“In the context of cryptocurrency mining, a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block. A “share” is awarded to members of the mining pool who present a valid partial proof-of-work.”Source: https://en.wikipedia.org/wiki/Mining_pool
A notion “mining pool” refers to a group of cryptocurrency miners who merge their computational resources over a network. Individually, participants in a mining pool add their processing power toward the effort of finding a block. If the pool is successful in these efforts and is rewarded with cryptocurrency tokens as a result, the mining pool divides up these rewards to individuals who contributed according to the proportion of each individual’s processing power or work relative to the whole group.
Understanding a Mining Pool
After successful completion of the cryptocurrency mining procedure, miners receive a reward, typically in the form of the related cryptocurrency, namely Bitcoin Subsidium (XBTX) in a case of BLUEPOOL.
Commonly, the reward is shared among the miners in respect to the agreed terms and on their respective contributions to the mining activity through the production of valid proof of work.
Considering Transcendence devices, with the founding of BLUEPOOL solo mining ceases to be profitable, but by plugging into BLUEPOOL, each device will receive a fraction based on its computing power.
How BLUEPOOL will work?
BLUEPOOL will cover a wide scope of Transcendence POW devices. First of all xMINER, BLUEBOX and BLUEPHONE. Each of these devices will participate in a pool and mine Bitcoin Subsidium (XBTX).
Bluepool will be on domain www.bluepool.club
Message from CEO:
The Pre-Mine is set to be launched at Wednesday and will last 30 days. Pool Specs are: 0 fee, payout to miners happens automatically when pool finds 10 blocks (50 XBTX which are shared with miners). Good luck while digging for digital Gold : )
Different types cryptocurrency mining pools work in different ways. Anyway, proportional mining pools are among the most common. In BLUEPOOL, miners that contribute to the pool’s processing power receive shares up until the point at which the pool succeeds in finding a block.
How useful was this post?
Click on a star to rate it!
Average rating / 5. Vote count: