Bitcoin mining is one of the many ways you can earn profits legally in the crypto space. To do this, you must get mining hardware, with reasonable hashing power, to compete with other miners for the chance of finding new blocks on the bitcoin network. After successfully finding a block, you get to keep the block reward, as well as the charges on the transactions entered into the block.
While mining on your own might seem to be the most profitable approach, it, however, puts you at a disadvantage. There is no way your mining hardware has the hashing power to match the computing resources that crypto mining firms use for their mining activities. And so, it has become important that solo miners pool their hashing power together to up their chances in the keenly contested bitcoin mining space. This is where mining pools enter the fray, with Antpool.com emerging as one of the most popular and largest in today’s mining economy.
What is Antpool?
Antpool is a crypto mining pool that manages a network of miners who have chosen to contribute their hashing power to a common course – that is finding a new block. Hence, it assigns tasks to each miner, monitors their contributions, logs it, and distribute rewards based on predefined payout clauses and conditions. Antpool started operating in 2014, and it is owned by Bitmain Technology LTD, a leading crypto mining hardware company based in China.
From the information garnered, Antpool mining pool has done commendably well in the crypto mining landscape. It offers a variety of features that places it among the best mining pools for miners. The next section will explore some of the features that have established Antpool’s viability and that have spurred us to include it in our list of top bitcoin mining pools.
What are the pros of using Antpool?
It Offers Improved Chances of Finding A New Block
According to data gathered from blockchain.com, Antpool has a hash rate distribution that ranks among the top 5 in the mining pool market. Hence, participants or users of Antpool have a realistic opportunity of earning rewards regularly because of the pool’s high tendency to find a new block on the bitcoin network.
It Supports A Wide Range of Pooling Methodology
From our research on the operations of Antpool, we found that it supports three mining modes, which bodes well for its users. The first is the stratum method where the Antpool assigns tasks to miners. Secondly, there is the p2pool method, which allows users to create a smaller mining pool within the network. As such, a group of miners can choose to form a single mining entity on one of Antpool’s nodes. Then, there is the solo mining option that is suitable for mining farms and individuals who can generate considerable high hash rates. With all these methodologies, Antpool can cater to customers with different mining needs.
It Supports Two Payment Options
Another remarkable feature of Antpool is that it supports two payment options – PPS+ and PPLNS – for bitcoin mining. Pay Per Last N Shares (PPLNS) only distributes earnings when a new block is found. Therefore, users receive earnings based on their contributions to the success of the network, and its comes with 0% Antpool fees. On the other hand, Pay Per Share Plus (PPS+) is a two-in-one payment option suitable for miners who want to receive payment for their contributions to the network, even though the pool finds or does not find a block. The backdrop of this option is that Antpool charges a 2% fee on every payment. Besides, the platform pays daily, only if your earnings exceed 0.0001 BTC.
It Is Secure
Antpool has several security measures in place to protect miners from attacks. The first line of defense is the two-factor authentication system enabled to allow users to access a second layer of security. Also, the platform sets up servers across the globe to not only stabilize the network but to make it difficult for attackers to cripple the pool’s activities completely. Email notifications and wallet locks are there to ensure that miners are not susceptible to crypto thefts.
You Can Mine Other Cryptocurrencies, Apart from Bitcoin, On the Platform
While bitcoin mining stands as the most popular mining activity in the majority of pools, Antpool, however, offers pooling infrastructures for 9 other cryptocurrencies. They are Ethereum, Bitcoin Cash, Monero Classic, Bytom, Dash, Zcash, Ethereum Classic, Litecoin, and Siacoin Classic.
Antpool Network Is Beginner-Friendly
From our analysis of Antpool’s website, we found that the platform utilizes a slick design, which makes navigation easier. The website houses a horde of tutorials on how to use Antpool mining features. Also, it comes with a calculating tool, updated pool’s hash rate, and revenue details for the various cryptocurrency that the platform supports.
It Is Mobile-Friendly
Apart from having a slick website, Antpool offers mobile apps for android and iOS mobile devices. As such, it is easy for users to monitor their mining activities on the pool, their earnings, and the scope of the entire Antpool network from their phones and from anywhere in the world.
Having listed the strengths of Antpool, the next section explores some of the frailties that you should consider before opting to join the pool.
What are the cons of Antpool?
It Does Not Disclose the Collected Bitcoin Transaction Fees
People are critical of Antpool’s reluctance to disclose the average amount made from bitcoin transaction fees. Some have argued that its business model does not connote transparency, as it is impossible to determine Antpool’s revenue and the percentage that it distributes to the miners. While this is a given, it further establishes the notion that transparency has stood as one of the downsides of centralized solutions.
It Has A Bit of Controversial Reputation in The Crypto Community
Although Antpool has established an almost flawless mining pool business, it, nonetheless, has a bitter-sweet relationship with the bitcoin community. One could trace this to its reluctance to support certain upgrades that some believed would help the bitcoin network overcome its looming frailties. And so, its stance has generated controversy, which has in no way affected its operations.
Antpool has shown over the years that it can cater to the evolving bitcoin mining economy, as it offers individuals the right facilities to compete with mining juggernauts. Although Antpool has one or two drawbacks, as stated in this review, nevertheless, there are good reasons to consider opting for its network for your mining needs. As always, we advise that you research the platform mentioned on our lists before reaching a decision.