Crypto pool mining is the process that secures and validates transactions in a blockchain. As soon as the cryptocurrency mining became more profitable huge companies started mining it that pretty much took individuals out of the game. It’s next to impossible for an individual miner to compete against that much computing power.
The mining pools were introduced as a solution in which individuals enter into a cooperative crypto mining agreement but all the cryptocurrency earned is split amongst the members instead of receiving a huge payout single handedly.
If you are lucky enough to mine a block which if you are just an individual is pretty unlikely instead you get paid out in smaller amounts but much more frequently. This way payments are more consistent and the reliable cryptocurrency mining pools make mining feasible for solo miners.
Just like all other cryptocurrency pools, a Chia pool is a group of farmers who are farming to the same pool key. So if one of them wins a block the XCH is shared among pool members. The Chia block winner receives 0.25 XCH, while the rest of 1.75 XCH is shared with other members minus the pool fee which is equal to their farm’s % of the pool netspace.
Checkout the list of best 50 Chia farming pool contenders from around the world. Please note that a major chunk from these pools going to start soon and the Chia farmers can join them freely. Before joining any chia pool officially you must install the official Chia Pool Protocol 1.2.0 and choose the respective setup you are using on Windows, MacOS, Linux etc.
How To Farm Chia Using Official Chia Pooling Protocol 1.2.0
A step by step guide to help you join Chia pools officially by using official chia pool protocol 1.2.0.
List of top 50 Chia Pools
|No||Pool Name||Coins||% Payout Method||Country|
|1||Core Pool||XCH||2% PPLNS||Europe|
|2||Migpool||XCH||0.75% | The first pool based on Chia official pool protocol||USA|
|3||Huobi Pool||Multi||8% PPLNS||China|
|4||Pool Harvest||XCH||2% PPLNS||Germany|
|5||Foxy Pool||Multi||1% PPLNS||Germany|
|6||Chia Farm Land||XCH|| |
1% PPLNS | Official Pooling Protocol | Weekly 1 XCH Given Away to Lucky Farmer
|10||Chia Hub||XCH||1% PPLNS||Germany|
|13||Milk Tea Pool||XCH||Unknown||Thailand|
|16||Lets Farm||XCH||0% PPLNS||Germany|
|25||Cat Farmer||XCH||0% PPLNS||Thailand|
|26||Maxi Pool||XCH||0% PPS||Australia|
|28||Space Farmers||XCH||0% PPLNS||Netherlands|
|29||Fresh Chia||XCH||0% PPLNS||Germany|
|31||Chia Rex||XCH||0% PPLNS||Turkey|
|32||Future Pool||XCH||0.5% PPLNS||Europe|
|33||XCH Pool||XCH||0.25% PPLNS||Netherlands|
|34||Crop Croc||XCH||0.25% PPLNS||Germany|
|37||Your Chia Pool||XCH||USA|
|41||Chia Mine||XCH||0% PPLNS||Europe|
|44||Chia Net Ru||XCH||Russia|
|47||Space Pool||XCH||The largest Chia farming pool based on the official Chia pool protocol||USA|
|51||My Chia Pool||XCH||1%||USA|
How to Join Official Chia Pools on Windows
Chia vs other crypto pooling protocol differences:
There are three noticeable differences:
- You can join any Chia pool as they are (permissionless) and don’t require separate sign ups
- The Chia pool can retain 7/8th XCH – transaction fees of Chia rewards to redistribute while the farmer gets 1/8th+fees
- Only farmer with the winning proof will farm the block
Starting a chia pool protocol
Anyone who has already written crypto pool server code for others can start a Chia pool as it can be adapted with Chia’s reference pool code easily. The Chia team recommends Chia pools to only people with business expertise and OPSEC to run pools.
- The pool runner’s country may impose Tax or exercise AML (Anti Money Laundering Laws) and KYC legal check ups. So Chia pooling varies from country to country but its core is the same.
- The crypto pools also get attacked frequently by the hackers so you should ensure its security or might face losses
How To Choose The Best Chia Farming Pool By Reviewing Ethereum’s Pool Payouts?
In order to know about the best Chia farming pool we need to understand the payment methods used to payout rewards to the farmers. The pool payment methods help us determine what the best mining pool is for your specific situation. In order to choose the best mining pool you must understand their payment methods. As pools are defined by their payment methods.
If you are a smaller miner you’ll never be able to solo win a block. You’d have to have a significant amount of luck now there are payout methods that do include luck. In some cases, as you are mining with a bunch of other miners the pools have to determine how much you have put in as far as work to determine how much they are going to pay you the crypto currency BTC, XCH or ETH from the pool that has mined.
Let’s review Pool Payout Methods by taking example of Ethereum payments made to the miners and evaluate how we should proceed to Chia’s when they are officially up-specially Official Chia Pool.
Most Common Pooling Payment Methods Used by The Crypto Pools
The first payout method is (PPS) Pay Per Share. Now this functions as stated miners are paid by the pool for each valid share that they submit to the pool whether or not the pool finds a block. This method isn’t quite used anymore, it’s just used in a couple places. It had a couple really large flaws:
(i) – The first one was is it paid miners out no matter what even if the pool didn’t find a block meaning that the pool wallet that basically takes in the payment from the crypto network like Ethereum and then pays it out to the miners could just run out of Ethereum theoretically depending on the size of the pool.
(ii) – So now the other problem was it was really susceptible to of course pool hopping. Now the way pool hopping worked is that because it was based on shares people would basically jump between pools near the end with large mining farms or larger mining rig operations to get a whole bunch of the shares because the shares weren’t limited and go to the next one to take the payout from each pool. So the miners weren’t really punished for jumping pools over and over and over again. Many miners did that and increased their profits. This method is not effective anymore anywhere now.
The next is PPLNS which is used by the largest mining pool in North America- Ether mine and that is because it protects pool owners and it also stops people from pool hopping. In this manner miners are paid a portion of the block reward and transaction fees that their pool finds. But only when the pool finds a block and that’s how it protects the pool owners from losing any money.
Next shares are defined by a fixed amount of shares with the variable because there’s a fixed amount of shares if somebody comes in at the end of the block being solved and tries to accumulate a whole bunch of shares. They’ll get capped by the end shares and kicked off.
Basically they won’t get as many shares as they could potentially get by running them up on a PPS. For example, that’s kind of why people have been such a big deal for mining and it really solved those two major issues. It is getting a little outdated and there’s been some new ones that are coming along. What it also does enables the pool owners to keep their fees lower and the reason they can keep their fees lower is it only pays out when the pool finds a block.
The downside to that for the miners is that there is a significant amount of luck based on the amount of blocks that the pool actually finds at any given time. So to solve that and stabilize the miner payouts in a more predictable manner.
The next payout method is called PPS+ which is Pay Per Share Plus. The most popular pool running PPS+ is probably spark pool for North America but not many miners might have used. While most of us got to be on Hiveon which many of us have used over the course of time and really enjoyed. It basically functions as stated miners are paid by the pool for each valid share that they submit to the pool whether or not the pool finds a block. However that’s going to be based on the block reward of 2 for Ethereum as an example. Now there are transaction fees and this is where pools on PPS had a lot of issues keeping up with. So miners are also paid a portion of the transaction fees that their pools find based on the PPLNS method only when the pool finds a block.
For example to explain this further how Ethereum works is that when someone submits a transaction to the network they can increase the fee that they pay to the miner to basically signal that they want their block solved first or their transaction on the block solved first.
That will basically pull it up to the front of the line. Those fees increase again and over again depending on demand on the network. So miners want a portion of those fees especially if we are talking about today where the base reward is 2 ETH and the fees can get all the way up pushing it up to a 13 ETHs block reward.
So if the pools were like okay well we’re just gonna pay it out no matter what whether or not we find a block such as on PPS then the pools run out of money. For example, let’s say block 1 found 13 and then block 2 found 4 and the pool had to pay you out based on you know your shares. They are going to end up running out of money eventually, that’s just kind of how it functions. So PPS+ aimed to basically combine the advantages of PPS and the advantages of PPLNS giving miners a more steady income. But also preventing issues for the mining pool operators of running out of Ethereum in their main wallet.
Finally we have FPPS which is Full Pay Per Share and this one has been taking off lately due to the Binance pool. We can talk about Binance pool for the U.S. users and international users. This payout method is great for miners but it comes with some heavy taxation.
So it functions as stated miners are paid by the pool for each valid share they submit to the pool whether or not the pool finds a block. In addition miners are also paid the expected transaction fees of the network based on the past 24 hours whether or not the pool finds a block as opposed to essentially the transaction fees not being averaged out on PPS. It averages out the transaction fees over the past 24 hours and then still pays the miner out whether or not they solve the block based on the average transaction fees.
The problem is this is still pretty risky for pool owners as far as compared to PPS and so the taxation of that obviously comes with a heftier fee in most cases. But in the case of Binance pool it gets really interesting because the fee is actually quite low at 0.5% at least that’s what it appears to be until you look into what it requires for you to sign up for it and how you get paid out.
Initially with Binance pool as it stands there is not a binance.us pool even though they have pools in the USA. You can only sign up for it at binance.com which obviously kicks you out if you are a US resident. Then in addition to that where it gets even more sketchy is that you have to sign up for an account to use it and you deposit whatever you mine to the Binance application or your Binance Ethereum address. Of course you can cash that out if you want to and send it somewhere afterwards.
For detailed research on pools for all Cryptocurrencies a tool for you is here. Of course reviewing pools and determining what is going to be the best for your specific situation based on Location and so on and that can be found at miningpoolstats.stream.
We must understand that without pool payment methods we cannot choose the best Chia farming pool. So make sure to choose the best pool that pays the best way.
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Last update on 2021-02-07. As an Amazon Associate I earn from qualifying purchases.