What is Antpool and How Does It Work?

This article will discuss what Antpool is, the history of its creation and how it works. Find out the safety of using this mining pool!

Understanding Antpool

Antpool became a major player in Bitcoin mining pools , leveraging the shared computing power of a number of miners to increase the likelihood of solving blocks and receiving the associated block rewards. 

Miners who contribute their hash rate to this pool and play a role in finding blocks are rewarded by taking into account the extent of their contribution in solving the block.

Antpool was first founded in 2014 by Bitmain, a company specializing in ASIC chip design for Bitcoin mining. Antpool was introduced to meet the mining needs of users using Bitmain's Antminer mining hardware. 

Over time, the platform has grown to become one of the leading mining pools in the Bitcoin network.

Apart from Bitcoin, Antpool also supports mining for various other cryptocurrencies, including Bitcoin Cash, Litecoin, Ethereum Classic, Ethereum PoW, Dash, Zcash, Decred, Handshake, Kadena, and DigiByte.

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How Antpool Works

Antpool is like a crypto "mining cooperative". The platform brings together the computer power of miners to increase the chances of finding new blocks and earning rewards. 

Instead of struggling alone, Antpool allows cooperation, so the chances of success are higher, considering that the difficulty level of mining most cryptocurrencies is quite challenging.

At Antpool, miners have two reward sharing schemes:

• Pay per Share (PPS): This scheme is simple, you are paid directly according to the contribution of computing power, regardless of the success of finding blocks. Stable and predictable.
• Pay per Last N Shares (PPLNS): In this scheme, rewards are only available when a block is discovered, and are divided among the last N shares contributing, not all shares. The potential for profit is greater, but the risk is also higher.

Is Antpool Safe to Use?

Antpool has been trusted since 2014 and is one of the largest and most tested mining pools. However, as with any online service, there are risks to be aware of. 

Even though it claims to use strict security standards to protect your system and data, the risk of hacking and theft remains in every mining pool. So, before jumping in, make sure you really understand the risks and decide whether it suits your needs.

Also read:

What is a Liquidity Pool in Defi?

What is a Dark Pool? A Transaction That Doesn't Involve Names

What is liquidity mining in DeFi?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to 

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