What is a Mining Pool in Cryptocurrency?

A mining pool is a group of cryptocurrency miners who combine their computational resources over a network to increase their chances of successfully mining a block. By pooling their resources, miners can achieve more consistent and frequent rewards, as they share the computational work for new blocks and split the rewards among themselves according to the amount of work each contributed. This approach is beneficial for individual miners who may not have enough processing power to mine competitively on their own. For a deeper understanding of how mining pools work and the advantages they offer, you might find this article helpful: https://paybis.com/blog/glossary/what-is-a-mining-pool/ It explains the mechanics of mining pools and provides insights into different pooling strategies and their benefits.