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What is Bitcoin Mining Pool?

In the domain of crypto currency mining a mining pool is the procedure whereby we pool the resources available for the process of mining held by different people to aggregate their processing power via a network. Ultimately the reward of mining is distributed in proportion of their contributed amount of processing power resources. A share is the award; which the members making up a particular mining pool are given; provided they verify their proportionate proof of work. 

The concept of a Bitcoin mining pool came up where it was realized that individual resources which are used for the process of mining are no longer sustainable enough to cope up with those miners having high-profile cryptocurrency mining equipment such as application specific integrated circuits. As such it was the prerogative of the miners who were having less resource intensive hardware to pool their individual resources at their disposal to make up high grade mining capability. Ultimately the only solution which proved to be viable enough to provide enough mining capabilities to such miner which have low end mining hardware such as central processing units – was pooled mining. There is availability of many kinds of mining pool methods such as Pay-per-Share, Proportional share, Bitcoin Pooled mining, Pay-per-last-N-shares, Geometric method, Double Geometric method, Multi-pool mining. The most prevalent of these Bitcoin Gold mining types is the multi-pool mining method. In this method of multiple mining individual miners share their resources between different kinds of alternative crypto currencies and are in regular touch of the latest pricing of the cryptocurrencies. They share and change their loyalty towards different pools based upon the most profitable cryptocurrency. The constant calculation of the profitability per mining resource deployed – is the basis of multiple mining methods. Using this method of multi-pool mining it become possible to earn more cryptocurrency then the traditional mining methods of single pooled cryptocurrency mining.

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