A mining pool is a group of miners who combine their computing power to solve complex mathematical problems, known as proof of work (PoW), and share the rewards for adding new blocks to a blockchain. Mining pools are often used by miners who do not have enough computing power on their own to solve the proof of work and add new blocks to the blockchain.
In a mining pool, miners contribute their computing power to the pool and are rewarded for their contributions with a share of the cryptocurrency tokens that are generated when a new block is added to the blockchain. The rewards are typically distributed based on the proportion of computing power that each miner has contributed to the pool.
Mining pools allow miners to pool their resources and increase their chances of solving the proof of work and earning rewards. They also allow miners to earn rewards more consistently, as the rewards are distributed among all the miners in the pool rather than just the miner who solves the proof of work.
Overall, mining pools are an important part of the cryptocurrency ecosystem and are used by many miners to increase their chances of earning rewards for contributing their computing power to the network.
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