A mining pool is a collective group of cryptocurrency miners who combine their computational resources to increase their chances of successfully mining new blocks and earning rewards. Mining pools are particularly prevalent in proof-of-work (PoW) blockchain networks like Bitcoin. By joining a mining pool, miners can achieve a more consistent and predictable income compared to solo mining, where the chances of successfully mining a block are lower. Mining pools distribute rewards proportionally based on the amount of computational power contributed by each miner. Understanding mining pools is essential for those interested in cryptocurrency mining as a collective effort.
Mining Pool
CRYPTO GLOSSARY
Blockchain
- Altcoin
- Block
- Blockchain
- Confirmation
- Cross-Chain
- Crypto Glossary
- Cryptocurrency
- Cryptography
- Custodial Wallet
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- Decentralization
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- Ether (ETH)
- Fork (Blockchain Fork)
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- Node
- Non-Custodial Wallet
- Open-Source
- Oracle
- Oracles (Blockchain Oracles)
- Private Blockchain
- Private Key
- Proof-of-Stake (PoS)
- Public Key
- Public Key Infrastructure (PKI)
- Richard Heart
- Satoshi Nakamoto
- Seed Phrase (Recovery Phrase, Seed Words)
- SLIP-0039
- Smart Contract
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Crypto Finance
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- Circulating Supply
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- Volatility
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Crypto Security
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- BIP-39
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- Decentralization
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- Fake Airdrops
- Hardware Wallet
- Immutable
- KYC (Know Your Customer)
- Malware
- Open-Source
- Passphrase
- Pharming
- Private Key
- Public Key
- Public Key Infrastructure (PKI)
- Seed Phrase (Recovery Phrase, Seed Words)
- Shamir Backup (Shamir’s Secret Sharing)
- SLIP-0039
- Smart Contract Audit
- Trojan
- Two-Factor Authentication (2FA)
- Virtual Private Network (VPN)
- Wallet
- Wallet Address
- Zero-Knowledge Proof (ZKP)
- Zero-Knowledge Proofs (ZKPs)
- zk-SNARK