A mining pool refers to a collective group of miners combining their computational resources to increase the chances of successfully validating transactions and earning rewards in cryptocurrency.
By consolidating their computing power, miners collaborate to solve complex mathematical problems more efficiently, improving the probability of mining a block and receiving a share of the rewards.
Mining pools distribute these rewards among participants based on their contributed computational effort, offering a more consistent income stream compared to individual mining, which can be sporadic due to the unpredictable nature of block discovery.