A miner gives up some of their autonomy in the mining process by joining a mining pool. Typically, they depend on the conditions set by the pool that determines how to approach the mining process. They also need to share any potential rewards which means that a person joining a pool has a lower dividend.
According to blockchain.com, few mining pools such as AntPool, Poolin and F2Pool dominate the bitcoin mining process. Many pools combine much of the authority to manage the Bitcoin protocol, although it takes a decentralized effort. According to some cryptocurrency fans; The existence of a small number of powerful mining pools goes against the decentralized nature of bitcoin and other cryptocurrencies.
CandleFocus Editor
Disadvantages Of A Mining Pool
Miners learn about the advantages and disadvantages that come along with joining a mining pool. The few powerful mining pools that exist receive the majority of authority when it comes to the Bitcoin protocol, leaving little decentralization among users.
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