Hi, everyone you probably know about how miners get a reward when they mine a block. but some of you confused about pool mining and one common question which is better pool mining or solo mining? If you confused with this then this is a perfect article for you as a beginner. let's start
How miners get a reward?
Basically, miners are mine a block (cryptographical puzzle by their computing power, when they able to mine a block means
a cryptography puzzle some amount of coins will be given as a reward. for bitcoin block reward started at 50 BTC per block till 210,000 blocks. but day by day the difficulty label is increased so based on the algorithm bock mining time will be increased.
Solo mining :
Solow mining is nothing but mined by a single computing power. the problem of slow mining is it takes a long time to mine a block.
The advantage of Solo mining :
The best part is when a slow miners mine a block he/she will get the total reared amount.
Pool Mining:
As I said earlier that day by day difficulty label is increasing so it is very difficult to mine a block by a single computing power.So the concept pool ming concept came. Pool ming is nothing but a group of person will share their hash power(Computing power) so that the total hash power will be increased it will help to mine a block very easily.
when it will mine a block it will share a percentage of the total rewarded amount.
Advantage:
Without waiting a long time you will get rewarded form your pool group.
Disadvantage:
Before joining any pool you should check properly about the company and always check the pool reward percentage.
Hope you will like this article!
Let me know what you think about mining!