One of the first questions thatanyone interested in mining cryptocurrencies faces is whether to mine solo or join a ‘pool’. There are a multitude of reasons both for and against mining pools. However, if the hash rate distributionacross the bitcoin network is anything to go by (and it is) then most miners are opting to join a pool. Here’s what you need to know.
If you’re deciding whether to join a mining pool or not, it can be helpful to think of it like a lottery syndicate – the pros and cons are exactly the same. Going solo means you won’t have to share the reward, but your odds of getting a reward are significantly decreased. Although a pool has a much larger chance of solving a block and winning the reward, that reward will be split between all the pool members.