What is a Mining Pool ?

---

Mining pool is simply a group of individual miners who work as a team to increase their probability of completing a block. The chance of finding / solving a block as a group is higher compared to individual. So what happens is , through this mining pool concept miners combine their computational ability together. So as a team they have a higher processing ability and it will give the output quickly. When considering the rewards, the reward earn through mining pool is divided among the members of the pool. So the income is comparatively high compared to individual mining.
There are number of mining pools. Most of them are designed to mine a selected crypto currency. Some of them allow to select between a set of cryptocurrencies. When selecting a mining pool we have to consider the hashrate , pool size , currency , terms and fees , payout options and amounts etc. After selecting a particular mining pool you need to configure the hardware and software accordingly. After that you can start mining. I will mention some leading mining pools. You can check them out. Poolin , F2Pool , AntPool , Houbi.Pool ,ViaBTC etc.

You can check the live data of different mining pools from here

For this topic there are lot of areas to cover. We need to learn about mining hardware's ( and different methods of mining (CPU mining, GPU mining -Nvidia 2060 |AMD 5700 XT , ASIC mining -Antminer Z15 |Toddminer C1, Cloud mining -Hashflare |Genesis Mining ) . And we need to discuss about crypto mining software's (Claymore , MultiMiner , CGMiner etc) . Let's discuss them in out future lessons.

Thank you

Homework Task 4

You need to do your own research and create an article discussing following topics,

(1) How crypto currency mining works ?
(2) What is Mining Difficulty ?
(3) What are the challenges for crypto currency miners ?

---

Guidelines

---

• Your homework post should be posted in crypto-academy community.
• Your article should be at least 300 words.
• You have to create a simple guide in a way a newbie can understand and follow the steps.
• No plagiarism please . You can use images taken from copyright-free sources mentioning the source.
• The final submission date will be 07/03/2021
• Add tag @besticofinder in your post, it will help me to find your submission. Use #cryptoacademy and #besticofinder-week4 , so that Steemit Team can find you.

Thank you.

Cc:-
@steemitblog
@steemcurator01
@steemcurator02