So, you have made up your mind to mine Ethereum and have already set up a mining rig; then the next step is to join a mining pool. To minimize the volatility of your payouts, joining a mining pool is the best thing to do. It also provides small and more frequent payments rather than a large sum which can be acquired when a block is solved.
Choosing the Best Ethereum Mining Pool
A group of miners together constitute mining pools who work together to mine Ethereum. When choosing a mining pool, it is vital to join the one which yields good returns and has low fees at the same time. It would also be better to consider the server location of the pool because the closer your rig will be to it, more efficient the mining.
Here are the three best Ethereum mining pools so that you can decide which one to join-
Although Ethermine and Etherpool operate from two different websites, they contribute to the same pool. This pool is the biggest on the Ethereum network, having a hash rate power of ~26.8% per cent. With more than 125000 miners utilizing the pool software, the Ethermine holds the crown, while Ethpool has a meagre 1100. In a research, it is found that both the Ethpool and the Ethermine charge only 1 per cent on each reward that you received, thereby making it the lowest fee of the pools.
To receive your rewards, the Ethermine enables you to set the least payment threshold. You will also be able to set the maximum threshold of 10 ETH, if you want your payments infrequently.
The Dwarfpool was one of the most popular market leaders, after its decline to ~2.4% of the Ethereum network hash rate. Like Ethpool/Ethermine, the Dwarfpool also charges 1 per cent fee on the block rewards. The pool pays you six times a day, and your account balance needs to be 1.01 ETH before the payout. You may have to join a pool that has a low payout minimum unless you are already mining with a powerful rig or using multiple miners.
This Ethereum mining pool is considered one of the largest with a network hash rate of ~14.4 per cent, with more than 80,000 miners, and the fees of the pool is only 1 per cent which is considerably low. Apart from a straightforward interface, it also has an extensive FAQ and help section which can assist you in getting started. It also guides you in how to configure the pool, set up the miner, and links you to the mining clients.
There is no harm in joining any top mining pools, and most of the bigger ones have the same fee structure and are highly reliable. It is necessary to choose the one that you are most comfortable with.