If the minimum payout is 1 ETH, you will need to stay in the same pool for a long time before getting your cryptocurrency. A minimum payout is the smallest amount of Ether you will need to mine before it gets sent to your wallet.

You should look at the minimum payout as well. You might be getting fewer rewards per 1 block, but at least you won't go a day or a week without getting a reward at all. Joining big cryptocurrency mining pools is usually a safer choice. You should try out different pools before you find the one that best works for your computer. However, as more people join the pool, the rewards are getting shared between more people. Why is cryptocurrency mining pool size important? Well, the short answer is that as the number of people that mine increases, the chances of getting rewards also increase. These are the things that you should consider before joining a pool. How often you find blocks and share rewards depends on the pool size. All of the people that are mining within a single pool agree that if one of them finds the secret number, they'll share rewards with everyone.

Using Cloud mining services (Not Recommended)Įthereum mining in a pool is the easiest and fastest way to get started.

Ok, now that we have that out of the way how do you start mining Ethereum? There are three ways you can mine. This new block contains all of the transactions that are now verified and the miner who found the number is rewarded! The miners then start solving a new math problem to verify another block of transactions. When a miner solves this equation, he communicates this to all of the other miners 'Hey, I've got it! I have found the number we've been looking for all this time' using fancy computer language.Īll of the other miners check if this number is correct and if 51% of them agree that it's correct a new block gets added to the blockchain. To make sure that the transactions are valid miners are solving complex mathematical equations.

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