What are Crypto Mining Pools?

Crypto mining pools combine their computational resources over a network to mine cryptocurrencies. By pooling their resources, miners can find blocks more frequently and earn a proportionate share of the block reward. This is because the probability of finding a block is directly proportional to the computational power (hashrate) that a miner contributes to the pool. As a result, miners are typically paid in the cryptocurrency they are mining, and the pool takes a small fee for providing the infrastructure…