Mining Pool

Mining pool is defined as a group of people who combine their computing power to solve a complex math problem on the blockchain for a reward.

People join a mining pool to increase their chances of solving the blockchain math problem so they can earn a reward of transaction fees and new coins. Once the reward is won, it is split among all of the members of the group. In a pool, you often win the reward frequently but because it is shared, the payout is smaller.