How mining pool downtime can affect your profitability

As a cryptocurrency miner, your profitability depends on several factors and one of them is the mining pool you use. Mining pools are unities that allow multiple miners to combine their resources and work towards finding a block, which helps to increase the chances of earning a reward. But what happens when your chosen mining pool experiences downtime and how do you know there was a downtime?

The importance of mining pools

Mining pools are essential for miners as they are the ones that pay miners for the contributed time towards finding a block. Instead of waiting months or even years to find a block by solo mining, mining pools make it possible for you to find blocks more frequently and distribute the rewards with other miners in regard to different reward schemes.

The impact of downtime on profitability

Mining pools are run on servers that are prone to technical issues or maintenance work, leading to occasional downtime. Downtime can occur for several reasons, including software updates, power outages, or cyber-attacks. Temporary connection issues can also happen because of large latency between the pool’s server and rig. When such downtime happens, miners are unable to connect to the pool, which means they are not contributing to the pool’s mining power.

Depending on how long the downtime lasts, it can have a significant impact on earnings, especially as you are still using electricity by running your hardware.

How minerstat helps?

To combat the impact of mining pool downtime, we have added several new features to the web dashboard.

Address editor

The address editor now checks for offline pools on a regular basis, alerting you with a small icon if any of your pools are offline. This gives you better visibility and the ability to take action quickly.

Workers list

The workers' list has a new filter for “Failed pool” that filters all workers with unreachable pools.

Worker’s profile

The worker’s profile now includes a notification for “Failed pool,” which shows if your current mining pool is unreachable.

Profit switch

Profit switch will automatically skip the pool if it is currently not responding and continue to mine the second best option.

By keeping an eye on your mining pool’s status, you can quickly take action to switch to a new pool or address the issue with your current pool provider. This will help you to avoid extended downtime periods.

Advanced Mining Management with minerstat

Join minerstat for hassle-free mining management. Monitor your rigs, manage your pools, and optimize your profitability with our advanced remote software. Click [here] to start for free today.