cRYPTO Glossary

Antpool is one of the largest Bitcoin mining pools, aggregating the computing power of many miners to increase the chance of solving a block and receiving the block reward.

Explanation of Specific Terms:

• Bitcoin mining pool: A collective of individual miners who combine their computing power to enhance the probability of mining blocks and earning rewards.
• Computing power: The combined processing capacity of all miners in the pool, measured in hash rate (hashes per second).
• Block reward: The incentive given to miners for successfully mining a new block on the Bitcoin blockchain, currently consisting of newly minted bitcoins and transaction fees.

Key Points for Beginners:

• Why it's important: Mining pools like Antpool allow small-scale miners to compete effectively in the mining process by pooling resources, sharing rewards, and reducing the variance in earnings.
• How it works: Miners contribute their computing power to solve complex mathematical puzzles required to validate transactions and add new blocks to the blockchain. Rewards are distributed among pool participants based on their contribution to solving each block.