P2Pool Mining Pool Review

P2pool official website: a service for mining

Mining of cryptocurrencies is not just a promising activity in terms of the amount of expected profit, but also quite an interesting line of activity. Anyone can join it, and it requires a competent goal to set, to acquire the necessary equipment. Since it will not always be profitable in the current conditions to work in mining alone, the rational solution would be to connect to one of the popular services such as pool. P2pool mining is one of the popular platforms, which is in rather high demand, and has good indicators of the hash rate and profitability of the project participants. A detailed review of the service will help to understand in more detail the nuances of this particular platform, its features, pros, and cons.

Features of technology

P2pool pool is a decentralized service that works on the principles of creating peer-to-peer networks of miner nodes. In the process, a new chain is formed in which each block is created with a time interval of 20 seconds.

The specifics of the structure of this platform and the principle of operation allowed us to virtually completely solve the main problem of pools operating under centralized control, in this case, there is no risk of a hacker attack on the system. Connecting miners to pool nodes is done through its automatic launch. At the same time, independent validation of transactions and the VTS blockchain is ensured.

Depending on the set goals and objectives, and the principles of a particular miner, it is possible to mine cryptocurrencies individually or jointly. Due to additional subsidies, the profitability of some users eventually reaches more than 100% of the expected yield.

The specifics of setting up and connecting a node deserve special attention. P2pool setup and startup processes are performed on a free-of-charge basis. Similarly, the software is free of charge. Moreover, the software code is open, which allows each user to add new interesting ideas at his discretion.

P2pool how to mine: types of available currencies

P2pool is a platform where Bitcoin is the main focus. However, the functionality is still provided on a wider scale. As of today, mining is also available here:

  • DAESH;
  • Ethereum;

If desired, the miner can start simultaneous mining of different types of cryptocurrencies or switch to more profitable ones, taking into account the current situation on the market and in the system.

Calculation of remuneration payments on P2pool

The platform is quite well structured, it offers quite a lot of automatic options to reduce the time spent on routine work. The formation of remuneration is based on the following principles:

  • 5% forwarding to the block solution node of the total, which ultimately achieves a reduction in the number of no-ball solutions;
  • 5% goes to the miner's remuneration based on the amount of work performed by each member of the system.

Each miner can use the P2pool profitability calculator to keep statistics of his profit. The money is credited directly to a miner's wallet, excluding intermediate links in the form of a common fund or storage. Such results are achieved because the PPLNS system is implemented and works effectively in this pool. Such a format also increases the transparency of all processes and the distribution of income among miners. At the same time, it solves the problem of corruption and protection of the pool from theft, which often occurs in centralized cloud pools.

Timeframe for withdrawing money to P2pool on average is about 20 hours, the exact period depends on the system load.

Setting up P2pool monero

Installing software and configuring it on this pool is not difficult. The step-by-step instructions include the following steps:

  • Download Bitcoin-QT. It should be understood that the initial synchronization can take quite a long time more than 1 day;
  • Once the installation is complete, you will need to restart the application;
  • After starting the system, the chain of shares is loaded, specify the address of the miner, and the address of the BTC wallet, to which the payment will be made.

Immediately you can sign up for notifications to receive important information about the status of work, and technical innovations of the pool in time.

Pros and cons

A review of P2pool would not be complete without outlining all the advantages and disadvantages of this project. According to reviews, the most significant pluses are:

  • Complete decentralization of the system, which affects an increased level of security, eliminating the risk of individual nodes taking control;
  • A high degree of protection against hacker attacks on the network;
  • No associated companies' commissions, that is, you can start working for free, which is enough to download and install the necessary software, set the basic settings;
  • The ease of profitability control payment is made immediately to the purse specified by the miner, and does not hang up in the general system or storage bank;
  • The most simple registration in the system.

The disadvantages include certain difficulties in configuring the pool, because it will need to be done manually, step by step according to the instructions. The second nuance is the lack of interfacing with ASICs. However, in general, this platform will be quite a sensible solution for mining not only Bitcoin but also other cryptocurrencies.