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Definition: pool mining


Cryptocurrency mining is the process of adding new transactions to the blockchain, and the miner that successfully submits the block is rewarded with a small amount of the digital currency as well as transaction fees.

A massive amount of processing power is required to mine cryptocurrencies. For example, to mine one block of Bitcoin transactions, hundreds of machines each perform quintillions of calculations per second for about 10 minutes. See Bitcoin mining.

Private Groups
Companies as well as private individuals band together and form a pool to mine cryptocurrencies. A huge amount of crypto mining in the world is performed by large mining consortia.

Public Pools
A public mining network allows people to earn cryptocurrency by sharing their computer's processing power. The pool operator shares the rewards with pool members based on their processing contribution minus fees for running the pool.

There are cryptocurrencies coming into existence all the time that can be mined with ordinary computers or computers with stand-alone GPUs installed. See cryptocurrency mining, GPU and hash rate.




Honeyminer States It Clearly
Honeyminer's message is straightforward. Honeyminer also provides a calculator for potential customers to estimate their earnings depending on the power of their hardware. (Image courtesy of Stax Digital, www.honeyminer.com)