Mining has become one of the favorite ways to make money with cryptocurrencies, but for many people, it’s not profitable to do it on their own. That’s why they decide to join a mining pool. If this is the case for you, you’ll probably want to make sure you find a pool with low fees, a high hash rate and flexible payment methods. One of the most popular options is ViaBTC.
It’s one of the largest Chinese pools in the cryptocurrency sector, and that’s no coincidence. At the time of writing, its hash rate is the second highest on the market, at 17,677.04 PH/s, according to BTC.com. And, according to Coin Dance data, it represents 17% of the total hash rate or computing power of the entire miners’ network.
You may have questions about ViaBTC. So we’re going to give you all the details you need to decide whether it’s a good idea to join this mining pool.
What is ViaBTC and how does it work?
ViaBTC is a Chinese mining pool that provides its services in over 130 countries around the world. It was founded in May 2016, with the aim of contributing to the growth of the bitcoin industry. Since its inception, the company has grown at a rapid pace, to the point of becoming one of the largest and most important pools in the ecosystem.
What we like about this platform is that it has several tools to enable you to mine bitcoin (BTC) and other digital currencies in the way that suits you best. With ViaBTC, you can mine in the cloud, access cryptocurrency loans, its hedging service, smart mining and more.
But how does a mining pool like ViaBTC work? It’s a group of miners working together in the service of a blockchain network to validate their transactions and protect them. In this way, the work of mining is made easier and the rewards are shared between all pool members who have contributed mining power, a term known as hash rate.
If you’re wondering why you should join a pool when you can mine on your own, the reason is that it will be almost impossible to make a profit if you do this activity alone, at least on networks like Bitcoin. Even if you have very powerful hardware, it won’t be enough to cope with the mining power of the whole network, which consists of a large number of devices connected in nodes whose power exceeds that of a single piece of hardware.
What do you need to mine cryptocurrencies on ViaBTC?
The first step to becoming a ViaBTC miner is to register on the ViaBTC platform. You’ll need an e-mail address to which you’ll receive a verification code. Once you’ve entered this code and created a password, you’re ready to go. As a security measure, the platform offers the option of activating two-factor authentication using the Google Authenticator app.
Now you need to decide which cryptocurrency you’re going to mine with. One point in ViaBTC’s favor is that not only bitcoin (BTC) is available, but also over 20 other digital assets. We’ll talk about these in more detail later. Once you’ve chosen the currency you’re going to work with, it’s time to connect the hardware and set the mining parameters. This process may seem a little complicated because of all the steps involved, especially if you have no experience of this type of platform.
You need to connect the device to the local network, obtain the IP address and configure the stratum URL. You can create or join a mining group. It’s important that you choose the payment method you’d like to use to receive the profits generated. Once you’ve saved your settings, the platform will automatically join you to a group.
Features of the ViaBTC mining pool
Still not convinced that ViaBTC is the right pool for you? Knowing these details will help you make your decision.
Security
When we tested it, the platform offered us the option of enabling two-factor authentication via Google Authenticator. It’s also possible to set up a payment password to protect our funds, which we found very useful. In your profile, you will have access to your connection history, enabling you to detect any unauthorized activity.
As for the pool’s own security measures, the company claims to have a multi-level risk control system, as well as a stable and secure mining network, available 24/7. For low latency, they have nodes deployed in various locations around the world, an important factor to consider.
You can create as many sub-accounts as you like. What’s more, the platform alerts you when a signature is made from a different IP than your usual one. You can also link your cell phone to receive an SMS code when you log in.
Interface
What do we think of this pool’s interface? In general, it has a functional design. But if this is your first time using a mining pool, you’ll probably find the platform a little complicated due to the wide variety of tools and options available. It can be overwhelming at first, but you’ll gradually get used to it.
The coverage service caught our eye. This is a tool designed to guarantee profits in advance and cover exposure. In this way, users can estimate their mining production for future periods, apply for a cryptocurrency loan and sell at the current market price, which would ensure profits in advance. This avoids losses due to price fluctuations.
Another service we found interesting was instant loans. They enable you to obtain capital quickly, and repay it at a time that suits you. You need to transfer an asset as collateral, which will remain frozen until the debt is repaid, or will be liquidated if the bitcoin price falls below a certain point.
What’s more, thanks to its combined mining service, bitcoin (BTC), litecoin (LTC) and bitcoin cash (BCH) miners not only receive these coins, but also DOGE, EMC, SYS, ELA and NMC free of charge. The platform features additional tools such as intelligent mining, hash rate fluctuation notifications, transaction gas pedal, profit calculator and transaction broadcast.
Support and customer service
The platform features a chat box from which you can ask questions. The downside is that it’s not available in English, which we consider a major drawback. There’s also a help center, but again, it’s only in English and Chinese. However, according to the company, its interface will be available in Spanish in October 2021.
If you can’t find a solution to your problem with any of these resources, another option is to submit a request. Using this method, we had to provide our e-mail address, the type of problem encountered and a detailed description. The waiting time was longer than expected (over 24 hours), which was a little disappointing. On sites like Trustpilot, ViaBTC has a rating of 2.7/5, and most users complain about customer service.
Payment methods
One of ViaBTC’s advantages is that it offers a variety of payment methods: PPS+, PPLNS and SOLO. With Pay Per Share Plus (PPS+), the pool pays miners according to their level of participation. As the company covers losses due to bad luck and orphaned blocks, fees are higher.
With payment by last N shares (PPLNS), miners’ earnings are calculated according to the number of shares they have contributed to the pool in the last N rounds of difficulty, each time a block is found. Miners earn higher profits in the long term, and the fees charged by the pool are lower, but the return is unstable.
With the SOLO method, the user receives the full block reward for independent mining. One of the advantages of SOLO is that the pool charges low operating and maintenance costs. Before choosing either of these options, be sure to analyze the advantages and disadvantages of each.
To make deposits, all we had to do was select the cryptocurrency and make a transfer to the deposit address. For withdrawals, we have several options: automatic withdrawal, user-to-user transfer, normal transfer and transfer to CoinEx, the company’s exchange. The advantage of the latter is that there are no fees or withdrawal limits.
Hash rate
According to BTC.com, ViaBTC has 14.76% of the global network hash rate at the time of writing, and a hash rate of 17,677.04 PH/s. The processing power of this pool is among the highest, so your chances of making a profit increase considerably.
Where is it available?
You can access ViaBTC from over 130 countries, including many Latin American countries such as Argentina, Venezuela, Colombia, Chile, Brazil, Mexico, Paraguay, Uruguay, Peru, Bolivia, Honduras, Panama, Guatemala and Ecuador. The broad scope of this mining pool gives it extra points in our evaluation.
What are ViaBTC’s commissions and fees?
At ViaBTC, each payment method has different fees. For the PPS method, the commission is 4% per block reward, and is paid by the hour based on current operating difficulty. For PPLNS, the commission is 2%. It is calculated on the basis of the hash rate contributed by each user over the last 5 rounds of difficulty when a block has completed 6 confirmations. For the SOLO method, the rate is 1%.
If we compare ViaBTC’s fees with those of other pools such as Slush Pool, we see that they remain in the average range, and even the commission is lower for SOLO. Slush Pool charges 2% for mining BTC and BCH.
Advantages and disadvantages
Advantages
– Various payment methods available.
– Multiple mining tools.
– High hash rate.
– Combined mining and hedging service available.
– Instant loans.
– Over 20 assets to mine.
– Low latency.
Disadvantages
– Complicated mining setup.
– Support and customer service in English and Chinese only.
– Not a suitable platform for beginners.
Conclusion: Is ViaBTC a good mining pool for you?
Overall, our verdict on ViaBTC is positive, although, like any pool, it does have its drawbacks, which are important to bear in mind. For example, their customer service is not available in English and has certain shortcomings. Also, if you’re new to mining, you may find their platform a little complicated at first, especially when it comes to initial setup.
However, this pool also has a lot going for it. It offers several payment methods, so you can choose the one that suits you best. There are over 20 cryptocurrencies to mine, as well as multiple tools that will save you work. Its hash rate is one of the highest on the net, so rewards are virtually guaranteed.
Some of its financial services, such as cryptocurrency loans, hedging and combined mining, are striking. Advanced functionality, security and transparency make ViaBTC a good mining pool.
