Bitcoin mining pools work by combining the processing power of many individual miners into a "super-miner" to solve complex cryptographic puzzles, significantly increasing the chance of finding a block and earning rewards, which are then shared proportionally among participants based on their contributed work (shares). A central server coordinates tasks, assigns smaller work units, and distributes payouts, turning rare solo rewards into steadier, smaller income streams for miners, though pools take a fee for their service.
How the Process Works:- Joining the Pool: Miners connect their hardware (ASICs) to the pool's server, which runs a full Bitcoin node.
- Work Assignment: The pool server provides each miner with a unique "block template" and a specific "nonce" (a number to guess) to find a valid hash (a 64-character code) that meets the network's difficulty target (e.g., starting with a certain number of zeros).
- Proof of Work (Shares): Miners repeatedly hash the data, changing the nonce until they find a hash that's valid for their assigned task. Each valid partial solution submitted to the pool is a "share," proving they're contributing.
- Block Discovery: When one miner in the pool finds a hash that solves the overall block puzzle for the Bitcoin network, the entire pool successfully mines a block.
- Reward Distribution: The block reward (new Bitcoin + transaction fees) is sent to the pool, which then distributes it to members based on the number of valid shares each contributed, minus a pool fee (usually 1-4%).
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