Cryptocurrency mining pool is a group of miners who pool their computing resources together to increase the chances of confirming transactions and earning cryptocurrency rewards. When a miner contributes their computing power to the pool, they are rewarded based on the amount of work they contribute.
By joining a mining pool, miners can combine their resources to solve complex mathematical problems required to validate transactions on the blockchain. This pooling of resources helps miners to have a more consistent stream of income, as individual miners may take a long time to solve a block on their own.
Miners in a pool typically receive a share of the rewards based on the amount of work they contribute relative to the group’s total computing power. This ensures that even smaller miners have the opportunity to earn rewards in proportion to their contribution. Overall, mining pools provide miners with a more predictable income stream compared to solo mining.
