A mining pool is essentially a collection of miners who have pooled their resources and computing powers together in order to mine a cryptocurrency. As the mining difficulty of a cryptocurrency increases, it becomes harder and harder to mine, because it requires more computation power. Which itself requires more energy, electricity, and eventually more costs. This can often be too expensive for a solo miner. For this reason, miners form groups in order to decrease the costs of mining.
Each cryptocurrency has its own mining pool, or collection of its miners who have got together. If you want to join a cryptocurrency, you can join its mining pool and essentially join many other miners who share the mining endeavor in order to decrease costs and increase efficiency.
find more details on our mining pool portal : https://mining.counos.io
How Is Counos Coin Mined?
Like most other cryptocurrencies, Counos coin can be mined. Mining is in fact generating a new block from sent transactions to the network. Generating a new block requires a specific amount of power considering the network difficulty which is generally provided by special devices. To sum up the power of devices and the ability to generate more blocks, usually a mining pool is created so that different miners partake in the acquired income according to the power they can offer.
How Does Mining a Block Make Income?
In order to mine a new block, the coin miner will usually be rewarded based on a formula designed in the network. This reward is a new coin which didn’t exist before in the network and is added to the total number of coins (Coinbase).
In addition to this reward, the considered fee for the transactions is paid to the miner holding them. This amount is variable according to the number and value of existing transactions.
How Much Will Be the Income of a Miner in Counos Coin Network?
Its amount is not predictable, but about 140 blocks are added to the network daily that the miners will acquire a part of it according to the power they impose on the network.
New Changes After V 0.15.3
From the block 98500, 1.5 reward coins will only be given to trusted nodes.
Trusted nodes are those nodes that have at least 500,000 CCA.
Any node that can meet this condition will be added to the list of the trusted nodes through an agreement with Counos Platform and by submitting a wallet address to which mining rewards will be sent.
The block creation time window is still in consideration, such that the 1.5 reward coins are for those blocks that are created 7.5 minutes after the previous block, and if the time window is less than that, the reward would be divided by 10000. And now the added rule is that after the block 98500, if the node is a trusted node and the block is created in the desirable time window, it will get the 1.5 reward coins and the rest of the nodes will receive the reward divided by 10000.
Coin base maturity period will be increase to 100,000 blocks; it means that all rewards for new blocks will be spendable after a large number of blocks confirm that. So, it’s not easy to earn and spend CCA through mining process.