Last Updated on February 6, 2021 by Ope Quadri
Some cryptocurrency traders want to take a step further by earning a passive income by searching for the best bitcoin mining pool sites to join most especially at a time the world is witnessing a spike in the price of the cryptocurrency.
In this post, we will share with you some cloud mining platforms that allow you to use the computing power of mining equipment hosted in specialized data centres without owning ASICs or any other very expensive mining equipment.
All you need is your laptop, good internet connection, power supply, recommended software, and start mining to start earning.
If you’ve been following the trend in blockchain space, you can see that the excitement among crypto enthusiasts is driven by the new path crypto is toeing.
To add to the excitement, one of the many cryptocurrency predictions says bitcoin could be as high as $341,000/1BTC by 2025.
Why you should get involved
After the 2017 all-time highs on major cryptocurrencies, the world saw a negative outlook until the beginning of 2020.
Altcoins started picking, thanks to the impressive performance of bitcoin, which has also seen bitcoin miners making $522 million in November 2020.
This has proven that the cryptocurrency space is promising, driving the demand for BTC, ETH mining, it is increasingly becoming competitive in the market.
Findings have shown that “Bitcoin and other cryptocurrencies mining are continuing to grow, just the same as last year,” the co-founder of F2Pool Chun Wang was quoted as saying in a post.
According to him, as a spike in the price of bitcoin and altcoins is making mining more profitable, “more people are willing to participate in mining now,” he said.
But have you asked yourself if you can I independently procure an ASIC mining ring, one of the major equipment?
ASIC is an acronym for Application-Specific Integrated Circuit chips which is special hardware designed for mining Bitcoins or other currencies based on an algorithm.
Apart from being highly expensive, the manufacturing of ASIC mining ring is time-consuming, but it’s capable of processing as many as 14 terahashes per second (making 1012 attempts to solve a block per second), that’s an astonishing speed.
So, your best option is to join legit bitcoin mining pool sites if you can’t afford ASIC mining ring.
The good news is: There are more than 50 mining pools out there and more are emerging because of the high demand for it.
For example, a crypto trading company Binance launched its own mining pool for Ethereum a few weeks ago.
So, let’s get started.
How Does Bitcoin Mining Pool Work?
A cryptocurrency mining pool is a server that combines the computing power of all the participants connected to it.
Participants join the pool over the internet, reallocating their hardware to the pool by jointly performing mathematical solutions to find blocks of a specific cryptocurrency.
When the pool finds a block, the pool obtains a consensus from other network participants, then receives a reward.
The reward is shared among all members of the pool in accordance with the amount of hash rate provided by the participants.
What’s the best mining pool to join?
You need to know the size of the pool before joining. The more participants you have in a pool, the higher the chances of discovering a block and the less profit each participant receives.
The limited member you have in a pool, the lower the chances of discovering a block i.e it takes more time to discover a block, but the higher the profit each member receives.
This is because you have more to share among limited members compared to a pool with more participants. You can decide on the most suitable mining pool site for you.
What You Need To Know Before Joining a Bitcoin Mining Pool
- Crypto wallet
- Minimum payment
- Number of participants
- Ping time
- Size of minimum payout
You need to get your own bitcoin or Ethereum wallet depending on the coin you want to mine to receive your payout.
Your crypto wallet allows you to manage your Bitcoin addresses, which are technically stored in the Blockchain).
Each bitcoin address has a form of a public key and matching private key which comprises of a unique combination of characters like this: 19eurlT2vbmXykc29hfQx5g4f2ku1fJemr.
Your crypto wallet works basically like your bank account number which you can receive Bitcoins from somebody if you send your public key to him.
Find out the minimum payment. What’s the minimum amount of crypto that must be mined before it will be sent to your wallet? Know the minimum payout before signing up.
Number of participants
The number of participants in a pool affects your income. For instance, if the minimum payment is high, then you’ll have to be part of the pool for a long time before receiving income.
Also known as time delay, it is a result the user’s computer needs to transfer information to the pool.
The time delay largely depends on territorial distance — the lower the ping, the lower the time delay and the faster the data is transferred, “a comfortable ping is up to 10 milliseconds” says Cointelegraph’s Elena Perez.
Size of minimum payout
To get paid on time, the minimum payout should not be too large. The larger the minimum payout, the longer it takes to receive payment.
Which of crypto can I mine?
Most of the crypto cloud mining sites focus on the top two cryptocurrencies:
- Litecoin etc
Cost Of Joining Bitcoin Mining Pool
Participation in any pool does not require a huge investment or extensive knowledge, reliable internet connection and power supply can get you started.
However, you must note that you will pay a certain percentage (it varies from 1% to 3%) of your income for participating.
The percentage goes to the crypto mining pool site. For instance, Binance ETH mining pool is offering a no-fee for the first month of joining.
On some cloud mining website, you’ll have to choose a package suitable for you. Read the T&C before choosing any of the packages.
14 Cryptocurrency Mining Pool Sites You Can Join In Nigeria
Now, you know that it’s capital intensive to purchase ASIC miner, the reason for cooperation between miners.
Below are some bitcoin cloud mining sites Nigerians can participate in:
- Genesis Mining
- Binance Pool
This is one of the oldest Chinese pools which was founded in 2013 with bias in bitcoin mining.
F2Pool uses Pay Per Share+. The pool determines the cost of each share independently, taking into account the network complexity, reward, block time and the pool’s own power.
Commission: Between 1% to 5%.
Withdrawal: Miners must withdraw the earned money within 90 days, otherwise if will be forfeited to the development of the platform.
Binance is popular for its intuitive crypto trading platform, however, it has stepped up its game through its mining pool.
After launching Binance BTC mining pool in April 2020, it added Ethereum to its mining service.
The firm announced in November that ethereum miners for the first month would enjoy zero-fee, meaning the money made from mining all goes into your wallet without any commission.
Commission: 0.5% commission shall apply after the zero-fee regime promo
To setup Binance mining pool account, you need to use a Windows or Linux operating system, GPU (NVIDIA or AMD graphics card memory of 4G minimum), 5GB virtual memory for each GPU, and mining software such as HiveOS or Easy Miner and follow the instructions
Payment methods: Full Pay Per Share.
Another beauty of binance mining pool is that it has what it calls smart pool, which enables participants to automatically switch hash rates in order to mine the most profitable of three supported coins based on the SHA- 256 algorithm.
Supported coins include:
- Bitcoin (BTC),
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
Payment is made in BTC.
Binance Pool does not have a minimum payment threshold for ETH mining, and the daily mining revenue is directly paid out to users’ pool wallets.
With its office in London, 459 ASICs, 644 mining rigs, CCG Mining is one of the top-notch cloud bitcoin mining sites operating in more than five countries around the world.
Its services include mining rigs sale and cloud mining contracts for those who choose to mine.
All you need to do is access the CCG Mining price page, choose what to buy (Mining Rigs or Cloud Mining Contracts), you can also select custom plans.
The following cryptocurrencies can be mined on CCG:
SlushPool is the biggest and the very first pool in existence and is considered one of the most legitimate mining pool with more than 1.2M Bitcoin mined since its establishment in 2010.
It has great features such as advanced payouts and monitoring features, and a safe learning environment without the need to connect your mining hardware.
With its hi-end mining facility in Iceland, Genesis is a cloud mining site which is available for Nigerians who are interested in making extra money from performing mining tasks on the internet.
Genesis Mining allows interested users to participate in bitcoin mining without the hassle of buying ASIC rigs.
Opinion: SlushPool is far better than genesis mining in a number of areas, we’ll cover this in another post.
Commission: Unfixed because the commission is set for each of the cryptocurrency and 2.5% fee for Bitcoin.
Poolin cloud mining uses ASICs and GPUs from Nvidia and AMD. The platform is regularly updated, making the platform one of the best mining sites in terms of stability of service.
You need to subscribe to a premium package to have meaningful participation in mining on hashing24. The minimum package is 20$.
Apart from that, hashing24’s cloud-mining isn’t intuitive and focuses on only bitcoin.
Controlled by Bitmain, a reputable mining equipment manufacturer, BTC.com produces a line of ASIC miners under the Antminer brand. It’s based in China.
Year of establishment: 2013.
The following cryptocurrencies can be mined on BTC.com
- Bitcoin Cash
SpiderPool is one of the most well-known mining platforms among Eth miners. It also supports other coins like BTC, BSV and BCH.
Minimum payout: It depends on the coin, however, the payout is made once per week. Miners don’t have to wait for minimum threshold.
Ether, Ethereum Classic (ETC), Zcash (ZEC), Monero, Ravencoin (RVN) and Pascal (PASC) are mined on Nanopool which uses GPU cards.
Minimum payout: 0.05 ETH
Payment method: PPLNS
Payment also happened every stage of the mining as soon as the miner’s account balance exceeds the set minimum value, it will be paid during the next round of payment.
Just like hashing24, you need to get mining plans on ScryptCube to start mining.
Just like BTC.com, AntPool is owned by Bitmain which was launched in 2014 with lots of mining options to choose from.
Payment method: Daily by using Pay Per Last N Share (PPLNS)
This payment method is flexible provided you able to find a block, it is based on pool luck.
Launched in 2018, SparkPool is registered in China and it’s one of the leaders of Ether mining.
Method of payment: PPS+
It uses Ethash algorithm.
Minimum payout: 0.1 ETH.
Withdrawal fee: 1%.
Ethermine is another popular pool dedicated to Ether mining with its pool servers located in Europe, Asia and the United States.
Let the mining beging!
How to start mining cryptocurrency:
- Step 1: Connect your miner to a power outlet,
- Step 2: Link it with computer
- Step 3: Install mining software
- Step 4: Fill in your information about your wallet and mining pool into the mining software
- Step 5: Choose a device and start mining
You don’t really need to dedicate millions of dollars for the procurement of mining equipment. You can join any of the bitcoin mining pool sites listed above to join thousands of people who are making millions from mining crypto every second.
Don’t forget to keep track of the news from the crypto world to stay on top of your game.