The everyday person cannot compete with dedicated mining setups, RIGHT?
Miners have come up with a strategy that allows them to combine individual hashing power to mine more efficiently. This is done through mining pools.
Mining pools are a way of receiving more frequent payout’s from your mining by teaming up with other miners. When you collectively mine a block, the rewards are given proportionally to your contributed hash power.
If you were to mine on your own, the expected payout as the amount of block’s mined reach infinity would be the same. This is not practical, due to the variance involved with mining. Mining pools have pretty much become mandatory if you want to mine for profit.
You came to the right place.
Now that you know why finding the right mining pool is so vital, we are going to help find the best Monero mining pool for YOU.
There are a few factors you should consider when choosing a Monero Mining Pool.
- Does the pool have a fee? Most mining pools do.
- Is there a minimum payout? The lower the better.
- What is the pools total hashing power?
- What is the pools uptime? The higher the better.
Here are some Monero mining pools we recommend:
|Mining Pool||Pool Fee||Hashrate|
|Monero Crypto Pool FR||2%||1.93 MH/s|
Minergate has a 99.7% uptime which is pretty good, along with a minimum payout of .01 XMR. This means that you should receive your mining rewards daily depending on the size of your setup. Minergate charges a 1% mining pool fee. Minergate supports web mining, which is a very convenient feature.
Nanopool works as well and has a 1% mining pool fee. Nanopool supports several other cryptocurrencies, not just Monero. Nanopool payment rounds occur several times a day. The default payout amount is 1 Monero (XMR), but this can be lowered to whatever is needed.
For a guide on how to start mining with Nanopool, now, check out this guide.
Next up, we have mineXMR. Just like the other options, mineXMR has a 1% pool fee and a minimum payout of .004 XMR. I’m unable to find mineXMR’s uptime but it is certainly above 95%.
Monero Crypto Pool FR
Monero Crypto Pool FR is another solid option with the lowest payout threshold out of them all. They charge a 2% fee which is somewhat high and find a block around every 7 hours.
MoneroHash is a great option too and has been up since October 2014. They charge a 1.6% fee ranking them in the middle of the pack. They are based in the United States and typically find a block every 2 hours. One cool thing about them is they allow you to mine directly to an exchange wallet.
How Do I Know Which Mining Pool is the Best for Me?
The best pool for one miner might not be the best for another. If you have a small rig, it could be helpful to mine for a pool that has a smaller minimum payout. For the most part, the mining experience will be the same with all the above pools as they are the most popular.
Are There Other Monero Mining pools?
Absolutely! The above 5 are the ones we recommend, but for a complete list check this database of Monero mining pools.
How can I calculate Monero mining pool profitability?
There is an amazing website Cryptocompare that allows you to plug in electricity cost, hash rate, power consumption and your pool’s fee to determine just how profitable you will be mining Monero.
Why is the Mining Pools Hash Rate Important?
Total hash rate is an idicator of how large a pool is. A larger pool will find blocks more often, allowing you to earn more frequent payouts. However, because the pool is larger, your proprtion of the payout will be lower.
Why is it better to mine in a pool?
Mining in a pool allows you to earn more frequent payouts by teaming up with other miners. If you are mining by yourself you could get unlucky and never earn a cent from mining!
Should I Mine Monero?
This depends on the user. In locations with extremely cheap or free electricity, mining Monero can be extremely profitable. Mining from your home is still profitable, but it is up to you to determine if the effort is worth the headache. You may be better off just buying Monero.
Lastly, in order to connect your mining hardware and mining pool, it is key to use the proper Monero mining software.