Last Updated on October 26, 2023 by cryptocreed
The use of the WoolyPooly mining pool has increased in the last few months but at the same time major question arises it is legit or a scam?
Scamming new miners is easy with new mining pools as they attract new miners with low fees and minimum withdrawals. Hence it is important to check this WoolyPooly review.
In this WoolyPool review, you are going to find out all the important details about the WoolyPooly mining pool like what it is, where they located, supported coins, fees, the number of miners, trusted by the community, miners review, and whether it is legit or scam mining pool.
What Is WoolyPooly?
WoolyPooly is a United States-based multi-coin-supported mining pool that was launched in November 2019. It aims to offer a mining pool of new and established coins to crypto miners.
It claims to be one of the best most profitable crypto mining pools worldwide that focuses more on minimal mining pool fees for PPLNS and SOLO reward systems.
WoolyPooly is also compatible with the CoinEx exchange which helps miners to trade mined coins without any KYC.
It is not shared where they are located and no team details are shared which is not new with any mining pool.
It is said that the PPLNS system is 5% more profitable than PPS in the long run that why they use this method to pay miners.
As of now, WoolyPooly supports around 20 coins below is the list of supported coins with the numbers of miners. Next to the name of the coin, we mentioned the number of miners currently mining the coin.
- Kaspa – 5151
- Conflux – 2101
- EthW – 205
- ETC – 262
- Ravencoin – 476
- Ergo – 742
- CTXC – 218
- AE – 28
- VTC – 525
- FIRO – 119
- ALPH – 1439
- RTM – 584
- MEWC – 486
- RXD – 8746
- NEXA – 6217
- CLORE – 343
- XNA – 192
- and OCTA – 15
WoolyPooly Mining Fees
The website says that they take a mining fee starting from 0.90% but after checking each coin I found that they take a fixed 0.90% mining pool fee.
This mining pool fee doesn’t include a transaction fee. Most of the mining pools do charge 1% to 2% of mining fees.
WoolyPooly Is Legit Or Scam?
There are mixed reviews shared by miners who used WoolyPooly in the past. Without giving WoolyPooly review output let’s check out what we found on the internet first.
On Reddit under Kaspa subreddit users discussed how Woolypooly scammed them. One user reported that he lost 40% of his mining rewards and got banned from the pool.
Some users said that they are getting fewer rewards in comparison to other pools and also they are not paying what they show in their calculator.
Even after reading these reviews, I found some positive reviews on their official Subreddit. Click here to visit their Subreddit https://www.reddit.com/r/WoolyPooly.
You can also find users post claiming they are a scam in their discord channel.
I also found negative reviews on BitcoinTalk, here are some threads that you should look at.
So WoolyPooly legit or a scam mining pool? After reading miners’ reviews from the above links I can say that they are scams. They never replied to any accusation in the Bitcointalk thread and Discord channel as well.