Bitmain Adds Ethereum and Ethereum Classic to its BTC.com Mining Pool

| Updated
by Julia Sakovich · 3 min read
Bitmain Adds Ethereum and Ethereum Classic to its BTC.com Mining Pool
Photo: Ethereum Classic / Flickr

The most valuable crypto firm in the world, Bitmain, has revealed that its BTC.com subsidiary will soon open Ethereum and Ethereum Classic mining pools.

Crypto prices are very instable but despite this volatility of the market, the mining industry is still thriving and even gaining momentum driven by such leaders as Bitmain, Canaan and EBang. The leaders of the mining industry are doing their best to widen opportunities of their clients and offer them new solutions. This time the news has come from Bitmain.

Bitmain has announced that its mining pool BTC.com is expanding its offerings and will include Ethereum and Ethereum classic mining pools in the nearest future.

BTC.com is widely known for its relative dominance over the Bitcoin network. It is said that this Bitmain-backed pool mined 21 % of all Bitcoin blocks the previous year. At the current moment, the pool accounts for approximately 16% of the Bitcoin hash rate.

Moreover, BTC.com holds a significant level of dominance over Bitcoin Cash with roughly 14% of its hash rate. And now it is going to conquer new heights.

With a view to enhance customers’ opportunities, the service will enable miners to switch their hashing power from one pool to another when they consider it feasible depending on the market conditions and ongoing situation.

In its statement, the company has explained that their new initiative was developed in accordance with their efforts to allow Ethereum scale its mining infrastructure and diversify their pool’s mining portfolio.

According to Zhuang Zhong, the director of BTC.com’s mining pool, the team is also considering a possibility to add mining facilities for other cryptocurrencies like Litecoin (LTC), ZCash (ZEC) and Monero (XMR). But no precise information on this issues has been revealed.

Nevertheless, there is little surprise that now the company is adding Ethereum and Ethereum Classic support, as it was stated by the director, they had received a great number of customer requests for it this year.

Zhuang Zhong said:

“By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12 percent of ETH total hashrate in the next 12 months.”

The new pools will offer GPU and CPU mining opportunities. Such a decision to offer precisely these options is based on the fact that this year the crypto market is suffering from the decreased prices. GPU mining is much more secure for miners. Zhuang Zhong explained:

“GPU miners are versatile, still profitable and are not easily replaced in a bear market. It’s common for miners to split investment into both.”

As we have already mentioned, there is a chance that BTC.com will launch mining pools for other popular cryptos as well. But before doing it, the company always estimates and analyzes each coin’s network, code quality, development roadmap and trading volume.

Recently, BTC.com’s head company, Bitmain has made headlines announcing its plans to hold its IPO which is expected to become the highest IPO in the history and attract a great number of traditional market participants to the crypto industry, however, later allegedly participating investors, which include SoftBank, Tencent abd DST Global, disputed their involvement in this widely reported pre-IPO investment round.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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