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Re: Scotttrader80 post# 58448

Monday, 09/06/2021 9:17:17 PM

Monday, September 06, 2021 9:17:17 PM

Post# of 63486

It allows INTV to share in the profits of other miners who are privately held companies. Basically adding to our bottom line.



Three benefits of using a Bitcoin mining pool
https://coinrivet.com/three-benefits-of-using-a-bitcoin-mining-pool/

Of the three mentioned, I like this one...


Faster processing

One benefit of using a Bitcoin mining pool is the faster processing it provides. With Bitcoin mining, each node competes with the rest of the network to add blocks to the overall blockchain. Blocks are only found when nodes in the network agree to their discovery, so having multiple nodes in the same network will speed up the discovery process as it reduces delays and inactivity. Using a pool also eliminates the problem of internet connection issues because nodes are placed in different places across the globe.




But this one ain't too bad...


Stable income

When using a Bitcoin mining pool, the chances of generating a stable income are higher. When working together, more blocks are recognised and accepted, which in turn creates consistent value. Because there will always be someone in the pool mining, there will be a constant flow of money coming in.

However, it is important to remember that when joining a mining pool, the value of each block is split between members. This means that if you were to mine solo you would receive a higher income, but due to the competition of solo miners, it will take much longer to gain rewards than if you were to use a pool. Here, the pros of a mining pool outweigh the cons.




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