Bitcoin relies on miners to operate and is the only way for new bitcoins to be produced. Miners are rewarded with bitcoins as they solve complex algorithms. Mining pools have emerged to offset the high computational costs of mining in the bitcoin network and offer everyday users an opportunity to earn bitcoins. In this article, we have reviewed and rated the best bitcoin mining pools for 2023 based on fees, user-friendliness, and reputation.
F2Pool is a diverse mining pool that operates in China and has been in operation since 2013. It quickly became the largest mining pool in the world, accounting for one-third of the hash rate on the bitcoin network. F2Pool introduced an automatic payout system for the convenience and security of miners. Currently, it is the third-largest active mining BTC pool in the world, despite facing tough competition.
BTC.com is known for its wallet and blockchain explorer. It was founded in 2015 and is operated by Bitmain Technologies, a leading mining equipment manufacturer. The pool uses the Full Pay Per Share (FPPS) payment method, which ensures miners get paid regardless of whether the pool finds a block or not. While it had a below-average year in 2022 and 2023, it still remains one of the top 10 bitcoin mining pools.
Foundry USA, a subsidiary of Digital Currency Group, became the second-largest mining pool in 2021 and currently controls around 3.4% of the all-time bitcoin network hash rate. In 2023, it had the best mining performance, controlling roughly 29.8% of the network’s hash rate for the year and claiming the top spot.
ViaBTC has been operating for six years and is one of the largest and most popular mining pools. It supports various reward algorithms and also offers a SOLO option where a single miner conducts the mining process independently. In 2023, it ranks as one of the top 5 mining pools, controlling 8.73% of BTC’s hash rate, although it has higher fees.
Antpool, run by Bitmain, was established in 2014 and supports different mining modes to cater to a wide range of customers. It remains one of the few consistent mining pools since its establishment, with improved pool share and mined blocks in 2023.
Braiins, formerly known as Slush Pool, has been operating since 2010 and is the first organized mining pool for bitcoin. It uses the Pay-Per-Last-N-Shares (PPLNS) payout mechanism. While its performance slowed down towards the end of the year, it still outperformed the previous year in terms of pool share and mined blocks.
Binance Pool is a subsidiary of Binance, the largest crypto exchange platform. It has mining nodes in North America, Europe, and China. Despite being relatively new, it has consistently been one of the top 4 pools since 2021, mining more blocks each year. Binance also offers a cloud mining service for users without mining equipment, but it has higher fees.
SBI Crypto, a Japanese mining firm, started its mining pool services in 2021. In 2022, it broke into the top 10 mining pools list but mined fewer blocks compared to larger pools. In 2023, it held steady at the 11th spot.
EMCD Pool is considered a rising star in the crypto mining ecosystem. It is one of the top 10 largest bitcoin mining pools globally, offering low commission rates, 24/7 support, and a comprehensive ecosystem approach. It uses the FPPS+ rewards system and provides a user-friendly interface.
KanoPool has been operating since 2014, offering bitcoin mining with servers worldwide. It charges a low commission fee but lacks information about the tokens that can be mined and has an outdated interface. Some users report low returns from the pool.
Poolin, launched in 2018, quickly became one of the top BTC pools. However, it faced liquidity problems in 2022, causing some miners to leave and a drop in hash power. Since then, its hash power has stabilized, and its performance in the latter half of 2023 remains to be seen.
OKX Pool, launched in 2018 by the crypto company OKX, initially performed well and broke into the top 10 list. However, it suffered a significant loss of hash power and has yet to fully recover.
If bitcoin mining is not successful, mining Dogecoin is an alternative option.
Bitcoin mining pools work by having miners process complex algorithms to record bitcoin transactions. Whenever a bitcoin changes hands, miners unlock the blockchain and record the new owner. The pools distribute rewards based on the miners’ contributions, using various payout mechanisms such as Full Pay Per Share (FPPS) and Pay-Per-Last-N-Shares (PPLNS).