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Bitcoin Mining: The Challenge of Finding the Most Profitable Pool
Bitcoin Mining has become an increasingly popular endeavour for those daring enough to venture into the world of cryptocurrency. A key aspect of mining is choosing the right mining pool – a pool that will maximize your return on investment by regularly turning out Bitcoin. In an experiment that spanned 30 days, we plugged three identical Bitcoin Asic miners into three of the most popular mining pools to determine which would reward us with the most Bitcoin.
Selection of Hardware and Mining Pools
When selecting the hardware for this experiment, consistency and cost effectiveness were key factors. The choice to use three identical Bitmain Ant Miner s19j Pro (100 terahash units) was simple, as not only are they reasonably priced, but they also have abundant firmware and plenty of potential for overclocking. This meant that in optimal cooling conditions, they could be pushed to achieve up to 120 terahash.
Selection of Mining Pools
The choice of mining pools came down to their popularity within the community. For this experiment, we selected Nicehash, Luxor, and F2 Pool, all of which rank among the top in the industry. But of course, popularity does not always equate to profitability, which was the whole point of our 30-day face-off.
Running the Test and Analyzing the Results
For 30 uninterrupted days, the three Bitcoin Asic miners were hard at work, with each dedicated to one specific mining pool. On each day of the 30 day period, the Bitcoin mined was recorded, leading to interesting results:
Nicehash takes the lead
Across the stretch of a month, Nicehash emerged as the most lucrative mining pool, with a total of .00626331 Bitcoin mined. This was followed by F2 Pool (.00588318) and Luxor (.005877098). In dollar terms, this translated to $190.48 mined on Nicehash in the month against $178.87 on F2 Pool, and $178.72 on Luxor.
Stability in Profits
With such a slim margin in payout between Nicehash and its competitors, one might wonder whether the difference is significant. However, over the course of a year, choosing the right pool could mean having an extra $144 in your pocket. The results show that out of the 30 days, Nicehash returned the highest single-day mining returns 29 times.
Moving Forward: The Next Step in the Experiment
With Nicehash emerging as the top mining pool from this experiment, the next step is to put it up against fresh competition. The challenge is far from over, as Nicehash will now face two new contender pools — AntPool and Binance — as chosen by community vote.
AntPool and Binance rank among the top three Bitcoin mining pools, making them advantageous contenders to Nicehash. The experiment will be repeated with the same three Asic miners, and in another 30 days, we will crown a new winner.
Bitcoin Mining is not just about the right hardware but also knowing where to mine. The success of your mining endeavor substantially depends on the profitability of your pool. Our experiments unmasked Nicehash as the most lucrative pool from the trio of F2 Pool, Luxor, and Nicehash. However, the real test of dominance lies ahead as it faces competition from AntPool and Binance. Staying tuned to the results of this profitable competition might just prove beneficial for many miners out there.
As always, everyone’s experience and success may vary, and it’s essential to do your own homework and get as much training as possible before jumping into Bitcoin mining. However, if you’re already a miner, we would love to know which pool you currently use and whether our findings align with your payout estimations.