Today, mining consumes about 1% of the world's electricity. WhiteBIT conducted a study analyzing the efficiency of different mining pools and their impact on profitability.
Why Speed Alone Won’t Make You a Successful Miner
Hashrate is the speed at which hardware performs calculations to find a new block on the network. The higher it is, the higher the chances of receiving a reward. However, it is essential to consider the increasing competition among miners. According to World Population Review, the leading countries in Bitcoin mining and their hashrates are the United States (37.84%), China (21.11%), and Kazakhstan (13.22%).
It is important to understand that profit is influenced not only by the technical capabilities of the equipment but also by the operating conditions of the network itself: mining difficulty (which is adjusted every two weeks), the current reward per block (currently 3,125 BTC after the 2024 halving), electricity costs, and the coin rate in the market.
The profitability of mining can be gauged by the hashprice, that is, how much profit one terahash of power generates per day. This depends on several factors, such as the BTC price, transaction fees, network difficulty, and the chosen pool. Moreover, the pool choice is crucial: the fee (usually 0.5-4%), payment model (PPS, FPPS, PPLNS), and additional services can significantly affect the final outcome.
Comparative Analysis of Mining Pools: Small Differences Yield Significant Results
To assess the actual profitability of different mining pools, WhiteBIT conducted a week-long test on the same hardware - Antminer S21 with default fees for five pools. The results were clear: WhitePool led confidently all seven days, outperforming its competitors by ≈1.73%. F2 Pool frequently finished last.
To calculate the hashprice, the company used the formula:
Hashprice = (reward - pool fee) / average daily hashrate.
To visualize the financial benefits, the company modeled a scenario for a hypothetical miner with a performance of 100 PH/s, showing that WhitePool would bring in 0.34279718 BTC (~$41,135.66) per week. This difference becomes substantial in high-throughput environments with prolonged operations.
Personal Experience with WhitePool
Additionally, I had experience with WhitePool before WhiteBIT published their official experiment. I tested it on an Antminer S21 with a hashrate of 200 TH/s. The setup process took about an hour. I maintained a daily profit record, earning approximately $10.38 per day and totaling $600 in 58 days. WhitePool impressed me with its reliability and stability, which is critical for long-term mining.
Mining continues to balance speed, strategy, and stability. Even small differences in pool performance can lead to significant gains over time. For those considering mining, the key takeaway is clear: it's not just about how much hashrate you possess, but also how wisely you select a pool and manage its settings.
