Figuring out what the Mining Pools are
It’s time to put the thinking caps on and figure out what a pool is for cryptocurrency mining. The mining pool is a server designed to divide a large computing task into smaller tasks that are solved using devices connected to the server while assessing the contribution of each particular device to the overall result.
If to look back at the history of mining, we can see that at the beginning of its development, anyone could be engaged in cryptocurrency mining. Purchasing exorbitantly expensive equipment was not of the first magnitude, but using the computing power of your computer or video card for this affair matters.
This type of mining is called solo mining. In this case, the miner takes all the rewards to himself.
However, with the development and improvement of equipment for mining cryptocurrencies, and, thereafter, with a rapid increase in the complexity of mining, single-handed mining has become increasingly difficult. And the miners began to pool in order to increase the likelihood of receiving their rewards. All the while, the remuneration was already distributed among all participants of the pool with the deduction of the commission of the pool itself, which organizes this association of computing power of miners. Absolutely, the more participants enter the pool, the more powerful it is. Thus, the higher the probability of each participant to receive their reward.
Currently, the mining pool is a serious business. The owner of such a pool earns a commission on each coin mined.
The list of mining pools is extensive but the vast majority of users work through bitcoin pools. The level of difficulty in mining such a cryptocurrency is so high that you cannot make a profit single-handed even with a super-mighty computer. Therefore, all new pools are being formed.
A lot of altcoins are younger than Bitcoin, so they are faster and easier to mine.
The focus of our current attention is ViaBTC.
In this ViaBTC review, we are going to speak about the nuances of working with this service, as well as cover its technical characteristics.
Flashbacks to ViaBTC creation
ViaBTC saw the light relatively recently. The project owes its appearance to investors from the Celestial Empire.
According to the words of the pool’s CEO, Haipo Yang, the ViaBTC platform can now be proud not only of an unprecedented level of user support but also the highest level of the assets protection.
Haipo Yang is actively engaged in the blockchain ecosystem and thus having an in-depth understanding of this field. He boasts an extensive work experience and began his career path from a position as a developer of Tencent Weibo. It’s safe to say that a significant infusion of funds and the use of deep tech, made the pool to quickly burst into the top among the correspondent market players.
ViaBTC developers came up to attract new users through loyalty programs and promotions.
At the end of 2017, when the cryptocurrency market was on a high right, the organization prepared fruitful financial incentives for newbies. As a side note, ViaBTC Cloud Mining technology operates in solo mode. The site operates in several languages to be available in the global arena.
Android and iOS mobile apps allow to monitor the hash rate and provide access to mining profits. Users also received a tool for calculating the profitability of mining on the site, for this Profit Calculator works.
One of the greatest ViaBTC Cloud Mining features is “Transaction Accelerator” – a service, due to which the priority of BTC transactions is increased.
ViaBTC provides three ways hitting the dancefloors in order to get remuneration payments.
The withdrawal of funds is carried out according to the rules depending on the method of cryptocurrency mining.
Take a look at the following payment types:
- Pay Per Share or PPS – payment after receipt of a share. Miners receive rewards only when they provide proof of work. The pool has this option by default. The commission is 4% per block and 2% per transaction;
- Pay Per Last N Shares or PPLNS – a reward is accrued for a certain number of shares sent by the miner. The commission is 2%;
- Solo – the miner considers himself, and the reward for the block found is only for him. The commission here is 1%.
Registration and the road so far
To create your own account on the ViaBTC, you need to open its official website and select the “POOL” section.
After that, you will be redirected to the pool page, where you need to click the “SIGN UP” button in the upper right corner.
In the registration form, you must enter the email address, go through the captcha, tick the “I agree …” box and click “SIGN UP”.
A letter with a verification code will be sent to your email. Copy the code and enter it in the corresponding field on the site.
The next step is to create a password and the account name.
After entering personal details, the site will redirect you to the two-factor authentication.
Download the Google Authenticator app on your smartphone and scan the generated QR code. Enter the numbers received by the app in the field and click the “SETUP” button.
Having done this, you will be taken to the personal account of the pool.
The digital currencies available to mine
The ViaBTC pools support the mining of 14 cryptocurrencies:
Only Ether (ETH), Classic Ether (ETC) and Monero (XMR) can be mined with video cards, the other coins are profitable only for devices on integrated circuits (ASICS).
Join ViaBTC pools page to keep up with daily profits and coin prices.
Is ViaBTC safe?
It’s safe to say that all the contributing partners are protected by the terms of their contracts, that is why they can be assured when they invest. But is ViaBTC legit? – a pretty reasonable question for each and every “fledgling”. The company boasts a proven track record and it firmly stays on the ground.
All the potential investors need to realize that coins pricing experience roller coaster rides so the mining difficulties are reconciled every week. If the price goes down or values up, the shares usually go down.
Let’s be clear on the issue if ViaBTC scam or not.
ViaBTC developers have extensive experience in other fintech projects and an in-depth understanding of deep tech processes. The team of idea-driven professionals is interested in providing qualitative and transparent services.
On a final note
The ViaBTC Cloud Mining review highlighted that the project refers to large cryptocurrency mining sites. What is equally important, the pool supports 14 cryptocurrencies. The сloud mining, transaction accelerator, an online calculator all together bring grist to their mill. The values of the company resonate with the desires of common people. The project’s motto is “Making the world better through Bitcoin”.
Join the ViaBTC official website and explore all the goodies yourself. Happy mining!