4 ms·
I just found out about mining pools; interesting idea to spread the risk of not finding any bitcoins for a long time. Why would a user with such massive mining
by DoubleCluster 14y ago
I just found out about mining pools; interesting idea to spread the risk of not finding any bitcoins for a long time. Why would a user with such massive mining speed need this though? Wouldn't it be more efficient for him to bear the risk himself and earn a bit more?
- SlipperySlope 14y agoAt the moment you are correct. But pool mining software is very easy to configure and maintain, and anyway within a few months there will be many more rigs mining at this rate - and thus justifying using the pool. When I was running mining rigs in 2011, I used BTCGuild as they had very reasonable fees.
- shocks 14y agoHe risks not finding a block at all, and wasting his early advantage. This kind of mining won't last very long because soon more people will have ASICs and it will become much harder to compete.
- wmf 14y agoHe may be using the pool for bragging rights.
- path411 14y agoI would assume it's much easier to join a pool rather than create his own pool for his devices to use.
- pdog 14y agoA mining pool significantly lowers the volatility and yields a more consistent rate of return. The difference in expected return isn't much: an effective fee of approximately 1%.