Mining Pool

A mining pool is an agreement miners enter into to pool their hashing resources. This increases the pool’s chances of mining a block and they agree to split the reward equally, according to the amount of work they contributed to the probability of finding a block. Miners enter into pools because mining is an all or nothing process. You either find the block, or you don’t. The probability of finding a block with a hobby GPU rig is very low in a competitive network like Bitcoin.