To ensure your maximum benefit, we’ll examine the top 9 Bitcoin mining pools for the Whatsminer M50 Series in this article.
With Bitcoin being the most profitable, the Whatsminer M50 series of miners can mine a number of different coins. If you want to earn money mining Bitcoin, it makes sense to sign up for a mining pool.
The best Bitcoin mining pools are those that use a variable difficulty algorithm, allowing for the assignment of more challenging tasks to participants with higher hash rates and less challenging tasks for less powerful miners. The majority of pools use this kind of algorithm.
In this tutorial, mining pools for Bitcoin are covered. These pools can also be used to mine other cryptocurrencies that use the SHA-256 algorithm. All the pools on the list, though, can be used to mine numerous additional Proof of Work algorithms.
Table of Contents
What Are Bitcoin Mining Pools?
New Bitcoins enter circulation as a “prize” for miners who managed to guess the solution to a mathematical problem. The successful miner gets to update the blockchain with the newest block and add it to the list of Bitcoin transactions.
By design, the math problem becomes harder to solve as you have more miners, and vice versa. This system, known as “mining difficulty,” was created to control the inflow of new Bitcoins into the system (i.e. to prevent inflation).
The rise in popularity of Bitcoin caused the mining difficulty to soar, effectively making small home-based mining operations obsolete. As more and more people got involved in mining, the difficulty of the mining increased to the point where it was no longer profitable to mine with a home operation.
Add the up-front and ongoing expenses associated with home mining (gear purchases, electricity costs, etc.) and not only you’re not making a profit, you’re actually losing money.
Enter mining pools.
The basic concept behind mining pools is that they are collections of miners who pool their mining resources to increase their hashing power (i.e. computing power). Your chances of forming a block and earning the mining reward are better the more hashing power you possess.
Miners are able to solve issues more frequently with mining pools than they would alone. The rewards are then distributed among the pool members based on the hashing power that each person’s equipment contributed to the final answer.
The person who created the mining pool will typically charge a fee as well. Along with fees, other parameters, and payment methods, the pools have differences.
Best Bitcoin Mining Pools For Whatsminer M50 Series
- Antpool – Best for Remote Management of Mining Activity
- Slush Pool – Best for BTC Mining & Advanced Payouts
- F2pool – Best for Bitcoin, Ethereum & Litecoin Mining
- BTC.com – Best for Low Withdrawal Fees
- Binance – Best for Boost Your Mining and Maximize Revenue
- Via BTC – Best for One-Stop Mining Services
- Poolin – Best for Multi-cryptocurrency
- Ckpool – Best for Running Without a Code
- Nicehash – Best for Low Fee
#1) Antpool – Best for Remote Management of Mining Activity
A medium-sized Chinese Bitcoin mining pool called Antpool is run by Bitmain Technologies.
One of the best Bitcoin mining pools, Antpool enables you to easily mine and trade cryptocurrencies. It offers alert services for apps, mail, SMS, and WeChat. You can quickly view your earnings on the dashboard with this platform. Additionally, this website aids in daily, hourly, and minutely monitoring of your hashrate.
Key Specs:
Pool Size: Medium
BTC pool hash rate: 30.5EH/s
Pool fee: 4% for PPS+ & 0% for PPLNS
Minimum payout threshold: 0.005 BTC
Payout Frequency: Daily
Supported Platforms: PC, Web, iOS, Android
#2) Slush Pool – Best for BTC Mining & Advanced Payouts
Users can mine BTC and ZEC easily with the help of Slush Pool, a mining pool. With statistical evidence, you can verify that your rewards are just. For the protection of your data in the cloud, this platform offers a security toolkit. Both iOS and Android are compatible with it.
One of the largest mining pools that notifies users when a problem is found. Using API (application programming interface) functionality, you can extract unique data sets from the system.
Key Specs:
Pool Size: Medium-Large
BTC pool hash rate: 12.33 EH/s
Active Workers: 191 725
Pool fee: 2%
Minimum payout threshold: 0.001 BTC
Payout Frequency: Daily
Supported Platforms: PC, Web, iOS, Android
#3) F2pool – Best for Bitcoin, Ethereum & Litecoin Mining
F2Pool is one of the top bitcoin mining pools that can be used to contribute processing power to block discovery. You can trade Bitcoin using iOS and Android applications as well. English, Spanish, and Chinese are just a few of the languages that are supported by this platform.
Key Specs:
Pool Size: Medium-Large
BTC pool hash rate: 25.81EH/s
Pool fee: 2.5%
Minimum payout threshold: 0.005 BTC
Payout Frequency: Daily
Supported Platforms: PC, Web, iOS, Android
#4) BTC.com – Best for Low Withdrawal Fees
BTC.com has been around for a while and is well-known for its wallet and own blockchain explorer. In 2016, it launched a pool. BTC.com, one of the biggest pools available, is owned by Bitmain Tech. The FPPS payment method offered by BTC.com includes TX fees in the payouts, just like PPS+ does, in addition to the block reward. BTC.com charges 1.5% in mining fees with a 0.001 BTC payment threshold.
Key Specs:
Pool Size: Large
BTC.Com hash rate: 7.43 EH/s
Pool fee: 1.5%
Minimum payout threshold: 0.001 BTC
Payout Frequency: Daily
Supported Platforms: PC, Web, iOS, Android
#5) Binance – Best for Boost Your Mining and Maximize Revenue
One of the top websites for building a bitcoin wallet is Binance. It provides a trading platform for over 150 cryptocurrencies. Additionally, it offers an API that enables you to integrate your current trading software. For online cryptocurrency trading, this application provides a wide range of tools.
Key Specs:
Pool Size: Large
BTC pool hash rate: 23.86 EH/s
Active Workers: 610999
Pool fee: 2.50%
Minimum payout threshold: No minimum payment threshold for ETH mining
Payout Frequency: Daily
Supported Platforms: PC, Web, iOS, Android
#6) Via BTC – Best for One-Stop Mining Services
You can view the current status of miners using ViaBTC, a Bitcoin, Bitcoin Cash, and Litecoin mining pool. This website offers a variety of mining and settlement techniques. It has an easy-to-use dashboard that displays information on the miners and hashrate of the mining pool.
Key Specs:
Pool Size: Medium
BTC pool hash rate: 20.32EH/s
Pool fee: 4% for PPS & 2% for PPLNS Payment Method
Minimum payout threshold: 0.001 BTC
Payout Frequency: Daily
Supported Platforms: PC, Web, iOS, Android
#7) Poolin – Best for Multi-cryptocurrency
You can easily invest in digital currencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and ZCash with the help of Poolin, a Bitcoin and multi-cryptocurrency mining pool.
Key Specs:
Pool Size: Large
BTC pool hash rate: 23.59 EH/s
Pool fee: 2.5% FPPS
Minimum payout threshold: 0.005 BTC
Payout Frequency: Daily
Supported Platforms: PC, Web, iOS, Android
#8) Ckpool – Best for Running Without a Code
Without installing local Bitcoin, one can still use the mining pool Ckpool. You benefit from avoiding the costs associated with maintaining a fully functional Bitcoin node that requires a lot of storage. For quick notification and propagation of block changes, this platform connects to high-speed, low-latency Bitcoin nodes.
Key Specs:
Pool Size: Large
BTC pool hash rate: Not available
Pool fee: 2%
#9) Nicehash – Best for Low Fee
A great community of experts and newcomers in the field of crypto mining can be found at the cryptocurrency mining pool NiceHash. This pool combines the best combinative hashing power thanks to the assistance of numerous miners. Furthermore, compared to individual miners, mining pool features offer a higher collective hash rate. From this decentralized network of pooled members, the mining pool as a whole stands to gain. Additional revenue streams are generated by the rewards received by NiceHash mining pool participants. These pool features are pretty compelling. The majority is on a new coin blockchain, keeping the reward distribution fair for all members.
Learn to connect Whatsminer M50 Series to Nicehash.
Key Specs:
Pool Size: Large
BTC pool hash rate: Not available
Pool fee: 1%
How to Choose a Mining Pool?
Here are some basic aspects being considered while choosing a mining pool:
- Reputation: You need to join the group and see what other people are saying about pool. This will give you good information from miners who have tried the pool.
- Pool Fee: You need to a reliable pool with the highest payout and lowest fees. If you are a beginner, then you can try BTC pools with no fees.
- Uptime Efficiency: You have to do some research before committing to any pool. It is good to ensure that they have uptime of 99.5% or higher.
- Location: You should always look for a mining pool running on a server located near you. You may lose precious shares if your computer takes too long to respond to the pool server.
- Support and Feedback: Your chosen mining pool should provide support when you encounter any issue in mining or variation in your payout.
- UI Panel: When you choose the pool, you should check their API tools and statistics page to check whether they have a good user experience or not.
How Bitcoin Mining Pools Distribute Rewards: Methods
Pay Per Share: Each pool member contributes their hash rate as shares for each round, and accepted shares are immediately paid an equivalent portion of the total rewards earned for the mining round. An equal portion of the mining reward is distributed to each pool member. For those who mine intermittently, it is best to use a backup power source.
Score: Mining rounds are not a factor in the scoring hash rate method. The reward is based on the actual hash rate’s moving average calculation, with a ramp-up or ramp-down period when the user stops mining.
Full Pay Per Share or Pay Per Share+: Similar to Pay Per Share, but pool members are paid both the mined rewards and the mined block’s included transaction fees.
Pay Per Last N Shares: Members are only paid when a pool is discovered, but they also paid all of your shares in earlier blocks where a block was not discovered by the pool after the next block was discovered. Best for those who mine 24/7 without connections dropping regularly.
Other variations, such as Recent Shared Maximum Pay-Per-Share (RSMPPS), give more importance to recent hash rate shares.
Conclusion
If you want to earn money using your Whastminer M50 to mine Bitcoin, joining a mining pool makes the most sense. As you can see, the pools’ sizes, payment options, and costs vary.
Joining a big, well-known mining pool would probably be best if you’re just getting started so you can gain some experience. After you feel secure, you can maximize your earnings by selecting smaller or lower-cost pools. Please feel free to comment below if you’d like to share your experience with one of the pools mentioned above or let us know about a new pool.
FAQs
How Often Do Mining Pools Pay Out?
The best Bitcoin mining pools pay out daily, with some capping the payout at a certain threshold while others pay out daily regardless of earnings. The latter types are paid when they reach a certain amount.
Is Bitcoin Mining Still Profitable?
Yes, Bitcoin mining is still profitable when set up properly. However, you’ll need to have inexpensive electricity and a cool environment. A Bitcoin mining calculator can be used to determine the precise profitability of Bitcoin mining. It’s important to keep in mind that home mining is all but extinct, and you’ll almost always be competing with a major player. As a result, most of the time it won’t be profitable to mine if you’re not a professional.
How to Mine Bitcoin at Home?
In theory, you can mine bitcoin at home. You must make a significant investment in the appropriate hardware due to the complexity of mining Bitcoin. Hardware electricity consumption is something to think about if you mine bitcoin at home. It will be very unlikely to succeed. Because Bitcoin mining is now so widespread that even young children in kindergarten are doing it. To have any chance of success, you need specialized mining equipment.
