In the world of crypto mining, miners are incentivised with block rewards that are given to a single person or to a group of people (mining pool) that find the correct solution to the cryptographic hashing algorithm.

Mining difficulty gradually increases over time. In order to keep up with the difficulty, miners need to increase their computational power or they will suffer a decrease in blockrewards.

Only the first person to solve the cryptographic hash will receive the block reward, winner takes all. All the other competing miners will be left with nothing.

It's like trying to open a 3 digit number lock by guessing the numbers, if you are lucky you can get it right at the first try, on the other hand it can take you 999 tries to open it. This randomness is one of the main reasons mining pools where created.

Solo Miners have to deal with those irregular payoffs, which makes it difficult to keep up with the regular electricity bills.

There are 2 kinds of mining pools

• Single Mining Pools are only mining for a specific Cryptocurrency.
• Multi-mining Pools switch which Cryptocurrency to mine based on current profitability, Minergate is a good example for that.

Pros and Cons

Solo Mining

➕ No fees, you are paid the full block reward.
➖ Depending on Hashpower, high variance on payouts.
➖ Complicated Setup, there is no Help Desk 😊

Mining Pools

➕ Smoother income distribution.
➕ Easy Setup, leave most of the headache to the pool admins.
➖ Small fees, but reduced risk of orphaned blocks.

MoneroV Mining Pools

MoneroV Mining Guide:
https://cryptobuzzed.com/blog/mine-monerov/
Below is a list of MoneroV Mining Pools, ordered from highest to lowest hashrate.

https://xmv.magnificentpool.com/
https://xmv.coolmining.tk/
https://xmv.cryptopool.space/
https://xmv.infinity-pools.cc/
https://monerov.fairhash.org/
https://monerov.miner.rocks/
https://monerov.herominers.com/
http://monerov.rocketpool.pro/
https://xmv.go-mine.it/
https://cryptoknight.cc/monerov/
http://pool.baikalmine.com/en/xmv/
https://easyhash.io/monerov

Steemit Competition

Don't miss our weekly Steemit Contest where you can win 50 XMV! Solve the secret code and the prize is yours! Submission deadline is Saturday the 16th of June. The Winner will be announced on Sunday!