2020's BEST Monero Pools
Looking to get started mining Monero (XMR) but don’t think it’d be profitable to mine on your own? This article will tell you the best Monero pools so you can accumulate the maximum amount of XMR.
If you just want the list of the best Monero mining pools feel free to skip ahead to the “2020’s Best Monero Pools” section.
If you want to learn more about Monero, why you should consider joining a mining pool, and what to look for in one, read on!
As more and more cryptos become impossible to mine without specialized mining devices (ASICs), miners have been on the lookout for crypto assets that are 1) easy to mine but 2) still worth something. Monero, the most well-known privacy coin, fits those criteria.
Monero developers actively ensure that Monero is ASIC-resistant, and perhaps due to its strong privacy features, Monero is one of the most valuable cryptocurrencies in terms of total market capitalization (Monero price multiplied by Monero in circulation).
While you can mine Monero using a home computer setup or something similar, Monero mining is competitive and mining with a less powerful setup means you likely wouldn’t receive mining rewards too often.
Therefore, most miners who don’t have more powerful setups choose to join a mining pool.
Why Join a Monero Mining Pool?
Monero miners use their computing power (hashrate) to solve complex mathematical puzzles that allow them to validate new Monero transactions and add them to the Monero blockchain. Whoever can solve these puzzles first and add new transactions to the blockchain gets rewarded with XMR.
Therefore, the more hashrate you have, the higher the chances you have of solving puzzles, validating and adding transactions to the blockchain, and ultimately winning block rewards. If you’re just using something like a home computer setup, your chances of winning block rewards won’t be as high as someone who has a professional setup with lots of hashing power.
In a mining pool, members of the pool combine their hashrates so that the pool as a whole has a higher chance of winning block rewards. The rewards are then distributed among pool members.
While you might not receive big block rewards like a powerful solo miner, who doesn’t have to share rewards with others, your payouts will likely be more consistent, especially if you don’t have much hashing power and don’t expect to frequently win block rewards.
What to Look for in a Monero Mining Pool
Now that you know why you might want to join a Monero pool, here are some things to look out for when choosing one.
Of course, when you join a mining pool, you should go with one that’s trustworthy and known to pay miners on time. (Our list of the best Monero pools will only include trustworthy pools).
Mining Pool Fee
Another thing to look for is the mining pool fee. You don’t want to join a pool just to find out that the high fee is eating into your profits.
Uptime is another important factor to consider. If the pool isn’t up and running, it isn’t mining.
Generally, miners like pools with low minimum payouts since this can mean that you get paid more frequently. However, if you don’t care too much about the frequency of mining reward payouts, higher minimum payouts aren’t a huge issue.
Moreover, if your setup is on the powerful side, this is less of a factor because you’ll probably be able to hit the minimum payment faster than people who have weaker mining rigs.
Something that some miners overlook is the location of the mining pool’s servers. Ideally, you want to pick a pool with servers close to you. The closer the servers are to you, the greater your hashrate will be.
This is because the further you are from a server, the higher your latency or lag. If your latency is high, it can take longer to both submit shares (of how much you mined) and receive shares (of how much you’ll mine), resulting in you solving less shares and having a lower effective hashrate or mining power.
To keep with the decentralized nature of blockchain, you might want to consider not joining the biggest mining pool. By doing so, you would increase the strength of a mining pool that already has a lot of influence in the Monero ecosystem.
While Monero mining isn’t as centralized as say, Bitcoin mining, there are still very influential mining pools as shown in the hashrate distribution chart above. To keep Monero and crypto in general from becoming what it’s trying to fight against (centralization of power), it might be worth considering a smaller pool. Some have great features like lower fees and lower minimum payouts.
2020's Best Monero Pools
Now for the list of the best Monero mining pools!
mineXMR is currently the most powerful mining pool in terms of hashrate and has servers in multiple locations. It also allows you to mine directly to an exchange, which means you can sell your XMR right away for other currencies like US dollars, Bitcoin, and others.
However, while that might sound convenient, it comes with a lot of risks. Centralized exchanges are known for freezing accounts, getting hacked, losing customer funds, invading privacy, and even limiting or restricting how you spend your money.
It could be in your interest to deposit mining rewards into a Monero wallet that gives you full control over your funds. Some wallets, like Exodus, allow you to exchange directly from your wallet without having to create an account or give up personal information.
In addition to high hashrate and diverse server locations, mineXMR also has a very low minimum payout of 0.004 XMR, which means that you can probably expect daily payouts. The pool fee is a pretty standard 1%. Uptime is consistently at 100% with few exceptions.
MinerGate is known for its convenience and ease of use. One feature that makes it stand out is its merged mining, which lets you mine different coins simultaneously. The minimum payout of 0.01 XMR isn’t as low as mineXMR’s 0.004 XMR. Nevertheless, you should still get pretty regular payouts unless you have a very weak mining setup.
At a fee of 1% and very respectable 99.7% uptime, MinerGate could be a good Monero pool to consider if you aren’t very technical.
SupportXMR is probably one of the best Monero pools from a financial perspective thanks to its low fee of 0.6%. They also pay miners every two hours (minimum payout of 0.1 XMR), as opposed to every 24 hours, which is how often other pools usually pay miners.
The pool also has a very high hashrate, which is good because the pool probably wins more block rewards. However, the high hashrate could be taken as a negative if you want to promote decentralization by joining a smaller pool.
Also, you might have guessed by the name, but they only support XMR mining, in case you have an interest in mining other coins.
Nanopool is another popular Monero mining pool that supports Ethereum, Ethereum Classic, ZCash, Pascal, Raven, and Grin, along with XMR. Fees are standard at 1%, minimum payout is 0.3 XMR, and like mineXMR and SupportXMR, Nanopool is one of the strongest pools out there in terms of hashrate.
This means the pool as a whole can expect to earn more block rewards. Though that might not necessarily mean high payouts for individual members of the pool. Profit distributions end up being smaller when there are more members to divide the rewards with.
Nanopool is based out of China, which could be better if you’re mining in Asia.
Monero Pool Calculator
Looking for a Monero pool calculator to estimate what your mining profits would be with different mining pools? 99 Bitcoins has an easy to use calculator:
List of Monero Pools
Want to explore other Monero pool options? The site moneropools.com might help.
Frequently Asked Questions (FAQ)
Is Monero mining profitable?
This of course depends on many factors and on your personal situation. To get a good idea of how profitable (or not) Monero mining would be for you, check out the 99 Bitcoins calculator we posted above!
How many XMR can you mine per day?
There is technically no limit to this number, but see the answer to #1 to get an estimate.
How long does it take to mine 1 XMR?
A Monero block is mined every 2 minutes but how often you personally can win a piece of that on your way to 1 XMR depends on your mining setup as well as other factors, such as how often your pool pays out.
Monero mining is one of the best options if you want to get involved in mining without having to buy an ASIC farm just to have a chance of winning block rewards.
However, going at it alone might be difficult as many have caught on to Monero mining, making it hard to win block rewards as a solo miner unless you have a powerful mining setup. Thus, joining a pool can be a great way to earn more consistent payments.
Of course, our list of the best Monero pools doesn’t include every pool out there, but they’re definitely some of the best ones and should provide a good starting point for your Monero mining journey!
Also, don’t forget to connect your mining pool account to a reliable Monero wallet for payouts! Exodus has over 4 million downloads across desktop and mobile, great reviews from the community, gives you full control of your money, and even has a feature where you can exchange XMR profits for Bitcoin, USD stablecoins, and over 100 other cryptocurrencies directly from your wallet and without having to sign up for an account. Just download and you are ready to go!
Information provided is for informational purposes only and should not be considered financial advice. Investing in crypto assets is speculative and carries a high degree of risk; you may lose some or all of the money that is invested. Past performance is not indicative of future results.