CryptoURANUS Economics: Mining Pool: Defined in CryptoCurrency

CryptoCurrencies


Wednesday, August 8, 2018

Mining Pool: Defined in CryptoCurrency

Mining Pool: Defined in CryptoCurrency


A mining pool is defined as a group of people who combine their computing power to solve a complex math problem on the blockchain for a reward.



People join a mining pool to increase their chances of solving the blockchain math problem so they can earn a reward of transaction fees and new coins. 


Once the reward is won, it is split among all of the members of the group. In a pool, you often win the reward frequently but because it is shared, the payout is smaller.

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