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What does a mining pool do – simply explained

Once you have decided to start mining cryptocurrencies there are two options to get involved in. You can be a solo miner or join a mining pool with your sources.


Solo mining


If you mine solo with an expected 2 altcoin / day income that would result on average a 14 altcoin block every week. However, in fact your return will be absolutely random. On some days, you could mine 3-4 blocks, but it is also possible to run your rigs for weeks without a single block. Unless you have a lot of computing power (Hashing Power) joining a mining pool is a great way to decrease the variance and exclude luck. And at last but not least it will help you to establish stable rewards.


Mining pool


A mining pool like BekoPool collects connections from miners anywhere on the globe and pool their hashrate together, thus mining with a higher total hashrate. Through this process the variance of finding a new block is diminishing and the blocks are found faster.

The official wiki definition of pooled mining:

"Pooled mining is a mining approach where groups of individual miners contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time among the group.”




Mining is attempting to unlock each block to get the reward that is in it; the more attempts (hashes) you can perform per second the higher the chances you have to get the reward. Because miners by themselves typically don’t have enough hashing power to consistently find blocks they join a pool that pools everyone’s hash power and combines it to hash blocks. With more hashing power it is easier to find blocks. Then, the mining pool as a coordinator split the reward among the miners based on the amount of work they contributed.

For its services, the pool will deduct from your mining payments. Typical values range from 1 % to 10 %. However, some pools i.e. BekoPool do not deduct anything. There for it is really important to get informed in advance to be able to choose the fairest solution.


BekoPool


BekoPool provides its users with pooled mining opportunitiy of the following cryptocurrencies: Ubiq, Callisto, Moac, Ethereum, Ethereum Classic, Music Coin, Pirl, WhaleCoin, Metaverse, Ellaism, DubaiCoin, Expanse. What makes it special? Beyond the 0 % fee BekoPool offers its valued customers 5 % extra bonus* for the weekly payouts and guaranteed hashrate for the given period based on What to Mine. A serious, German company (Beko GmbH) backed by one of the biggest insurance corporate.


Getting Started


After the registration on the website https://bekopool.io/ there are only few steps to get involved, if your PC runs windows please follow them:
- First, please download our one-click mining command file from the Dashboard/Settings. (It`s a „bat“ file with the name of your rig)
- Second, you will need a mining application to be able to run your rigs. We recommend Claymore as a mining software.
- Once you have installed Claymore on your computer, please copy/paste the „bat“ file in the order of the mining application (Claymore) and    with a double click on it let it run.

You can also find a step-by-step video guide on our website or under the following YouTube link.

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