Cryptocurrency is not only an alternative to traditional money, but also a tool for earning money. Processing transactions on a coin network requires computing power. Its source can be computers, ASICs and other devices. With their help, transactions are collected into blocks that form the cryptocurrency blockchain.
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For using computing power, users receive a reward in the form of coins released into circulation with their help. A new batch of cryptocurrencies appears at the moment of formation (finding) of a block. This process is called mining, and its participants are called miners (cryptocurrency miners). You can learn more about work in this direction from our material.
In order to earn more from mining, users combine the computing power of their devices. The decision increases the chances of receiving a reward, which is subsequently distributed among all participants.
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Platforms for pooling the computing power of miners are called pools. Unfortunately, not all platforms offer truly favorable working conditions. Some hide commissions, others prevent the withdrawal of earned funds.
To avoid pitfalls when choosing a platform, the BeInCrypto editors analyzed the 5 largest Bitcoin (BTC) mining pools.
What else you need to know about Bitcoin mining
Bitcoin hashrate – the total computing power of the cryptocurrency network – is formed from the indicators of miners’ equipment. Since mining pools bring together coin miners, they take up the majority of the statistics. As of June 16, 2020, the distribution of the latest Bitcoin blocks mined over the last 24 hours is as follows:
Data: btc.com
However, most of the miners are located in China. Over 65% of Bitcoin's computing power is concentrated in China. Russia, by the way, accounts for only 6.9%.
Map of BTC hashrate distribution by country. Data: Cambridge Center for Alternative Finance
Due to the high level of complexity of cryptocurrency mining, ASICs remain the main device for mining bitcoins.
Let us remind you that in May of this year, the BTC network underwent halving - a halving of the block reward. As a result, payments for finding a block in the Bitcoin network dropped to 6.25 coins. On the graph you can see a decrease in the profitability of BTC mining:
Data: Blockchain.com
The next reduction in Bitcoin mining rewards will take place on the cryptocurrency network in 2024. For four years, miners can work without fear of global changes.
There is an alternative way to mine coins in the digital asset market – cloud mining. You don’t need any equipment to operate – it is provided by providers. One of the most profitable cloud mining operators is the StormGain . With its help, you can earn your first coins in just 4 hours.
The software doesn't see the ASIC?
In such cases, resetting the settings on the miner and scanning 192.168.0.1 - 192.168.1.255 helps. Well, your own subnet should also be within these limits. DHCP may be active on the router and it will issue a “random” IP to the miner.
Also on the command line, run arp -a and you will see all the addresses on the local network. If you know the MAC address of the ASIC, then great, if you don’t know, then go through all the addresses in turn, those at the beginning of the list have a MAC.
Video: Mass configuration of stratums and workers in BTC tools
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Top 5 mining pools
For the review, we selected 5 pools, which at the time of writing the review occupy the majority of the Bitcoin network hashrate.
F2Pool
The Bitcoin mining pool F2Pool is in first place. Over the past 24 hours, its participants have mined 18.7% of the total number of mined BTC. The share of the F2Pool hashrate is 20.74 EH/s. The platform commission is set at 4.80% from each mined block.
F2Pool interface
The Chinese platform F2Pool, launched in 2011, has not been translated into Russian. Work in the project is available to users from more than 100 countries, including Russia. F2Pool miners have access to mining more than 40 cryptocurrencies operating on the PoW algorithm. To connect to the pool you must register.
BTC.com
The platform, with the share of blocks mined per day at 14.7%, took second place. The BTC.com hashrate stopped at 16.30 EH/s. The commission for each block mined by the pool miners is set at 4.27%.
The launch of the Chinese platform BTC.com took place in 2013. The project is under the control of the largest manufacturer of mining equipment, Bitmain. The site has not been translated into Russian.
In addition to Bitcoin, you can mine a number of other cryptocurrencies from BTC.com, including Bitcoin Cash and Litecoin. Representatives of the mining pool keep statistics on the income of their users. The maximum values, at the time of writing the review, are as follows:
Income of BTC.com miners
To work on BTC.com you need to go through the registration process.
Poolin
Bronze went to the mining pool Poolin, whose users mined 13.3% of the total BTC mined in 24 hours. The platform hashrate was 14.82 EH/s. For each block mined using Poolin, miners are forced to pay a 5.01% commission.
The launch of the Chinese site took place in 2022. Poolin has been partially translated into Russian. In some places, due to translation inaccuracies, it is difficult to understand what exactly the project representatives meant. For example, “hashrate”, according to the Poolin developers, in Russian is “hasharat”.
Poolin interface
In addition to BTC, eight other cryptocurrencies can also be mined in the mining pool. For example, Bitcoin SV and DASH. To get started, you need to register.
AntPool
Fourth place, with a result of 10% of the total number of bitcoins mined for 24, went to the AntPool mining pool. The platform hashrate was 11.11 EH/s, and the commission for the found block was 5.06%.
AntPool Interface
AntPool is a Chinese project launched in 2014. Just like BTC.com, the pool is controlled by Bitmain. In addition to BTC, you can mine 18 other cryptocurrencies on AntPool, including the anonymity-oriented coins Dash and Monero. Only an English-language interface is available for operation.
Huobi.pool
The top five is closed by the mining pool Huobi.pool, whose users mined 8.7% of the total volume of BTC mined over the past 24 hours. The platform hashrate stopped at 9.63 EH/s. For each block mined, Huobi.pool users pay a commission of 4.32%.
Huobi.pool interface
Chinese mining pool Huobi.pool belongs to the popular digital asset exchange Huobi. The mining pool was launched in 2022. In addition to Chinese, the platform is also translated into English. More than 40 coins are available on Huobi.pool.
Payment of rewards and commissions
Settlement period: 08:00 (UTC+
- 08:00 (UTC+) the next day. Once the profit calculation is completed, the money will be transferred to your Binance Mining Pool account.
The pool commission is 2.5% of earnings. During the first month after the launch of Binance Pool, miners mined Bitcoin without paying for the service. If the power of your equipment is calculated in Ph/s, you can apply to participate in the Binance Pool Zero Commission Fee at https://docs.google.com/forms/. To learn more about the VIP program, email [email protected] .
Withdrawal of funds
To withdraw funds to a personal wallet or sell on an exchange, you must first transfer them to Spot Wallet . Then you can go to auction, withdraw funds or deposit at interest.
If you have a verified account on the exchange, you can immediately profitably sell tokens for fiat; very good counter offers can be found on the P2P platform of the Binance exchange.
Transfers from one account to another are not subject to commission, but for withdrawal to a third-party service you will need to pay 0.0004 BTC. The minimum withdrawal amount from a spot wallet is 0.001 BTC.
Express comparison of pools
| Pool | Percentage of BTC mined per day | Hashrate | Commission for mined block | A country | Is there Russian language |
| F2Pool | 18,7% | 20.74 EH/s | 4.80% | China | No |
| BTC.com | 14,7% | 16.30 EH/s | 4.27% | China | No |
| Poolin | 13,3% | 14.82 EH/s | 5.01% | China | Partially |
| AntPool | 10% | 11.11 EH/s | 5.06% | China | No |
| Huobi.pool | 8,7% | 9.63 EH/s | 4.32%. | China | No |
Those who are not satisfied with the conditions of popular sites can create a mining pool with their own hands. To do this, you will need to create your own platform and recruit participants.
Dual currency investments
Don't rush to sell your earned assets. Crypto is growing in price, and so that it does not lie as a dead weight on your wallet or exchange deposit, you can invest it, for example, at good interest rates.
In the “Bi-currency investments” section, cryptocoins Bitcoin and Ether are accepted. Dual-currency investments are a high-risk, high-return product that does not have a principal protection mechanism. Users can make profits in different currencies depending on the settlement price. The client chooses how much money he will deposit and the settlement date. The main thing is to place your bet correctly. Select the desired coin and click “Subscribe”. For example, you choose
- Etherum underlying asset;
- Subscription amount 1 ETH;
- Execution price $5,000;
- Delivery date 12/03/2021.
The execution price is a fixed price at which the deposit currency is converted into an alternative currency when the product is executed. Dividends may be paid in Ether or BUSD depending on the price of the underlying asset on the delivery date. Interests may change constantly, but for a particular user they are fixed at the time of subscription. So, what can you earn by depositing 1 ETH before 11/21, if the settlement date is 12/03, and the execution price is $5,000.
- If the final settlement price is ≥$5,000, you will receive 5,036.84 BUSD.
- When the final settlement price is <$5,000, you will receive 1.0067 ETH.
If you bet on a fall, the subscription amount is calculated in stablecoins. For example, you bet that Ethereum will fall to $4,000, deposit 1,000 USDT.
- When the final settlement price is >$4,000, you will receive 1,008.89 USDT
- When the final settlement price is ≤4,000$, you will receive 0.24021 ETH
Subscriptions cannot be cancelled, so think carefully before bidding. Before you start using the product, you will need to take a short test . You won't succeed on the first try, you can repeat until you answer 6 questions
Pool Savings
There is an easier way to earn extra money using crypto assets mined on Binance Pool. If you have already saved up some amount, go to the Pool Savings section and put your crypto at interest. You can take it back at any time, but in order to get at least some income, you need to keep it for at least one day.
Where to store cryptocurrency earned in mining pools
Many people prefer to store digital assets in wallets. Previously, the BeInCrypto editors reviewed the top 5 most popular options in 2020. An alternative is to store cryptocurrency on an exchange. This option is suitable for members of the crypto community who want to increase their earnings through trading operations with coins. An important criterion when choosing an exchange is the ability to maintain anonymity.
Confidentiality when working with digital assets is especially important for members of the crypto community from Russia. Amid attempts by local authorities to regulate the crypto space, open transactions with a new financial instrument may attract the attention of the tax and other departments.
The solution to the problem is to work on a completely anonymous trading platform. For example, on StormGain . In addition to the opportunity to maintain confidentiality and avoid prosecution by regulators, the following points can be highlighted among the advantages of the exchange:
- Quick registration.
- Wide range of tools for working with digital assets.
- Profitable referral program.
- Operational support service.
- Good reputation. During the operation of the trading platform, not a single critical problem was recorded.
Another advantage of StormGain is the presence of a bonus program. Anyone who registers via the link will have access to a bonus of 25 USDT for replenishing their deposit .
Wallet Features
Safety. Unlike other online wallets, BTC Wallet does not store user keys on its servers. This ensures that users retain control of their coins even if the resource is hacked.
Confidentiality. When registering a wallet, you do not need to enter personal data, just an email and password.
Sending funds to recipients from the contact list. Mobile apps allow you to send coins to people in your phone's contact list without entering a Bitcoin address.
Multisignature. The wallet allows you to sign transactions to enhance security or share responsibility for owning coins. Bitcoin Cash support. After the Bitcoin blockchain split, the wallet added support for its fork.
Drawing conclusions
Most of the popular mining pools come from China. To work on them you will need knowledge of English or an online translator. To other conclusions:
- Despite the fact that all participants in the top 10 most popular mining pools are from China, cryptocurrency miners from Russia can connect to them.
- Two of the five most popular mining pools are controlled by the largest manufacturer of mining equipment.
All platforms charge a commission. Minimum rates are set on BTC.com.
- Before you start, it is important to know what a mining pool and cryptocurrency mining is. Without understanding the details, you cannot achieve maximum productivity.
- Mining pools are not the only way to mine cryptocurrency. There are also alternative options. One of them is a mining farm.
When choosing a site to work with, it is important to make sure that the pool supports mining the cryptocurrency you are interested in.
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Firmware
You can find original firmware for ASIC on the Bitmain website.
Video: Mass flashing of ASICs in BTC Tools
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Select the firmware and follow the instructions.
Preparation stages:
- Download and install Notepad++ to edit configuration files:
- Download and install BTC Tools
- Windows
- Linux
- Download the SSH Unlocker archive to unlock SSH and replace the certificate.
- Unzip the SSH Unlocker archive.
- Launch BTC Tools.
- The program uses the default username and password that are installed on all Antminer devices.
- If the Internet password has been changed, it must be changed in the program.
- To do this, click “Settings” and in the “Miner Login Passwords” window, replace the password with a user one.
- Confirm the action by clicking “OK”.
- Scan the network by clicking the “Scan” button.
- After scanning, export the CSV file by clicking the “Export” button.
- Next, open the CSV file using Microsoft Excel or any other program that supports this format. Copy the list of IP addresses from the table.
- Go to the folder with the SSH Unlocker utility. Right-click on the ips.ini file and select “Edit with Notepad++”.
- Paste the list of IP addresses and save the file.
- Note: the list must not end with an empty line.
- The config.ini file uses the default username and password that are installed on all Antminer devices.
- If the password has not changed, the same will happen on ssh. In this case, it is necessary to replace the standard password with the one that the user has.
- To do this, right-click on the config.ini file and select Edit with Notepad++.
- Change the password in the web_pass = and ssh_pass = lines.
- Run the script 1_open_ssh.cmd and wait for it to complete. While the script is running, the devices will be overloaded. Wait about 5 minutes.
- Run the script 2_upgrade_replace.cmd and wait for it to complete.
Ready! S17\S17pro\S17+ is ready for flashing.
