Basic knowledge of pool mining

Objective:
– Basic knowledge of pool mining

Requirements:
– n/A

Disclaimer:
– I am not a professional, some parts of this guide can be improved and be done in a more professional way.
– The Serenity AEON Pool shown in this guide is owned by Hidden Jadestone, you are of course free to choose any other pool.

 


 

Table of contents:
What is pool mining?
How to choose a pool?
Where can I find pool mining software?
How long till I get paid out?
 


 

What is pool mining?

“In the context of cryptocurrency mining, a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to solving a block.”

A pool allows the miner to receive more frequently a payout. But compared to solomining he will not receive the full reward but a percentage of it, according to the mining work done by him during the round.

Pool mining is recommended for people, who want to see results more frequently.

In theory, over a longterm you will have the same payout in poolmining (often but smaller amount) as in solomining (not so often but bigger amount).

 

How to choose a pool?

First of all, you can find mining pools by googling, reading Bitcointalk or when asking around in Reddit. All have more or less the same website layout.

But there are several aspects on how you can choose a mining pool. I will list a few of them here…

Pool Hash Rate
This indicates, how often the pool will find a block (If for example the pool hash rate is 20% of the total aeon network, it will find most likely 20% of all blocks).
Beside this information, you can also estimate the amount of reward you will get per block (based on your mining power compared to the total pool hash rate).

Donations
Pools usually have the feature to donate some of the reward to the pool or the AEON developers. It is recommended to mine on a pool, which donates to the AEON fund to further support the development of AEON.

Total Pool Fee
This percentage will be deducted from the total block reward and will be used, to pay for the payout transaction fees, to donate to developers and to support the pool owner.

Minimum Payment Treshold
You can find it if you go to your pool, for example Serenity AEON Pool and switch to the “Payments” Tab. The treshold indicates how much AEON you must earn on this pool before it will be paid out to your AEON Wallet. Usually its around 0.5 AEON.

Poolowner
Make sure you choose a pool with an active poolowner or a good support. Who wouldnt get frustrated if the pool is suddenly down and there is no announcement?

 

Where can I find pool mining software?

Usually pool websites have a Tab called “Getting Started”. Here you will find pool mining software. Some pool websites might be outdated and so, not all mining software / links are still working.

To help you get started, go to Serenity AEON Pool and switch to the “Getting Started” Tab. Here you will see some mining software.

We can not really recommend, which pool mining software is the best for your setup. For the best result, you have to try several mining software and compare their hashrate stats.

 

How long till I get paid out?

You are qualified for a reward, when you mined during the last round (round = time between two blocks) and your pool has found a block.

What is maturation?

Once the block is found, it will mature. This means the block will be verified by the AEON network.
You dont have to do anything, the maturation will happen automatically.

After your block has been found, it will be “locked”. It will be “unlocked” once 60 other blocks have been found after yours. You can see the maturation state by going to your pool, for example Serenity AEON Pool and switch to the “Pool Blocks” Tab. Here you will see the current maturation of your block under the section “Maturity”.

What happens after my block has matured?

Once the block is matured, the pool will split the reward between the miners of that round. Depending on your mining power, you will get your share of the reward to your pending balance accredited.

To check the pending balance of our effort. Go to your pool, for example Serenity AEON Pool scroll down to the section “Your Stats & Payment History”.

Enter your YOUR_AEON_WALLET_ADDRESS_PUBLIC_VIEW_KEY and click on “Lookup”.

Here you will see your pending balance. If it hit the pool’s treshhold, it will be paid out to your AEON Wallet.

And thats how you get paid out in pool mining.

 

We hope those informations were helpful to understand the basics of pool mining! 🙂