A mining pool is a combined pool of computing resources over multiple cryptocurrency miners’ networks. Sharing resources via a mining pool increases the probability of block production and mining cryptocurrencies.
Cryptocurrency mining pools are a cost-effective way to get started with crypto mining, letting you share your computing resources with a group of miners. The rewards earned by such a mining pool get divided among its miners based on the extent of computing power each member contributes.
Although mining pools offer lower rewards for mining efforts to individual miners making up the pools, they are more likely to find a block to mine crypto successfully. Such crypto mining pools have higher computational resources combined with multiple users that can increase their efficiency when participating in the crypto mining operation.