Mining Pool Definition - What does Mining Pool mean?

Mining together - winning together
Mining together - winning together

If you want to successfully mine crypto currencies, you need a lot of luck. When mining everyone counts around the bet and only the winner receives a reward in the form of Coins of a crypto currency. Since it is almost impossible for a single miner to ever win and get paid, many miners join together to form a mining pool.

They all calculate together and the reward is shared. Each member of a mining pool searches for the right solution and is paid proportionally by his hashes per second if any member finds the right solution. This greatly reduces the risk of never getting anything.

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Youtube-Video: Bitcoin & Cryptocurrency Mining Pools Explained

Crypto Glossary / Lexicon