XLR microphones output a balanced signal, where the microphone signal is carried on pins 2 (hot) and 3 (cold), with ground on pin 1. So, it takes 3 conductors to create a complete balanced signal. Minijack type microphones have TRS plugs (Tip, Ring, Sleeve) and carry unbalanced signals. Unbalanced signals only take 2 conductors to create a complete signal (signal + ground). Watch this video to understand why balanced XLR microphones have distinct advantages:
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