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What is a Mining Pool in Crypto?

Whiteboard Crypto
910K subscribers

What is a Mining Pooltemuland crypto glossary - mining poolA mining pool is a joint group of cryptocurrency miners who combine their computational resources over a network to strengthen the probability of finding a block or otherwise successfully mining for cryptocurrency.Learn more? A mining pool is a way that cryptocurrency miners can win rewards faster by grouping together to split up the block’s rewards.

Instead of having to wait on average 10 days, for example, they could join a pool of 10 people, changing the average wait from 10 days to 1 day. However, they will also have to split the rewards between all the other miners in the pool. If this is confusing, watch the video and you will understand it much better with the stories and analogies included!

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