Everyday seems to bring news record high in total hashing power from miners on the Bitcoin network. Just a few weeks ago, on March 2nd, the hash rate grew to 136 EHs, a record-breaking high. It shows no signs of slowing down, either.
The hash rate is the measuring unit of the Bitcoin Network's total processing power. The higher the hash rate is, the more secure the network is.
But more security comes with a cost - difficulty goes up and miners make less money per unit of processing power. If you intend on mining, you better hurry. With hashing power always increasing, that means interest in Bitcoin mining has never been higher.
That’s why should familiarize yourself with some of the best-known mining pools if you want to start mining yourself. It is crucial to choose a pool that uses your processing power in the most efficiet way possible.
Mining is not the fastest way to acquire bitcoins.
Buying bitcoin is the fastest way.
Slush Pool is a name you probably heard if you ever researched mining pools. Today, we’re going to help you familiarize yourself with it and see whether or not it’s worth using.
A mining pool is exactly what it sounds like: a bunch of individual miners get together and “pool” their hashing power into one big effort. Before mining pools, mining was a very risky endevior because it was mostly luck if you found a block. If you did, it was a big pay day, but it may take a very long time to find one.
Miners needed a way to smooth out the rate at which income came in. This is where mining pools come in.
By “pooling” hashing power, all the individuals in the pool could increase their chances of finding a block then split the proceeds based on how much hashing power each contributed to the pool. You make less money each time you find a block, but you find them more often and so your operation is more predictable.
So what makes slush pool different than other mining pools?
Since the launch, the pool has had its ups and downs but things have been mostly positive recently.
Satoshi Labs run Slush Pool. You may also know Satoshi Labs from their work on Trezor, the first Bitcoin hardware wallet and Coinmap, a world map outlining which merchants accept Bitcoin. They also invented the scoring system, which awards users based on the “hash power” (the processing power) they bring to the mining pool.
Slush Pool was the very first mining pool, and, over the last decade, its users have mined more than 1 million Bitcoins using its services and software: BraiinsOS and BraiinsOS+.
And if that doesn’t sound impressive enough, you should also take this into consideration: in the last 6 months, Slush Pool collected more than 9% of all Bitcoins on the market.
That percentage makes it one of the five biggest Bitcoin mining pools on the Internet.
We’ve covered what the Slush Pool is and explained how it works. Now let’s have a look at the specific services offered by Slush Pool should you decide to join it for your own mining efforts.
In terms of fees, Slush Pool is very similar to other mining pools on the market. They offer a standard 2% fee, which you share with other miners. There’s a 0.0002 Bitcoin threshold, which means once you reach this sum, the platform automatically sends the earnings to your account.
The best thing about the payments is Slush Pool’s famous score-based method of payments, which allows the awards to be distributed fairly among Bitcoin miners.
Customer support is at a high level. Of course, the users can send emails to the network officials if they have any problems. In most cases, a customer support agent will respond in less than 24 hours.
However, you can also talk to customer support agents instantly if you have an emergency problem. The company has a dedicated website, where you can start a conversation with customer support if you have questions about your mining setup, user account, or rewards.
Security levels are more than satisfactory. You have 2-factor authentication and wallet address locking for emergency cases. You get a read-only token that allows you to log into your account, in case someone tries to hack your account or steal your identity.
You can also lock your address if someone else is monitoring your account while you’re mining. In addition to that, the company only uses highly-secured servers, which guarantee the safety of your Bitcoin wallets.
Now we’re going to give you a list of both positive and negative aspects of the world’s oldest mining pool.
You can just take a look at the positive and negative aspects and decide whether you should use the pool or not if you don’t have the time to read the entire review.
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 uses the Stratum mining protocol over getblocktemplate. The former template is now preferable as it is more scalable and reduces overall network load. However Pooling has indicated that they will move to their own “Bitcoin Universal Mining Protocol” soon.
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 (Namecoin). 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.
In conclusion, is Slush Pool worth your time and effort? The short answer is yes, Slush Pool is a good choice if you want to start mining. It’s great for first-time users due to its simplicity. Plus, it gives awards to some of its most active users.
Mining bitcoins? You can't without a Bitcoin wallet.
Our guide on the best bitcoin wallets will help you pick one. Read it here!
Long-time miners will also be satisfied. The service is always at the top of mining trends. The company officials never stand still, issuing constant updates that make their service fresh and up-to-date at all times.
In other words, you won’t go wrong if you pick Shush Pool as your mining pool. Keep in mind though that while Slush is the oldest pool, it is by no means the biggest or the cheapest, and keeping fees low is crucial for any mining operation.
Review by: Jordan Tuwiner