A hash rate pool is a collective effort where multiple miners combine their computing power to improve their chances of successfully mining new blocks. Each miner contributes to the overall hash rate, which is the measure of computational power used to solve complex mathematical problems required for validating transactions and adding them to the blockchain.When miners work together in a pool, they share the rewards based on their contributions. This means even small-scale miners can receive a more consistent income compared to mining alone, where the probability of earning rewards can be low.Hash rate pools help reduce the variance in earnings, as the collective power increases the likelihood of successfully mining blocks. When a block is mined, the rewards, which include block rewards and transaction fees, are distributed proportionally to each miner’s contribution to the pool. This collaborative approach allows miners to benefit from economies of scale while minimizing the risks associated with solo mining.