Each participant in the mining pool individually contributes to the processing power of finding a block. If the pool finds a block, participants in the pool are eligible for a reward in the relevant cryptocurrency.
Usually, the reward is shared among participants according to the participants’ proportion to the processing power of participants or the work of all pool participants. In some cases, participants must show proof of work in order to be awarded.
Important Note: Awards are generally divided among miners according to agreed terms and their contribution to the mining activity.
Anyone looking to profit through cryptocurrency mining has the option to progress alone with their own dedicated device or join a mining pool where multiple miners (and their devices) come together to increase hash output. For example; pooling six mining devices, each delivering 335 megahash per second (MH / s) into a mining pool can generate a total of 2 gigahash of mining power, enabling faster processing of the hashing.
- CandleFocus Editor
How Does a Mining Pool Work?