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As electricity prices rise globally, many in the crypto mining community are considering purchasing and hosting Bitcoin Asics through mining companies instead of mining on their own. First Argentine Mining company is one such firm that has simplified this process by bearing all the costs and risks of purchasing an Asic. Instead, customers can simply purchase a mining NFT and earn Bitcoin monthly, making crypto mining much more accessible for individuals.
In today’s test, we will compare different mining pools to discover which is the most profitable for mining Bitcoin.
Choosing the Right Mining Pool
There are countless crypto mining pools out there, all claiming the best returns and the most profits for users mining Bitcoin. However, it’s important to perform due diligence and test out these pools before diving in.
For this experiment, we need several miners that are identical in every way. They should be started at the same time and allowed to run for a specific period. This comparison becomes challenging as not many people possess multiple identical Bitcoin miners. However, for this test, we have three Bitmain Antminer S19j Pros, each with a hash power of 100 Tera hash.
The three pools we are testing are:
A renowned mining pool that has been around for a while, it is widely used by miners globally.
A relatively new player in the crypto mining space, NiceHash allows users to sell unused processing power and earn in Bitcoin.
A recent player in the crypto mining realm that has made a name for itself with its efficient OS.
It will be interesting to see which of these three pools provides the highest profits.
After conducting the test over a seven-day period, it was surprising to discover that NiceHash won by a significant margin every single day. When considering daily averages, NiceHash mined a larger amount of Bitcoin than both Luxor and F2Pool.
Running the pools for a full week, NiceHash mined 0.0015 Bitcoins, Luxore came in second with 0.001413, while F2Pool secured a total of 0.00141- a difference of almost 7%.
What’s even more compelling is that this was not a difference of hash-rate, as all miners had similar hash-rate numbers. It appears that NiceHash, for some reason, is simply more efficient or profitable.
This was a seven-day test, and it’s expected that results may vary over a more extended period. Further tests for longer durations are warranted. Nonetheless, the initial results are intriguing and have provided some valuable insights.
Bitcoin mining, like many aspects of the crypto world, can be complicated and even risky. However, mining pool tests like these provide a helpful guide to miners deciding where to dedicate their hashing power. Despite the winner for this round being NiceHash, this may not hold in all scenarios, and therefore miners should periodically reevaluate their pool options.
While this test only covered a week-long period, it does provide a glimpse into the profitability of these pools, and we will continue to monitor these and more pools in the future to help make more informed decisions.