Nanopool offers a great range of options to the users in terms of selecting the coins which one wants to mine by joining this pool. There is no need to get alarmed by the fact that they do not have Bitcoin under their roof, as there are a total of 7 other cryptocurrencies, one may go for. The list includes Raven, Ehereum, ZCash, Grin-29, Monero, Pascal, and Ethereum Classic. Nanopool is considered as a major mining pool, the reason for it being the third-biggest mining pool for Ethereum, with a total of around 13% hash rate belonging to Nanopool.

Let me start telling about Nanopool from step one, which is creating a new account for the user. Things couldn’t have been simpler, as all you have to do is get down with mining, and the rest will be done automatically. This does not mean you don’t have the option of setting things up to ensure that the mined coins get directly transferred to your Nanopool account, on Binance, Gemini, Coinbase, or any of the exchanges supported by the pool. One can check the complete list of the exchanges supported by Nanopool, on its website.

Other critical information like hash rate, how many blocks can be mined in a single day and other similar statistical data is easily available on the website.

Apart from the no registration flexibility Nanopool provides, the other good things about it include the chance it provides of dual mining, low commission rate (approximately 1-2%, based on the coin), and using the PPLNS system, for distributing the rewards among members of the pool.

Similar to other mining pools, Nanopool levies a fee on the income generated by the users. The standard rate is 1% of the income for all the except one, Pascal, for which the rate is 2%.

Coming to the fees commissioned on the withdrawal of funds, it is zero for the coins like ETC, ZEC, and ETH. In the rest of the cases, the commissioning fees vary from one cryptocurrency to another displayed currency – 0.0005 RVN, 0.0001 XMR, 0.01 GRIN, or 0.0001 PASC.

One need not forget that the majority of the miner programs have commission fees linked to them, the amount of which varies somewhere 1 and 5%, based on the algorithm used for mining. However, it is meant to favor developers of the software, rather than Nanopool.

The administration of Nanopool recently came up with a fee for Ethereum coin, because of the high transaction price of GAS. It is mainly the miners operating on a small scale that gets affected by the commission, applicable to transactions that are of an amount lower to 0.1 ETH. Also due to the lower price of the Pascal coin, the service raised the commission for its pool. This has resulted in the pool fee rising to 5% for Pascal.

Once you open the website of Nanopool, you will be automatically redirected to its main page. On the main page, you may find all the pools are present across the service of Nanopool.

For all the pools, details such as minimum withdrawal amount, mining algorithm, pool’s hash rate, the total number of miners actively involved, and the price is easily accessible for the user.

The next step is to click on any of the pools for going to the statistics page of that particular pool. By doing so, the user can find out the total blocks discovered in the past twenty-four hours, how many miners are there online, the reward associated with the discovered block, workers operating actively, and the pool’s total hash.

A worker and a miner are not necessarily the same person. Farms are owned by miners, or to say, workers. On the top, the buttons are present that can redirect you to stats, technical support, main page, pools, API, and other departments of the platform. For people not comfortable in English, other options for language are not present. An interesting thing to note here is that the majority of miners availing the service operate in mining pools of Ethereum.

As I already mentioned earlier, there is no need for registration at this pool. The wallet number itself acts as the account. The procedure is extremely simple. The answer to how to create an account with Nanopool is straightforward. You just have to register on any of the exchanges of cryptocurrency and then take the address of the wallet and copy it.

The Pay Per Last N shares or the PPLNS method is used to reward the miners of Nanopool, wherein the payment is done for the previous N ball. This scheme is considered as arguably the fairest and most just distribution system for payment in the cryptocurrency mining world. The essence of this system is that the users should get their share of rewards for each mining round. A mining round is the duration of time between discovering the previous block and the new one after it. This duration generally varies from anything between twenty minutes and six hours, mostly depending on the fact that which coin is getting mined. Similarly, the reward size distributed among the miners is proportionally decided, based on the total shares, or valid hashes, the miner transferred to Nanopool, during the course of the ongoing round.

As soon as the minimum payout amount is reached, the transfer of coins takes place from a miner’s account’s balance to the currency wallet of the miner, automatically, without manual intervention. The system of Nanopool sets this limit as a default value, but if the user wants to alter it, this can be done by the account of the user, setting up a value, falling within the boundaries set by the pool. More importantly, these values differ for various cryptocurrencies. Here is how they stand -

• Between 0.05 and 20 ETH for Ethereum

• Between 1 and 50 GRIN for Grin

• Between 0.01 and 10 ZEC for Zcash

• Between 0.1 and 100 ETC for Ethereum Classic

• Between 50 and 50,000 RVN for Raven

• Between 0.5 and 100 Pascal for Pascal

• Between 0.1 and 10 XMR for Monero

A market out payment schedule isn’t clearly defined at Nanopool. Generally, they do happen at multiple stages throughout the day. The moment the balance exceeds in the miner’s account, above the predefined minimum value, the payment will be initiated as soon the subsequent payment round begins.

Being one of the biggest cryptocurrency mining pools, a user is guaranteed of receiving his/her reward without much of a fuss or any delay. Also, the fact that user data is not required at the time of registration makes the whole system more secure and reliable. In Nanopool’s years of work and experience, there haven’t been many cases from the miners' side, raising concerns over fraudulent practices or any other ongoing scams. The high number of active miners on the page is a good sign that customers trust this company and its service and they are willing to put in their resources for mining cryptocurrency. In a nutshell, Nanopool is a convenient pool option with an easy to use interface, guaranteeing safety, and transparency to a great extent. And this extends for the wide range of cryptocurrencies it covers.