A mining pool is a group of cryptocurrency miners who combine their computational power to increase their chances of earning rewards from mining. By pooling their resources, miners can collectively solve complex mathematical algorithms required to validate transactions and earn a share of the block reward.

Mining pools operate by distributing the computational workload among the participants, who contribute to the pool's hashing power. When a block is successfully mined, the reward is distributed proportionally among the pool members based on the amount of work they contributed.

Some miners prefer to use mining pools because it increases their chances of earning rewards and provides a more stable income stream. Mining pools also offer lower entry barriers for small-scale miners who may not have the resources to mine on their own.

However, joining a mining pool means sharing the rewards with other participants, and the fees associated with participating in a pool can reduce the overall profitability of mining. Additionally, mining pools may be controlled by a small group of individuals, which could result in centralization and potential security risks for the cryptocurrency network.