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How to join a Bitcoin mining pool
Each mining pool will have their requirements for you to join. However, the vast majority will require you to do the following:
- Register an account with the mining pool
- Configure your mining software to connect with the mining pool
- Provide the mining pool with a Bitcoin address for your payouts
Remember that not all Bitcoin mining pools are public, which means you can join them. Some pools, like BitFury, are private and cannot be joined with a mining setup at home.
Mining pool rewards
Each Bitcoin transaction block currently produces a reward of 12.5 BTC. These Bitcoins are shared among the miners contributing to the pool. There are also transaction fees to be earned in addition to the initial 12.5 BTC reward for processing the transaction block. The transaction fees can range from 1-2 BTC per block, depending on the current Bitcoin transaction fees. Some mining pools share these transaction fees with their miners, whereas others keep them to themselves.
Mining pool fees
Some mining pools require their miners to pay a percentage of their earnings for the privilege of using the pool. The costs can range from as little as 1% to as much as 10%. However, the pools that do charge their miners fees tend to stay below 3%. It’s always worth shopping around to find a mining pool that costs less — or nothing at all.
Taxes on your Bitcoin
Whether or not you have to pay taxes on your earnings depend on where you live. It’s probably safest to assume that your mining yields will be treated as a taxable income. Do some research or consult a professional accountant to make sure you’re playing it safe.
The Best Bitcoin Mining Pools
Although it’s getting increasingly more challenging to mine Bitcoin on your own, there are several Bitcoin mining pools you can join. The vast majority of Bitcoin mining pools are in China, but that is rarely an obstacle keeping others from participating. Here are the top 10 biggest Bitcoin mining pools:
1. BTC.com
Country: China
Established: 2015
Share: 17.93% of all blocks
Can you join: Yes
2. AntPool
Country: China
Established: 2015
Share: 14.40% of all blocks
Can you join: Yes
3. SlushPool
Country: Czech Republic
Established: 2010
Share: 11.96% of all blocks
Can you join: Yes
4. BTC.top
Country: China
Established: 2014
Share: 9.24% of all blocks
Can you join: Yes
5. F2pool
Country: China
Established: 2013
Share: 9.24% of all blocks
Can you join: Yes
6. ViaBTC
Country: China
Established: 2016
Share: 8.97% of all blocks
Can you join: Yes
7. Poolin
Country: China
Established: 2014
Share: 5.71% of all blocks
Can you join: Yes
8. BitFury
Country: Georgia
Established: 2014
Share: 3.53% of all blocks
Can you join: Yes
8. BitClub
Country: China
Established: 2014
Share: 2.72% of all blocks
Can you join: Yes
10. DPOOL
Country: China
Established: 2014
Share: 2.45% of all blocks
Can you join: Yes
