Group Mining: Team Effort in Crypto Mining

Group Mining is a process in which several people mine together.

What is Group Mining?

Group mining is a method in which several people or organisations pool their computing resources to mine together. Miners do this in order to mine more profitably, to share the rewards and reduce security risks.

In group mining, the miners share processing power (expressed as an expressed ray) and receive a reward per unit in exchange for success of all participants. The pool of miners will be awarded a bonus per coin if they mines one block at any time. In a group operation, the remuneration of participants in a group mining operation depends on his/her processing power relative to other miners in the group.

Generally, achieving a mining goal before all other miners in the world is like winning the mini lottery. Group mining ensures that all miners can receive a certain amount of reward at all times.

There are different pools for different cryptocurrencies, with different payout ratios, as pool managers also take a percentage of the mined cryptocurrency to maintain the pool.

They are also categorised by the type of reward (frequency and nature), whether they keep transaction fees and distribute the reward per block only, or whether they allow mining in a pool where two cryptocurrencies with the same type of hash can be mined simultaneously for more profit.