Mining cryptocurrencies like Bitcoin and Ethereum is still considered a valuable way to gain tokens. It has become somewhat less popular for the cryptocurrency hobbyist in recent years due to the need for expensive equipment. PandaPool is an option that might still work for individuals who want to mine digital assets in a cost-effective way.
What is PandaPool?
PandaPool is a cryptocurrency mining pool platform that was designed to be more intuitive and easy to use than similar platforms. It quickly generated interest following its February 2018 release among Bitcoin miners that were looking to simplify mining operations while minimizing the sacrifice of rewards. Solo mining has become increasingly expensive since Bitcoin was introduced, and the computing power required to solve blocks and claim rewards continues to increase exponentially.
A mining pool allows a group of individuals to join together and share their computing resources. When tokens are earned from the mining process the rewards are shared equally among all the members of the pool. Typically a third-party platform is used to create the pools and manage them, and this is what PandaPool does.
PandaPool distinguished itself by developing an interface that is user-friendly. It has a dashboard that was designed to appeal to newcomers and those who have previous mining experience. Everything on the dashboard is organized by tabs. Selecting any one of them will allow the miner to make changes to the plaform’s settings as well as display relevant information such as:
- A list of pool miners
- Settings for various tokens
- Rewards that have been given
The servers for PandaPool are all located in Europe. The platform charges a mining fee of 1.5%. This rate is fixed and does not change.
In addition to the chance to earn tokens from mining, those who join PandaPool also have access to a referral program. A cryptocurrency wallet is not required to use PandaPool. One can participate in the mining operation and simply let their rewards build up. Once a desired threshold has been reached, the miner can access a Payments page where the tokens can be transferred to a wallet.
Signing Up For PandaPool and Installing the Miner
To become involved in the PandaPool mining process one must visit the official website and create an account. Users simply click the orange Start Mining button to be taken to a page where they can enter in the required information.
At the present time all that is required for registration is an email address and a password. Once the information has been supplied the registrant will be asked to verify their email address. After this the miner has access to the portion of the website where the PandaPool miner application can be downloaded and installed.
There are two versions of the miner that can be chosen. There is a Lite version and a Professional version. Choosing the Professional version of PandaPool will give you access to more digital tokens to mine. It will also require more computer resources. Once you have chosen your version, click the download button and choose to run the program. Installation takes only a few minutes and your PandaPool miner will be up and running.
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After the miner is installed the user will find it very easy to navigate. The program’s greatest strength may be its intuitive nature. It will walk the user through making all of the required settings and choices, and even those who have no previous mining experience won’t have much of a problem getting started.
Things to Know Before You Join PandaPool
You should never jump into a mining pool operation without doing your research. Remember, you are essentially allowing your computer resources to be used in a joint mining operation. There are security protocols in place to protect you, but you should still check the reputation of the company to make sure there are no issues.
PandaPool is still a fairly new operation, so there isn’t much data available on the company at this time. The reviews that do exist mostly seem to be positive. Miners praise the simplicity of the platform and also state that rewards are being obtained.
The whole point of cryptocurrency mining is to earn rewards, but joining a mining pool does not mean that rewards are guaranteed. The amount of rewards received will depend upon how much hash power the mining pool has, how much time the participants are able to devote to mining, and more variables. You should evaluate how much of a return you can expect for your investment. The expenses to run your computer equipment remain yours, unlike a mining collective where the pool maintains the equipment and pays for all expenses and miners purchase hash power contracts.
If this seems like a better solution for you, check out Genesis Mining. You can purchase affordable mining contracts and leave all the technical work to Genesis Mining. When coins are mined you will share the rewards with other people like yourself who have bought hash power.
UPDATE: It appears Pandapool has gone offline. Better stick to a trusted solution provided for years by GENESIS MINING.