Review on Nanopool by francis fernandez
Nanopool- mining pools- Ethreum blockchain
When deciding to choose a mining group; we must consider the benefits and disadvantages that they offer us, to really know what the profitability we can obtain is.
Within this context we find the mining pools; which claim to be very good in terms of the earnings they offer.
The most important considerations to take into account when selecting a mining pool, refers to: frequency with which a block is found, fees they charge, rewards, payment structure, group size, among other important points.
Ethereum offers a list of mining pools, among which is: Nanopool.
The Ethreum blockchain uses the hashing algorithm to transform a group of data into another group of fixed-length characters. In this process, powerful computing equipment is required that is capable of achieving it as quickly as possible.
Nanopool is one of the most prominent mining pools on the Ethereum network and is considered one of the best options to generate popular altcoins.
This platform supports nine cryptocurrencies, such as: Zcash, Ethereum, Ethereum Clasicc, Monero, SiaCoin, Raven, Grin, Pascal, and Electroneum.
The advantage of this mining pool is that it allows you to obtain rewards that would be too difficult for you to achieve individually.
By integrating into Ethereum mining, the miner has the possibility of increasing the probability of finding a block and earning a reward, by adding their computing potential with other miners.
As for disadvantage; there is a risk that the pool managers can modify the action of the pool and get the full reward.
Nanopool, like Ethermine, has a similar payment scheme, in which they distribute both the block rewards and the commissions obtained from transactions.
To add to an Etherem pool, the miner must add a wallet and an address (the one that will indicate where their money will be sent). After this, you must install the software provided by the provider, connect to the mining equipment, prior configuration to synchronize the blockchain in the mining equipment.
Pros
- It has servers worldwide.
- Your commission rates are relatively low.
- Your security profile is protected against DDOS attacks
Cons
- It is a centralized organization; where you run the risk of fraud by pool managers.
- There is a limited amount of extraction.
