Nanopool - a pool for collective cryptocurrency mining since 2015, which is part of the Finom AG blockchain holding. Since the end of 2018, it has been a member of the 3 leaders of the Ethereum mining sector. Is Nanopool Safe and worth trying? Let's take a look at this article.
- Nanopool Review
- Nanopool Fees
- How to Use Nanopool
- How to Join Nanopool
- Nanopool Payouts
- Is Nanopool Safe?
- Minergate vs Nanopool
- Flypool vs Nanopool
- Nicehash vs Nanopool
- Ethpool vs Nanopool
- Dwarfpool vs Nanopool
- Conclusion
Nanopool Review
Nanopool specializes in coins, which are mostly useful only on video cards. Currently supported mining is Ethereum (ETH), Ethereum Classic (ETC), ZCash (ZEC), Monero (XMR), Raven (RVN), Grin (GRIN), and Pascal (PASC).
The pool makes it possible to mine the presented coins both in solo (one coin) and in dual (2 coins simultaneously with a proportional distribution of power between them). The mining of digital tokens here is possible both due to the huge farms with many video cards and due to simply powerful cards like the GPU.
You can easily find information on the hashrate, the number of mined blocks per day, and other statistics on the official website of the resource.
The main feature of Nanopool - no user registration. Also, the possibility of dual mining, low commissions (1-2%, depending on the coin), as well as the use of the PPLNS system for the distribution of rewards between pool members.
Nanopool Fees
As in any other mining pool, Nanopool has a fee that is levied on the income of its users. It is 1% for all coins except Pascal - it has 2%.
As for the commission fees for withdrawing funds, for ETH, ETC, and ZEC they are no fees. In other cases, the commission varies depending on the displayed cryptocurrency - 0.0001XMR, 0.0001 PASC, 0.0005 RVN or 0.01 GRIN.
It is also worth noting that most miner programs have their own commission fees, the size of which can vary from 1 to 5%, depending on the mining algorithm. However, they are in favor of software developers, not Nanopool.
Recently Nanopool administration introduced Fee for ETH due to high transactions GAS price. The commission concerns transactions whose amount is less than 0.1 ETH and mainly affects small miners. More information about the ETH commission you can get here. Also, the service increased commission for the Pascal pool, due to the low coin price. Not a pool fee for Pascal coin is 5%.
How to Use Nanopool
After going to the Nanopool website, you will be redirected to the main page automatically. Here you can find the pools that are created on the service.
For each of the pools, information is presented regarding the mining algorithm, the minimum amount for withdrawal, the price, the hashrate of the pool, the number of active miners.
Next, by clicking on one of the pools, you go to the pool statistics page. In this case, we chose Ethereum.
Here is the total hash of the pool, the number of blocks found in the last 24 hours, the number of miners online, the reward for the block found, and the number of active workers.
Miner and worker are not the same things. Miner owns farms, or in other words, workers.
Also on top, there are buttons that you can use to go to the main page, stats, blocks, technical support, API, pools and other sections of the service.
The site is fully presented in English, other language versions are not provided.
It is noteworthy that most of the miners are based in Ethereum mining pools.
How to Join Nanopool
There is no registration on this pool. Your account is your wallet number. Everything is simple.
Now the question is how to make this account? To do this, simply register on one of the many cryptocurrency exchanges (e.g. Binance), and then copy the address of your wallet.
Nanopool Payouts
Nanopool miners are rewarded according to the PPLNS scheme (Pay Per Last N Shares, payment for the last N ball), which is considered one of the fairest payment distribution systems in the mining sector.
Its essence is to receive rewards by users for each round of mining - the time interval between finding the pool of the previous and the next new block after it. The duration of this process varies from 20 minutes to 6 hours (depending on the coin mined).
At the same time, the size of the reward is distributed among the miners proportionally, depending on the number of shares (valid hashes) they sent to Nanopool during the round.
Nanopool Minimum Payout
The withdrawal of coins from the balance of the miner's account to the wallet is carried out in Nanopool automatically when the minimum payout is reached.
This limit is set by default by the Nanopool system, but if desired, it can be edited through a user account, indicating any value within the boundaries defined by the pool. Moreover, for different cryptocurrencies, these values differ significantly:
- Ethereum - from 0.05 to 20 ETH;
- Ethereum Classic - from 0.1 to 100 ETC;
- Zcash - from 0.01 to 10 ZEC;
- Monero - from 0.1 to 10 XMR;
- Raven - from 50 to 50,000 RVN;
- Pascal - from 0.5 to 100 Pascal;
- Grin - from 1 to 50 GRIN.
How Often Does Nanopool Payout?
There is no clear payout schedule at Nanopool, but they occur in several stages during the day. As soon as the balance of the miner’s account exceeds the set minimum value, it will be paid when the next payment round occurs.
Nanopool Payout Time
Usually, payouts are made several times per day. It follows, that during several hours your reward will be deposited to your wallet address.
Is Nanopool Safe?
Nanopool is one of the largest pools, and you are guaranteed to receive a reward for your shares without any issue or delay (the payouts are made several times per day). Also, it does not contain any user data due to lack of registration.
This pool has been working for several years and throughout its work, this service did not cause any problems or suspicions on the part of miners. You can see on the main page of one of the currencies the number of miners and workers attached to the pool, therefore such high trust from customers leaves a positive impression on the Nanopool work.
MinerGate vs Nanopool
MinerGate is the largest mining service since 2014, which includes comprehensive functionality for earning cryptocurrency using your computer. This is an international mining pool that is aimed at users from different countries. This is evidenced by a large number of language versions of the site, the platform supports the following languages: English, Chinese, Russian, Czech, Italian, Romanian, Spanish, German, French, and others.
The service supports 5 cryptocurrencies for mining: Zcash (ZEC), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR). Compared to Nanohash, this service has fewer currencies for mining but better language adaptation.
Flypool vs Nanopool
Flypool service was created in 2016 and is a structural unit of the largest mining pool Ethermine.
At the moment, the service offers users a list of 6 cryptocurrencies: Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), Ycash (YEC), Beam (BEAM) and Ravencoin (RVN). In comparison with Nanopool, we see 3 common currencies for mining.
The commission fee is 1% of the miner's profit. The pool accrues remuneration according to the PPLNS system and has a customizable payout amount, while guaranteeing complete confidentiality of work. Nanopool provides the same fees and features, however, it has a better pool hashrate.
NiceHash vs Nanopool
NiceHash was officially founded in 2017. This service is significantly different from other resources for cloud mining. Its peculiarity is that buyers get access to the mining capacities of not one provider, but several. Therefore, it can partially be attributed to the decentralized resources of cloud mining.
#ETH and #ETC pools: added ASICs protocol support (NiceHash stratum)
— nanopool (@nanopool_org) July 21, 2020
You can buy computing power from the NiceHash crypto mining market and use it to mine digital assets at Nanopool.
Ethpool vs Nanopool
Ethpool is Ethereum's largest and very first mining pool for cryptocurrency mining. At the first stages of its existence, this resource was conceived as an official ETH pool, but over time, 5 more sites for mining of the cryptocurrency joined it. One-third of all users of this resource are mining in Asia.
The service has 6 available cryptocurrencies for mining ETH, ETC, ZEC, YEC, BEAM, RVN. Despite the fact that the service has always been a leader in the production of ETH, now it is clearly inferior to Nanopool in the pool hashrate and the number of participants in the pool.
Dwarfpool vs Nanopool
Dwarfpool is one of the largest services created in July 2014. The site is monolingual (English only), but the site has technical support in English, German and Russian.
Registration on the pool is not required. The pool commission, like on many other services, is 1% when mining all coins, the exception is Monero - its commission is 1.5%. Currently provides support for 3 currencies: ETH, XMR, and Expanse. This service is clearly inferior in the number of supported currencies and in the speed of production.
Conclusion
Nanopool is a very convenient pool with an intuitive interface. In general, the popularity of Nanopool can be explained by its policy regarding user privacy (it does not need miners' personal data), the minimum settings necessary to start mining, a fair reward distribution system, and, of course, the absence of payment problems.
Of course, this service is still far from such giants as Chinese pools, for example, gathering around themselves hundreds of thousands of ardent admirers of the cryptocurrency world.
Nevertheless, if you wish, you can make very good money in this pool.