WhitePool — one of the products in the WhiteBIT ecosystem. It’s a mining pool that aggregates miners’ computing power to increase the chances of finding a new block in the Bitcoin Network. 

This approach offers a practical alternative to the increasingly expensive solo mining, particularly for professional crypto miners, optimizing resource allocation and income stability. The primary function is to enable miners who participate in it to earn more consistent rewards by aggregating their computing power with all the other miners in the pool. Increasing the pool's cumulative power and market share increases the frequency with which the pool finds blocks and earns revenue. 

Our mining pool operates independently of the exchange, ensuring heightened stability and reliability. Accessible to anyone equipped with compatible hardware and armed with the pool's URL. Our platform supports the SHA256 Algorithm, a cornerstone for mining popular cryptocurrencies like Bitcoin.

Miners are greeted with a user-friendly interface that facilitates seamless navigation and operation upon accessing our pool. However, it's crucial to note that while connections to the pool are open to all, identification and registration on WhiteBIT are imperative to receive mining rewards. 

Upon successful identification and registration, miners can begin contributing their computational power to the pool's collective efforts. As mining activities progress, the final mining income is settled in Bitcoin (BTC) and promptly credited to the designated exchange accounts of the participating miners. This streamlined process ensures transparency and efficiency, allowing miners to focus on their operations while seamlessly receiving rewards.

What Reward Methods Are Available on WhitePool?

WhitePool offers a reward method known as FPPS (Full Pay Per Share). In this method, miners receive a fixed payout for each share they submit to the network. In this context, a “share” stands as Proof-of-Work, indicating the miner's contribution to the network's overall computational power.

Traditionally, in mining pools, miners are rewarded only when the pool successfully mines a block. Once a block is mined, the reward is distributed among all participating miners based on their contribution to the network's hashing power. However, FPPS operates differently. It ensures that miners receive compensation for their work regardless of whether the pool successfully mines a block or not. This means miners still receive payment for each share they contribute even if the pool does not find a block during a given period. This method offers a more predictable and stable income stream, as they are guaranteed payment for their efforts on a per-share basis, irrespective of the overall success of the mining pool in finding blocks.

How to Connect WhiteBIT Mining Pool?

Connecting Your Miner.  (ASIC Miner S9, for Example).

1. Connect the Power Supply: Your power supply has ten 6-pin connectors with yellow-black wires. Insert nine connectors into the white plastic sockets on the miner's body. Ensure each is securely connected until you hear a straightforward click. The remaining connector should be attached to the control board, positioned slightly away from the other nine sockets.
2. Connect the Network Cable and Power Cord: Check the signal lights once the fans start running (usually within 15–20 seconds), indicating the miner is powered. The network light should blink, and the power light should remain green. If everything looks good, the miner is operational, then we can proceed to the next step. 

How to Connect Your ASIC Miner to Your Computer? 

1. Find the Miner's IP Address: When connecting your ASIC miner to your computer and mining pool, it's essential to identify the miner's IP address. This IP address is a distinctive label for your miner within your local network.
Here's how:

Using an IP Scanner: You can use specialized software known as an IP scanner. This tool scans your local network and lists all the connected devices, along with their respective IP addresses. When you run an IP scan, you'll see a list of devices, and you can identify your miner by its manufacturer or model name. Once you locate your miner's IP address in the list, you can copy it.

Router's Web Interface: Alternatively, you can find the miner's IP address through your router's web interface:

1. Open a Web Browser: Open any web browser on your computer.
2. Access Router's Web Interface: In the address bar of the web browser, enter either “192.168.0.1” or “192.168.1.1” and press “Enter.” These are standard default IP addresses for many routers. If you've changed your router's settings, use your configured IP address.
3. Log In to Your Router: You will be prompted to enter a username and password to access your router's settings. If you haven't changed these settings, the default username is usually “admin,” and the default password can be “1111,” “1234,” or “admin.” If needed, check your router's manual or documentation for the correct credentials.
4. Locate Miner's IP Address: Once you've successfully logged in to your router's web interface, look for a section or tab that displays the connected devices on your network. This section may be labelled as “Device List”, “Connected Devices” or something similar.
5. Identify Your Miner: You should see your miner's name in the list of connected devices. Next to the miner's name, you'll find the miner's corresponding IP address, unique to your miner on your local network.
6. Copy the IP Address: Simply copy the miner's IP address for further configuration and monitoring. 

2. Access the Miner's Web Interface: To do this, paste the copied IP address into your browser's address bar. A new browser window will open. You'll often need to access your miner's settings and system information. On this tab, you will find essential system details such as the miner's type, hostname, model, and more. 

3. Connecting Your Miner to the Mining Pool

1. Register a Miner Account on WhiteBIT: This account is separate from your Main exchange account and serves as your identification in the WhiteBIT Mining Pool. In this step, you must also create a unique name for your mining account.
2. Access the "Miner General Configuration" tab: Enter the details of your registered miner account in the "Worker" field. In the URL field, add the address of your mining pool. (We have two URLs: primary and backup, so enter both.)

Please note: The "Password" field is optional, but you can enter it if preferred.

Important! If you have multiple devices or workers, use additional identifiers by adding four digits to your miner account name. For example: ayaks.0001, ayaks.0002.

3. Save Settings and Reboot the ASIC: After entering all the necessary information, save your settings and wait for the ASIC miner to reboot. This reboot initiates the mining process. Your ASIC miner has started earning money now, but let's ensure it works correctly.

4. Check "Miner Status": You should see the hashrate, chip temperatures in the working range, and, most importantly, the "ASIC Status" showing all zeros without any crosses. This indicates a successful connection, and the mining process is running smoothly.

Critical! Please note: If you notice any crosses in the ASIC Status, restart the miner. Often, a restart resolves these issues. If the problem persists, further investigation or returning the ASIC to the seller might be necessary.

Once the ASIC is connected and operational, leave it running. If everything is configured correctly, your device data should start displaying on the mining pool dashboard on WhiteBIT within about 5 minutes (the typical working interval).

What Does “FPPS” Stand for and What Is Its Significance?

“FPPS” stands for “Full Pay Per Share.” In this method, miners receive a fixed reward for each valid share they contribute, regardless of whether the pool finds a block. Compared to other payout models, which may fluctuate based on the pool's luck in finding blocks, FPPS allows miners to predict their income more reliably.

What Exactly Is Hashrate?

The hashrate refers to the speed at which a computer can complete an operation in the cryptographic hashing algorithm. It represents the computational power or capacity of a mining rig or network to solve complex mathematical problems required for validating transactions and adding them to the blockchain. A higher hashrate indicates greater processing power, which typically increases the chances of successfully mining blocks and earning rewards. The hashrate is measured in hashes per second (H/s), kilo hashes per second (kH/s), mega hashes per second (MH/s), giga hashes per second (GH/s), tera hashes per second (TH/s), and even peta hashes per second (PH/s) for large-scale operations. 

If you are eager to learn more about the purpose and role of hashing in cryptocurrencies,  hashing algorithms, and hashrate, you can read the article on WhiteBIT Blog.

What Is the Concept of Mining in Cryptocurrency?

It is the process of validating transactions and adding them to the blockchain. It involves utilizing computational power to solve complex mathematical puzzles, known as cryptographic hash functions. Miners compete to solve these puzzles, with the first to find the correct solution rewarded with newly minted coins and transaction fees. This process secures the network by verifying transactions and ensures decentralization and consensus among participants. Mining plays a pivotal role in maintaining the integrity and functionality of blockchain networks, making it an essential aspect of the cryptocurrency ecosystem.

To unravel the complexities of the crypto mining pool, its various types, and operational mechanisms, delve into our insightful article on WhiteBIT Blog for a comprehensive understanding. 

What Does the Block Reward Consist Of?

The block reward consists of two main components: newly minted coins and transaction fees. When miners successfully mine and add a new block to the blockchain, they are rewarded with a certain number of newly created coins generated as part of the protocol's monetary issuance. The block reward may also include the transaction fees associated with the transactions included in the block. Users pay these fees to prioritize their transactions and incentivize miners to include them in the next block. The newly minted coins and transaction fees from the block reward incentivize miners to contribute their computational power to secure the network and validate transactions.

Support

In case of any questions related to the functionality of our exchange, you can:

• Leave a request on our website;
• Write to the support email: support@whitebit.com;
• Write to the chat using the button in the lower right corner of the screen (in the WhiteBIT app, go to “Account”—“Support” in the upper left corner).