In this article we are going to talk about the mining pools you should be weary of as a miner. Mining pools need to follow a strict protocol in order to be compliant on the network. If a mining pool is not compliant it is harming the ability to actually get paid out. The Block-Chain has been created to reject bad shares as well as bad transactions.
WHAT TO LOOK FOR
The first thing you should look for is a warning on a peer to peer mining pool. This warning will tell you that there are unknown blocks being mined, however should you feel that this is not the case, you could look at the code yourself to ensure that the pool is on the strict protocol of the network.
You must avoid at all costs mining on pools that refuse to follow the correct protocol, you will only be hurting yourself.
Another thing you should avoid is the high fees. There is no reason to mine on a pool where the fee is more than 1%. That is just greed and destroys the integrity of the network. Make sure you see the pool is clear and there are no warnings.
MULTI-POOL MINING
Mining on multi-pools is a good way to earn if you mine a lower coin. For example, Zpool.ca has a list of the coins that they guarantee a payout with no problems. As they send the coins to the exchange, it is far better to choose a coin like DGB, or KMD because the fees are much lower. Not only do you receive more coins but you will not loose as much in the exchange process.
If you look at the image, you will see that the coins that are the only guarenteed payout currencies are BTC, DASH, XVG, DGB and KMD. Both DGB and KMD can easily be exchanged in your wallet if you are using one of the multi-coin wallets
When mining on these multi-pools however, you should be aware of the amount of miners on the site. If the Amount of miners are 0 across every single algorithm and coin there will be a problem.
CLOUD MINING
Another thing you should be aware of is never use a Cloud mining Service. You need to start taking self responsibility and produce your own coins. I speak from experience. I have tried Genesis Mining, and I was never happy with the low payouts when my miner was making far more. Why Would I keep paying them when I can make more without paying them?
I am not saying that all cloud mining services are legit, but I made more with my own miner and work that is a fact. I can see no logic to cloud mining. This is just my thoughts based on my true experience mining. I paid more to Genesis Mining than I actually made. It was not worth it for me when I was making far more mining.
Learning the mining Game for yourself, and setting up the multiple streams of income is what will make you self reliant and more prosperous.
