Compass is happy to announce default mining pool feature located in the customer dashboard. For more information on Default Mining Pools review 'Where do I enter my mining pool information?' below or visit our Default Mining Pool FAQ's page.
Contents:
- What is a mining pool?
- Why should I use a mining pool?
- How do I choose a mining pool?
- How do I create a mining pool account?
- Where do I enter my mining pool information?
- What pool information is needed?
- Setting up my mining pool account?
- Where do I find my mining pool information?
- Locate your Compass Wallet Deposit/Payout Address
- How do I set up my mining pool payouts?
What is a mining pool?
A mining pool is a group of miners that combine their hashrate to collectively mine bitcoin blocks.
Why should I use a mining pool?
When mining bitcoin, either at home or hosted with compass, it is important to pick a pool to ensure frequent payouts. While it is not required to mine with a pool, it is highly recommended. Mining with a pool ensures consistent payouts each day and reduces payout risk. An individual who solo mines has a low probability of successfully mining a block within a year. By mining with a pool, individuals will receive daily payouts proportional to the amount of hash they are contributing to the pool.
How do I choose a mining pool?
There are a few things to consider when choosing a mining pool:
- Pool Fee - How much does the pool charge to use their pool
- Payout Structure - How are payouts handled for the users
Pool fees usually range between 1% and 5%. These fees are primarily used to cover operating expenses and can be found on the mining pool website.
Payout Structure is how a pool pays out the bitcoin rewards you have mined. Understanding which payout structure you prefer will help in picking a pool to meet your needs. The primary differences to look out for are whether a pool will pay you per block found by the pool or if it will pay you out daily regardless of blocks found. In either case, the rewards should even out over time but the variance risk of mining a block is covered by the miner or the pool.
Fore more considerations when choosing a pool refer to our 'How do I choose a mining pool?' article.
How do I create a mining pool account?
Creating a mining pool account is as simple as creating a login or registering for any other website or social media platform. You simply:
- Navigate to the website of interest.
- Select Register or Create an Account.
- Input your account details.
- Press Submit.
Once your account is created you can log into your account by visiting the same website and entering your username and password. Once created you will need to provide your mining pool information to Compass Mining so we can configure your miners accordingly. Additionally, you will need to configure your payout to wallet of choice.
Where do I enter my mining pool information?
Once you have created a Compass account you will be able to save a 'Default Mining Pool' in your customer dashboards. This is required to configure your miner to your pool account and should be done promptly. This pool information will be used to configure your machine(s) when it is installed at the corresponding mining facility. Customers who do not enter their default pool information will be at risk of mining delays.
What pool information is needed?
After choosing a pool you will need to make an account and provide Compass with the following information.
- Pool choice - Knowing the pool you have chosen allows us to point miner(s) hash rate to correct location or Stratum URL.
- Username - The username is needed to ensure that your hash rate is going to the correct pool account. Some pools, such as Antpool, refer to this as a Sub-Account name.
- Watcher link or read-only access (Optional) - This provides view access to the pool account which is useful for Compass to troubleshoot issues and answer questions.
- API key (Optional) - As we build out the customer dashboard the API key will be used to compile customer miner and hash rate data directly on the customers dashboard creating a one stop view of your miners, and hosting statuses.
Setting up my mining pool account?
This information will be entered into the miners configuration page. Once completed you will see the miner(s) appear on your pool account page. If you need help finding this information please use the reference links below:
Where do I find my mining pool information?
This information will be entered into the miners configuration page. Once completed you will see the miner(s) appear on your pool account page. If you need help finding this information please use the reference links below:
If you are using a pool that is not listed in the dashboard then you will need to select 'Other Pool' and provide the following. If you need help locating this information refer to the mining pool's support team for assistance.
- Pool stratum URL
- Username
- Watcher link or read-only access (Optional)
Locate your Compass Wallet Deposit/Payout Address
AT THIS TIME COMPASS WALLET HAS BEEN DISABLED UNTIL FURTHER NOTICE - Compass Mining has received word that our former custody solution, Prime Trust, has suspended withdrawals and deposits on its platform. The news comes after Bitgo informed the public about its terminated acquisition of Prime Trust.
The Compass Wallet can be accessed using the Compass Wallet button within your Dashboard. Here you will see a Deposit menu which can be used to fund your wallet. The wallet is the quickest and easiest way to pay Compass invoices or to buy new hardware. Any funds in the wallet can be converted or withdrawn at any time..
To use the deposit feature follow the steps and animations below:
Bitcoin Deposit:
- Log into your Compass Account.
- Navigate to the customer Dashboard.
- Click on Compass Wallet.
- Select the Deposit tab.
- Select BTC - Bitcoin currency.
- Press the Deposit button to see your wallet deposit address.
- From your preferred Bitcoin, scan or paste in the Compass Wallet address.
- Input the amount you would like to send and confirm. BTC deposit are batched twice a day, wait a few hours for the deposit to be shown in the Wallet.
NOTE: Bitcoin transactions will process after 3 confirmations and will be reflected in your wallet twice per day.
How do I set up my mining pool payouts?
All mining rewards will be sent to your mining pool account. Funds will remain here until you setup payouts. Once configured your funds will periodically be withdrawn to a designated wallet address. If you need help configuring your payout please use the reference links below: