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.
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.