in monetary terms, the rate grew) for the block found increased with complexity, and miners decided to join forces — to create pools of joint mining.
Mining pool receives solutions from all miners who are connected to it and, if one of these many solutions turns out to be correct, the pool is rewarded for the block created. This reward is divided in proportion to the efforts made by miners and paid to their wallets.
#bitcoin #cryptocurrency #investment #cryptomafia #cryptostyle #mining #pool #miningpoll
