ScryptGuild, the new mining pool from the creator of BTC Guild


Mining Bitcoins is becoming harder and harder with every increase of the difficulty. People started mining on their cpu's but moved on to mining on GPU's as this was much more profitable. Today gpu's are not being used to mine Bitcoins as asics have take over. Today mining is mostly done on mining pools where miners combine their mining power to solve new blocks.

Update: ScryptGuild is now offline

After the closure of ScryptGuild Scrypt mining pool earlier this year, BTC Guild – one of the large Bitcoin mining pools was apparently facing the possibility of getting shut down. The creator and operator of the BTC Guild mining pool has announced that the two main reasons for deciding to close the pool are the increase of attempts to hack the service (though it never has been hacked) and the new regulations that the US government is pushing for the Bitcoin related businesses. To read the official announcement posted on Bitcointalk about the closure of the pool.

BTC Guild

One of the larger mining pools for Bitcoins is BTC Guild. At the moment (2014) BTC Guild is mining 20.39%* of the total network hash rate. The pool runs very steady and had almost no network failures.

ScryptGuild

The owner of the BTC Guild (Eleuthria) decided to start a new mining pool: ScryptGuild. This mining pool is a so-called “multipool” that mines various scrypt based crypto coins. The early (alpha) version of the pool only supported five different coins and it was not able to convert your alt coins to Bitcoins directly.At the moment the pool is still in beta and new features are being added to the pool weekly. It is now possible to directly convert your alt coins to Bitcoins, new coins are being added on request of the users and tweaks to the user interface are being worked on.InfrastructureScryptGuild uses the same infrastructure as BTC Guild so you can expect a perfect uptime, low amount of rejects and very professional support by e-mail or IRC. Users can mine specific coins (toggle via website) or let the pool pick coins based on estimated profitability.ExperienceI personally started mining during the alpha version and was surprised by the stability, low amount of rejects, and the fact that ScryptGuild actually mines all chains simultaneously (So when the pool switches coins, the old work is still valid and able to solve blocks). This means that the coin switching does not create downtime, or an increase in stales.

Why do you want to mine at a multipool?

Mining on a multipool can be much more profitable then mining on a single coin. The multipool automatically selects the most profitable coin to mine and some pools are able to convert them for you to Bitcoins. However more profits can be made by manually selling the mined alt coins on exchanges such as Cryptsy and Poloniex.Related post:Mining alt coins to increase profitability References:Blockorigin.pfoe.be - http://blockorigin.pfoe.be/top.phpBlockchain.info - https://blockchain.info/poolsBTC Guild - https://www.btcguild.comScryptGuild - https://www.scryptguild.comCryptsy - https://www.cryptsy.comImage - http://bitcoinmagazine.com