Mining pools have dominated Bitcoin mining and are believed to have a stronghold in the Bitcoin network and as well as to its users. Slush Pool is the very first mining pool in the world back in the year 2010 and is based in Czech Republic known under the name Bitcoin Pooled Mining Server. Its servers are located in the United States, Europe and China and Singapore. The mining pool aimed to make Bitcoin mining publicly available which allows users to participate in Bitcoin mining with a fixed fee of 2%.
How mining pools work?
Mining is an important part in the existence of Bitcoin. Without miners, no one will confirm all Bitcoin transactions and will find blocks which contains transaction data in the bitcoin network. Miners use a mathematical solution called hashing where they generate a random number which is called a hash, that identifies each of the blocks in the blockchain. With mining pools, mining has become more accessible to all who are interested to participate Bitcoin mining and earn income.
Mining pool operators like Slush Pool divides and distributes the work in finding blocks to all of their users or the so called hashers. Whenever a hasher finds a valid block, it sends it back to the pool operator. The the pool operator will then redistribute the block reward among the connected hashers and the division of the block reward usually depends on the share of hash power contributed by each of the connected hashers.
Bitcoin Pooled Mining or Slush Pool operated on a share scheme that uses an artificial low difficulty method before, which was observed to be vulnerable to cheating. Solving the problem, they made another approach which is a score-based method where newer shares has greater value than the older shares in the beginning of the round. This method discourages users to cheat by shifting between pools within a round.
Hashers can also be called as “miners”.
What Slush Pool offers?
As the oldest and well-known mining pool in the world, they offer a long history of stable and accurate mining services. They have high availability with servers distributed around the world. They ensure 100% up time with their intelligent load balancing and fail-over system. Slush Pool runs on highly secured servers. Users Bitcoin wallets can be secured with 2-factor authentication or 2FA.
The mining pool offers a unique reward system. They make sure that they provide a stable and transparent rewards for all of their loyal miners. In order to fairly distribute the value of a found block to connected hashers, they use Scoring Hash Rate approach. It indicates the amount of work the user did in recent hours. Thus, if you have a 0.05% scoring hash rate of the whole pool, then you will get the same rate of the block rewards.
Also, Slush Pool offers 24/7 customer support, working hard to provide assistance in any situation. News and updates actively delivered to the users through their Release Notes section and social media accounts.