Mining for the cryptocoin Monero (XMR) is profitable and easy and can be done with your standard CPU or GPU and on a laptop or computer with almost any operating system. For this reason, XMR mining has become increasingly popular over the last few months.
To learn more about Monero the cryptocurrency, please refer to our previous article, “What is Monero?”.
One the ways to increase your profitability when mining for Monero, or any cryptocurrency is to join a mining pool. By joining a mining pool you will combine your Monero mining hardware resources with other miners and increase the solve rate of blocks. In this article, we are going to look at the various Monero mining pools available and what they have to offer.
XMR Mining Pools
Mining pools can focus on a single currency or give miners the option to choose from various currencies in a single pool.
Some of the more popular mining pools for XMR include:
- Support XMR (https://supportxmr.com/#/home). This pool mines for Monero only. Payments are based on the PPLNS reward system and payments are made every two hours. More than 10 000 miners are currently connected to the pool and there is constant development to improve the statistics and dashboards.
- XMR Pool.net (https://xmrpool.net/#/home) is another mining pool that focuses on XMR mining only. Smaller than Support XMR, the pool has just over 800 active miners. Payments are also calculated on the PPLNS reward system and the servers are distributed globally ensuring high uptime of the pool.
- Nanopool (https://xmr.nanopool.org) is one of the bigger mining pools currently available and offers miners the ability to mine for a wide variety of different coins, Monero being one of them. There are about 6500 XMR miners active on Nanopool and the fee charge is 1% for belonging to the pool. PPLNS reward system is also used and coins earned can be exchanged for other crypto-coins in the pool. Nanopool is a well established pool with more than 100 000 miners across the different currencies, have good statistics and offer useful tools to help new and experienced miners.
- Monero Hash is a US based mining pool focused on the mining of XMR coins only. (https://monerohash.com). With about 2500 miners active in the pool, a block is found on average every four hours. The fee for the pool is 1.6% (quite high compared to the other Monero mining pools) and also offers coin exchange options (to Bitcoin and US Dollars)
- Mine XMR (https://minexmr.com) is the most popular XMR mining pool with more than 25 000 active miners. A block is found on average every 45 minutes and servers are also located across the globe to ensure stability and uptime. MineXMR also calculates rewards on the PPLNS reward system and charges miners a 1% fee.
The use of mining pools to increase profitability has grown considerably amongst miners, as the rate of return on your investment is far better. Solo miners find it hard to compete for blocks against the combined hashrate power of the mining pools and building and operating a rig that can compete on this level is not economically viable for most.
The pools listed here are just some of those available to XMR miners, for a more complete list, visit http://moneropools.com.