Poolin is a multi-currency mining pool that includes popular and profitable coins, including Bitcoin, Litecoin, Bitcoin Cash, and Zcoin.
It was started by the same founders of BTC.com, which was later acquired by Bitmain. It is a Chinese-based mining pool with many miners from China, but it is open to everyone around the world.
This section will give an overview of some of Poolin’s features.
Mining is not the fastest way to acquire bitcoins.
Buying bitcoin is the fastest way.
Poolin has its own proprietary software that acts as a proxy between miners and the pool. It helps reduce network traffic and allows miners to sync their settings, create sub-accounts, and balance the electrical load. This feature is available for Bitcoin, Litecoin, and Zcash.
A so-called transaction accelerator designed to mitigate the congestion of unconfirmed transactions via “fee bumping”. It helps the Bitcoin network and provides supplemental income for miners within the pool.
Custom software to turn off the miners in case of a network blackout to prevent hardware damage and save electricity. Mining hardware used at full capacity is known to degrade at a more advanced pace, so this can help save your investment.
This is Poolin’s custom miner monitoring software that can change settings in batches. This is useful for larger-scale operations.
While most miners prefer to mine a handful of the top coins, Poolin supports some experimental altcoins. This includes Ravencoin, DASH, and Decred (DCR).
For those wanting to monetize their graphics cards, the pool also supports Ethereum mining. This requires separate hardware since ASIC miners are designed for Bitcoin and Bitcoin forks.
As bonus income, mining Bitcoin, BCH, or BSV in merged mining mode will result in Vcash, Namecoin, and Dogecoin payouts. This won’t affect normal hash rates of primary Bitcoin mining.
This is the new mining protocol for Bitcoin that supports decentralization, fewer limitations while using ASIC hardware, and allows miners to make their own blocks.
Since BTC and BCH share the SHA256 same algorithm, it’s easy to switch between each coin when one is more profitable. This is useful due to the wild swings in price on crypto exchanges, and is beneficial if one overtakes the other.
They have a minimum payout of 0.001 Bitcoin, and mining fees and payouts scale between currencies. There is a 0 minimum payment if using a Bixin or Mixin wallet. Upon request, users may make manual withdrawals.
Bitcoin: 4% FPPS (Full Pay per share)
Bitcoin Cash: 4% FPPS
Bitcoin SV: 4% PPLNS (Pay per last n shares)
Litecoin: 3% PPS (Pay per share)
DASH: 2% PPS
Ethereum: 3% PPS
Zcash: 3% PPS
Poolin was founded by Kevin Pan, Christopher Zhu, and Tianzhao Li, and is currently under Beijing Satoshi Smart Co., Ltd. They were the former owners and founders of BTC.com, but the company is now unrelated to Poolin’s current operations.
Poolin hosts nodes using cloud servers, so there is variance in which server you will connect to. This is contrary to a centralized server approach, which would have poor worldwide latency and security.
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For example, the main mining pool server is btc.ss.poolin.com, which resolves to an IP Address of: “220.127.116.11”. This is located in a data center in San Mateo, California and is hosted by Alibaba’s Cloud service.
Poolin is a significantly larger mining pool than Slush Pool, but they are both within the top 5 pools globally. Slush is quite an older and well-established pool compared to Poolin, but they have managed to keep up with modern trends in Bitcoin mining.
Unlike Poolin, Slush has chosen to remain with the old Getwork mining method over getblocktemplate. The former template is now preferable as it is more scalable and reduces overall network load.
Slush Pool may be more desirable since they have a low 2% mining fee, Slush also has merged mining, but for the time being, they only support NMC. They also have lower variance in payment for miners.
Slush pool is unique in the sense that they use their own score-based reward system rather than the typical PPS or PPLNS. The score rating is based on the user’s share in the overall network in recent hours. According to them, this system reduces cheating in the pool and can be more stable and fair. The reward is split based on one’s score when a new reward is found.
Poolin and F2Pool are very close in market share, and both pools make up a significant chunk of the worldwide mining hash rate. While both pools have some similarities, one apparent difference is the lack of getblocktemplate support in F2Pool. This mining protocol is decentralized and drastically reduces the network load on the network.
Just like Poolin, F2Pool supports a plethora of altcoins on top of Bitcoin. They do support a few extra and unusual altcoins, including GRIN, Ethereum Classic, and Siacoin. They also support merged mining with Vcash, namecoin, and ELA.
One might prefer F2Pool due to their lower fee of 2.5% and daily payouts. They work on the PPS+ (Pay Per Share Plus) mining model, so it is a different mining share experience than Poolin.
When mining was conceived with the invention of Bitcoin, the original intent was for people to mine with their computers at home. As the difficulty of mining accelerated, and specialized mining hardware came out, it becomes more efficient to pool processing power together into a mining pool.
Shares are issued to each miner based on how much they contributed to each block discovery. The amount shared varies depending on the pool’s fees, the share method (like Pay Per Share), and if the pool allows for merged mining.
Some pools choose to be anonymous and decentralized, but in the case of Poolin.com, it is a centralized mining pool. One will have to register and maintain an account, but this can be beneficial for managing a mining farm.
Review by: Jordan Tuwiner