BytePool Shuts Bitcoin Mining Operation Ahead of Halving

Chinese Bitcoin mining pool BytePool is shutting down its operations despite a significant increase in the Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term in recent days.

Reported by local Chinese media on Monday, the decision was taken around the concerns of upcoming halving when the mining rewards will be halved from 12.5 BTC to 6.25 BTC per block.

Lack of profitability and a cash crunch also boosted the decision to leave the mining operation.

Notably, the hash rate of the BytePool dropped from 4000 petahashes per second to merely 200 petahashes per second last month. The pool is reportedly ditching its Bitcoin mining operations to jump into altcoin mining.

Among the top pools

Based in Sichuan, China, Valarhash operates two mining pools BytePool.com and 1THash.top, and also launched a cloud mining platform named 1Tmining and a mining management software - Nelson.

Both the mining pools were among the top ten mining pools. At their peak, they together were responsible for generating 9 percent of the total Bitcoin mining hashrate.

Moreover, the recent fluctuations in the Bitcoin spot market triggered by the coronavirus outbreak also forced many small mining players to close down their operations.

Earlier this year, reports came out of China that authorities were forcibly closing mining farms to contain the spread of the virus.

While the Chinese player is dropping out from the Bitcoin mining race, Binance is getting in - as the exchange giant announced its upcoming crypto mining pool. Details of Binance’s mining pool are yet to be released. However, it can give fierce competition to top players, given Binance’s reputation in the industry.

Meanwhile, just yesterday, Argo Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term posted record numbers of its Bitcoin mining operation for the first quarter of this year, defying the impact of COVID-19 on the industry.