What is Bitcoin Mining Pool?

Mining rewards will be paid to the miner who discovers the solution to the puzzle first, and the probability of the participant becoming the solver is equal to a part of the total computing power on the network.

Participants with a small amount of computing power have a very small chance of discovering the next block by themselves. For example, a mining card that can be purchased for several thousand dollars only accounts for less than 0.001% of the network’s mining capacity. Since the chance of finding the next block is so small, it may take a long time for the miner to find a block, and the increase in difficulty makes things worse. Miners may never recover their investment. The answer to this question is the mining pool.

The bitcoin mining pool is operated by a third party and coordinates the miner group. By working together in a mining pool and sharing spending among all participants, miners can get a stable stream of Bitcoin from the day they activate the miners.