cryptocurrency miners</strong></a> who pool their processing power and resources in order to increase their chances of finding a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block. <em>Why is it beneficial?</em></p>\n<p>In huge <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchains, like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, there might be some <strong>intense competition</strong> among miners who are eager to find the next block. This means that a miner's ability to obtain <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-reward/">crypto rewards</strong></a> requires an ever-increasing amount of processing power (and electricity). Besides, sometimes the infrastructure required for finding a block can get pretty expensive for an individual miner.&nbsp;</p>\n<p>That&rsquo;s where <strong>mining pools come to the rescue</strong>. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":492,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Minnow?","slug":"what-is-minnow","section":"M","keyword":"Minnow","status":"published","definition":"someone who owns a minor amount of crypto assets and makes small investments.","content":"<p>A <strong>minnow</strong>, also known as a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fish/">fish, is someone who has a modest amount of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-asset/">digital assets</strong></a>, which means that their crypto purchases or sales barely have an impact on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market/">market. It is the opposite of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whale/">whale who holds a <strong>significant amount of cryptocurrency </strong>and has a huge impact on the market.</p>\n<p>However, even a minnow can have a tremendous impact in exceptional circumstances. For example, some <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-altcoin/">altcoins have extremely low <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-trading-volume/">trading volumes</strong></a> and a severe lack of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">liquidity, which means that their prices might swing drastically, even after a minor sale.</p>\n<p>Though note that ​​there is no precise definition of how much cryptocurrency an individual must own to be considered a <strong>minnow</strong>. However, the vast majority of investors fall under this category.</p>","level":"easy","meta_title":"What is Minnow? 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According to this theory, <strong>mimetic desire</strong> is a subliminal replication of another person's desire in which we actively participate. To give you an example, a lot of people are crazy about buying an Apple iPhone despite its <strong>huge price</strong> just because it looks sleek and other people have it (or want to have it).</p>\n<p>When applied to the world of decentralized finance, the mimetic theory explains why the price of an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-asset/">asset (e.g. <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin) can vary so dramatically. Think about it, there are a lot of different groups with their own mimetic desires. Some mainstream <strong>investors believe that Bitcoin is viable and profitable</strong> while other early adopters advise each other to &ldquo;<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hodl/">HODL&rdquo; the coin even when it&rsquo;s falling in value. Thus, different mimetic desires <strong>make people act differently</strong>, which results in constant changes in asset prices.</p>\n<h3>An example of Mimetic Theory</h3>\n<p>A great illustration of the mimetic theory in the world of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">crypto was when Elon Musk changed his mind about Bitcoin. At first, he stated that he supports this currency, which was great for its popularity. However, as soon as he said that he <strong>changed his mind about it and he doesn&rsquo;t support it anymore</strong> because of the environmental concerns, Bitcoin prices began to fall.</p>\n<p>Despite the fact that Musk had no direct influence over Bitcoin values, he served as a mimetic model for individuals who aspired to live an entrepreneurial, high-tech lifestyle <strong>using the ways that Musk promoted</strong>. This backlashed at him later because he was accused of manipulating the market.</p>\n<h3>The Downside of Mimetic Theory</h3>\n<p>Girard's Mimetic theory has a basic flaw in that it exaggerates its claim by attempting to explain every facet of human nature and assuming that there are no acceptable alternative explanations for the occurrences he discusses.&nbsp;</p>\n<p>For instance, in the theory, it is assumed that EVERYONE <strong>makes independent decisions based on how others value specific goods</strong>. Let&rsquo;s get back to the example of the Apple iPhone. Yes, there are a lot of individuals that choose it just because it is popular.&nbsp;</p>\n<p>However, not everyone does, there are a lot of people who don&rsquo;t care about the popularity of Apple and would probably choose an equally good smartphone from another brand that costs much less. Therefore, the mimetic theory overlooks the possibility that <strong>individual liberty</strong> could triumph over a communal culture which values certain objects.</p>","level":"medium","meta_title":"What is Mimetic Theory? Definition & Meaning | Crypto Wiki","meta_description":"Mimetic Theory meaning: Mimetic Theory - a theory that describes human behavior and culture, as well as how objects become desirable to humans when examined in the context of economics.","meta_keywords":null,"language":"en","created_at":"2022-03-22T12:07:44.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mimetic-theory"},"currentChapter":"M","currentSection":"what-is-mining-pool","chapterTitle":"M","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-mining-pool","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter M

What is Mining Pool?

Mining Pool MEANING:
Mining Pool - a group of cryptocurrency miners who pool their processing capabilities and resources to maximize the chances of finding a block.
Easy
1 minute

Let's find out Mining Pool meaning, definition in crypto, what is Mining Pool, and all other detailed facts.

A mining pool is a network of cryptocurrency miners who pool their processing power and resources in order to increase their chances of finding a block. Why is it beneficial?

In huge blockchains, like Bitcoin, there might be some intense competition among miners who are eager to find the next block. This means that a miner's ability to obtain crypto rewards requires an ever-increasing amount of processing power (and electricity). Besides, sometimes the infrastructure required for finding a block can get pretty expensive for an individual miner. 

That’s where mining pools come to the rescue. The chances of finding the next block and being rewarded with crypto increase a lot when miners pool their processing power and resources into one collective organization. The pool rewards are subsequently divided between its members. However, keep in mind that the split of rewards might depend on the amount of contribution of each member (it’s not always equal).

In addition, note that there are a few downsides to mining pools. There were some instances of websites that claimed to offer cloud-based mining pools but turned out to be scams. Therefore, you always have to be careful when choosing a mining pool. Besides, keep in mind that you might be required to comply with a set of specific criteria inside a pool in order to be eligible for a block reward.
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