Antpool Definition
Antpool is a cryptocurrency mining pool, founded by Bitmain in 2013, that allows users to mine Bitcoin, Litecoin, Ethereum, and other cryptocurrencies. It operates on a peer-to-peer network and offers mechanisms to prioritize the most profitable coins.
Antpool Key Points
- It’s a digital currency mining pool operated by Bitmain Technologies Ltd.
- Antpool primaries in mining Bitcoin but also deals with Litecoin, Ethereum, and others.
- It functions on a Pay Per Share (PPS) model but also supports Pay Per Last N Shares (PPLNS).
- Antpool is recognized for its transparent, user-friendly, and reliable mining services.
What is Antpool?
Antpool is a secure platform where miners combine their computational resources to solve complex algorisms that validate and record transactions on the blockchain. It’s one of the most well-regarded mining pools globally, operated by Bitmain, an internationally acknowledged manufacturer of Bitcoin mining hardware.
Who Uses Antpool?
Jobs on Antpool are divided and distributed among participating miners relative to their contributed processing power, this makes it popular amongst individuals and organizations that mine cryptocurrencies. Cryptocurrency miners, both individuals and organizations, engage with Antpool to ensure a more consistent return on their mining activities.
When was Antpool Created?
Antpool was conceived and introduced to the market in 2013 by Bitmain, a Chinese manufacturer of Bitcoin mining hardware. Their goal was to create a secure, efficient, and user-friendly platform for cryptocurrency miners.
Where is Antpool Based?
Although Antpool’s operations are largely digital and decentralized, the company is based in China. Bitmain, the Asian company that operates Antpool, has a significant presence in the industry due to its production of Bitcoin mining hardware.
Why is Antpool Important?
Antpool is of great importance because it offers a solution for those who are unable to mine on their own due to the level of difficulty and resources required. By enabling users to pool their computational resources, it increases their chances of gaining a return on their mining activities. In addition, as Antpool is operated by Bitmain, it benefits from high-quality, reliable hardware that adds to the efficiency and dependability of the pool.
How Does Antpool Work?
Antpool relies on a shared effort concept, whereby miners pool their resources to work collectively on solving blocks. Once a block is solved, the rewards are then distributed based on each miner’s contribution. It’s a beneficial setup for smaller miners in particular because they get a consistent payout even if they don’t possess the same resources as bigger miners.
