What is Poolin
Poolin is a global cryptocurrency mining pool that allows users to combine their computing resources to mine various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others. It was founded in 2017 by a group of Chinese cryptocurrency enthusiasts and quickly became one of the largest mining pools in the world.
Poolin uses a payment system called Pay Per Share Plus (PPS+), which guarantees miners a stable income even in volatile market conditions. The pool also offers other features such as real-time monitoring of mining activities, mobile apps, and detailed statistics on mining earnings.
In addition to its mining pool services, Poolin also offers a cryptocurrency wallet and exchange platform, making it a comprehensive solution for cryptocurrency mining and trading.
The history of Poolin
Poolin was founded in 2017 by a team of Chinese cryptocurrency enthusiasts led by CEO Zhibiao Pan. The team included developers who had previously worked on the Antpool and BTC.com mining pools.
In just a few months after its launch, Poolin became one of the largest mining pools in the world, attracting a significant share of the global hashrate. By early 2018, Poolin had become the second-largest Bitcoin mining pool in terms of hashrate.
In 2019, Poolin expanded its services to include cryptocurrency wallet and exchange platforms, offering a comprehensive solution for cryptocurrency users. The exchange platform allows users to trade various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others.
In 2020, Poolin announced the launch of its mining subsidiary, Poolin Mining, which offers a range of mining hardware solutions to its users. The same year, Poolin also launched a new mining pool for the Grin cryptocurrency, becoming one of the first pools to support this relatively new cryptocurrency.
Today, Poolin is one of the largest and most respected mining pools in the world, offering a range of services to its users, including mining pool, wallet, exchange, and hardware solutions.
How Poolin works
Poolin operates as a mining pool, where multiple miners combine their computing resources to increase the chances of mining a block and earning rewards. Here is how it works:
- Joining the pool: To join Poolin, a miner needs to create an account on the platform and configure their mining software to connect to the pool’s server. Poolin supports several mining software, including BFGminer, CGminer, and others.
- Mining process: Once a miner joins the pool, their computing power is added to the pool’s hashrate. Poolin uses a pay-per-share (PPS) payout system, which means that miners receive a fixed payout for each share they contribute to the pool’s hashrate. This ensures a stable income for miners, regardless of the pool’s luck or market volatility.
- Earnings and payouts: Poolin calculates earnings in real-time and provides detailed statistics on a miner’s mining activities, including hashrate, shares submitted, and earnings. The platform also supports various payout methods, including Bitcoin, Ethereum, Litecoin, and others.
In addition to its mining pool services, Poolin also offers a range of other services, including cryptocurrency wallet and exchange platforms, mining hardware solutions, and mobile apps. These services allow users to manage their mining activities and cryptocurrency assets more efficiently and conveniently.
Does Poolin charge a fee
Yes, Poolin charges a fee for its mining pool services. The fee varies depending on the cryptocurrency being mined and the payout method chosen by the user. For Bitcoin mining, Poolin charges a 2.5% fee for PPS payouts and a 3% fee for Pay Per Last N Shares (PPLNS) payouts. The fee for Ethereum mining is 1%, while the fee for Litecoin mining is 1.5%.
The fees are used to cover the costs of running the pool, including server maintenance, development, and support. While the fees may seem high, they are in line with industry standards, and Poolin offers a high level of reliability and stability, which can be particularly important in the volatile cryptocurrency market. Additionally, Poolin’s PPS+ payout system ensures that miners receive a stable income, regardless of market conditions or the pool’s luck in mining blocks.