If you are interested in cryptocurrency mining, then you first have to choose a mining pool. While there are an array of mining pools out there, it is important that you do a bit of research to make sure that you make the right choice. Nanopool is among the most popular cryptocurrency mining tools out there. And, in this article, we are bringing you all the information that you need to know about this tool.
Nanopool is a platform dedicated to cryptocurrencies that are utilized on video cards. It currently supports coins, including Ethereum(ETH), Monero (XMR), Grin (GRIN), Ethereum Classic (ETC), Pascal (PASC), Raven (RVN) and ZCAsh (ZEC). The core operation of this pool enables users to mine the aforementioned coins individually as well as in combination. You can mine two coins together using a proportional power distribution between them.
Nanopool facilitates the mining of these tokens because of its extensive farms with multiple video cards along with powerful cards that include GPU. Its official website is updated with the Nanopool calculated hash-rate, total blocks mined in a day, and other important statistics. Moreover, no user registration might be the most important feature of this pool. Furthermore, you get to harness dual mining in low commission.
Cryptocurrencies of Nanopool
Like we mentioned above, you can mine seven coins in Nanopool, including Ethereum, SiaCoin, ZCash, Raven, Ethereum Classic, Electroneum, and Monero. Electroneum is the new addition to the list after the heavy demand by the mining community, and there are not many pools that offer this coin. Electroneum in Nanopool was only made available in December 2017 but had approximately 10,000 miners.
However, the main reason behind Nanopool’s popularity is the platform being the third-largest mining pool for Ethereum. It has a 13.5% hash rate for this particular coin.
How to Create an Account in Nanopool?
Nanopool allows miners to create an account in an extremely simple manner. In fact, you can start mining immediately, and you will acquire it without an account as well. However, if you like things a bit organized so that your coins would go directly into your account on the exchanges, then things could not have been simpler for you. The pool support account from exchanges, including Binance, Gemini, Cryptopia, Coinbase, etc.
Although you can start mining with your account starting with 0x, payments are only directed to that type of account. Therefore, it is a smarter choice to set up an 0x account in order to avoid any future complications.
Similar to other mining pools out there, Nanopool also charges certain fees on the coins generated by the users. It charges 1% fees from all coins, however for Pascal, the fees stand at 2%. There is no commission fee charged on the withdrawal of ETH, ZEC, and ETC. Following are the commission fees levied on other coins:
- GRIN- 0.01
- PASC- 0.0001
- XMR — 0.0001
- RVN- 0.0005
Additionally, different mining programs also hold their individual commission fees that can vary between 1% and 5% based on the algorithm. All the transactions that you execute here are secured in the form of PPLNS. The N here is quite vital and differs based on the mining coin.
For instance, for Ethereum, this means that all shares will be submitted within the last 20 minutes. And Zcash this time period stands at three hours. So based on the cryptocurrency you want to mine, do a bit of research so that you know what to expect during the process.
Getting Started with Nanopool
Once you have landed on the official website of Nanopool, you will come across a landing page, which pretty much has all the relevant information. In different boxes, you can see the coins generated.
And each pool showcases information with regards to the minimum withdrawal amount, price, algorithm, active miners, and pool’s hash rate. You can click on the pool you desire, and it will direct you to a detailed statistics page. And here, you will find the blocks generated in 24-hours, rewards for the block, number of active miners, and number of active workers.
It is important to understand that there is an evident difference between miners and workers. The website is presented only in English, and as of now, there is no news of other languages being added to it.
A majority of Miners in this pool are here to mine Ethereum. If you are also interested in mining Ethereum, you have to fulfill some requirements before that. Nanopool mining pool is popular for Etherum mining.
To begin with, you will need to create an Ethereum account as you would not be able to manage a coin if you do not have a corresponding account. Additionally, you will require a GPU with a minimum memory capacity of 4GB accompanied by an AMD driver of 15.12.
You will have to use the DaggerHashimoto algorithm, whereas you can aim at a minimum hash rate of 5 Mh/s. While you will also require a miner, you can simply download it from Nanopool’s website. In addition to this, you will find a wide range of features that you can easily download on your system and improve your overall mining experience.
Along with Ethereum, the other popular coins include Nanopool Zcash. There are over 18,500 miners, along with more than 35,000 workers in the Zcash mining community. If you want to mine ZCASH, then you will have to leverage the Equilash algorithm.
Miners do not have to fuzz about the payout commissions. Although the payouts are taken out from 0.01–10 ZEC, they can get paid multiple times a day. Moreover, the money you will make will be directly deposited in your Zcash wallet.
Nanopool Ethereum Classic
When it comes to mining Nanopool ETH Classic, the prerequisites are almost similar to the ones we mentioned in Ethereum. Whether it is the payout, hardware, third-party software, or miner, etc. all the information of Ethereum is applicable here as well.
And, the mining difficulty in both the cryptocurrencies is kept at 5 billion. The only difference between both is that the payout in ETC varies between 0.1 and 100 ETC.
Electroneum was introduced to Nanopool in the year 2017, and within a matter of a month, it became extensively popular. Considering that there are only a handful of pools that offer Electroneum, it was a big deal for miners.
Nanopool Electroneum has seen active miners up to 9000; however, the hash rate is positioned at 108 000 kh/s. Considering the low hash rate, you can mine Electroenum with CPU also. CryptoNight is the algorithm that dominates this zone.
As we mentioned above, the payout of Nanopool miners is calculated according to the Pay Per Last N Share (PPLNS) scheme. It is considered one of the secure and fairest distribution systems for payment in the mining industry.
Essentially, it aims at acquiring rewards from the miner in each mining round. The time interval between determining the previous pool and the new block is when the reward is taken. The duration of this process can vary between 20 minutes and 6 hours based on the cryptocurrencies you are mining.
Moreover, the reward size is proportionately distributed among the miners depending on the shares they invested in the Nanopool during each round. When the miner reaches the minimum payout, the coins are automatically withdrawn from the account’s balance to the wallet. The minimum limit is established by the system; however, it can be modified by the user. The minimum payout value varies based on the coins:
- Ethereum payout — from 0.05 to 20 ETH;
- Ethereum Classic payout — from 0.1 to 100 ETC;
- Monero payout — from 0.1 to 10 XMR
- Grinpayout — from 1 to 50 GRIN.
- Pascal payout — from 0.5 to 100 Pascal;
- Nanopool Zcash payout — from 0.01 to 10 ZEC;
- Raven payout — from 50 to 50,000 RVN;
Nanopool is an efficient pool for mining cryptocurrency. Whether it is the intuitive interface or the core operation, it is quite easy and straightforward to mine cryptocurrency in this platform.
However, before you start mining your coin, make sure you read through the website policy in detail in order to avoid any complications and unwanted surprises. On the whole, there are a lot of things that you can explore in Nanopool.
While Bitcoin is not available, there are many prominent coins for you to mine. Along with coins, there is downloadable software within the pool that makes it more convenient for you to use this mining ecosystem.