Wondering what is a #cryptocurrency #miningpool? Here is a short video for you!
What is a mining pool?
In the cryptocurrency context, a mining pool is the pooling of resources by miners, who share their processing power over a network to split the reward equally, according to the amount of work they contributed in the process of finding a block.
A "share" is awarded to members of the mining pool who present a valid partial proof-of-work. Mining in pools began when the difficulty for mining increased to the level where it could take centuries for slower miners to generate a block. The solution to this problem was for miners to pool their resources so they could generate blocks more quickly and therefore receive a portion of the block reward on a consistent basis, rather than randomly once every few years.
Slush Pool is the oldest currently active mining pool and AntPool is the largest currently active mining pool.