The worlds’ leading Bitcoin mining pool, BTC.com has mined around 21% of all the Bitcoins in 2017. Currently, the company has taken the initiative that they will add the support for Ethereum mining.
Everyone knows that mining pools are the crucial factor playing role in cryptocurrency mining process. This is a massive announcement from BTC.com Pool, at the time of writing, hold about 16% of the total network hash rate while considering Bitcoin mining.
BTC.com is an open financial system introducing million new users across Bitcoin and Bitcoin Cash. Since the launch of BTC.com block explorer in 2015, the platform is the vanguard specifically for Bitcoin software development and data analytics.
According to the announcement, BTC.com pool will support Ethereum (ETH) and Ethereum Classic (ETC). They have added the support for Ethereum because mining process for both follows the same Ethash algorithm.
Moreover, the users can swap between the two available currencies for enhancing the profitability. BTC.com has set a target to achieve 12% of the total network hash rate of Ethereum by next year.
The director of the mining pool at BTC.com, Zhuang Zhong further comments, saying:
Because contracts are charged per line of executed code and miners are rewarded for dedicated hashes using GHOST, Ethereum provides multiple different reward incentives to contribute hash power to the network. We hope to expand Ethereum’s network by relaying those rewards through our FPPS system. By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12% of ETH total hashrate in the next 12 months.
The Features of BTC.com Ethereum Mining Pool:
- Uncle reward 0.75ETH & 2.625ETH (If BTC.com mines an uncle block)
- com Miners can sum up to two uncle blocks from different pools
- com divide rewards using FPPS mode
Interestingly, Bitmain is the owner of BTC.com and AntPool, which are the leading two pools with respect to network hash rate and cryptocurrencies mining.
The launch of Ethereum mining pool follows Bitmain announcement about the first-ever ASIC device release to mine Ethereum including other Ethash operating cryptocurrencies.
There was a huge dispute amongst the Ethereum community members prompting for a fork to manage the ASIC-resistance. However, the majority of them also believe that ASIC resistance might become a failure in the long run. The fork is not been in action yet.
Together with this shuffle to ASIC Mining, Ethereum grabs the opportunity to start mining at a faster pace. At the moment, the currency mining process follows GPUs usage. However, the ASIC devices provide a user a major leap with regard to the mining speed and processing power.
Moreover, the Casper protocol of Ethereum will take off the currency from a Proof-of-Work operating currency to a Proof-of-Stake operating currency. This is not a concern for Bitmain, as the company remains confident in the consensus mechanism changes will not affect them much.
Quoting on the planning of Ethereum to shift to P-o-S consensus mechanism, Zhuang Zhong says:
It’s still possible to host a mining pool in PoS mode. It will increase the complexity to design such a pool since miners need to deposit ether to the mining pool, but we have a lot of hands-on experience with wallet and Ethereum smart contracts to make a PoS mining pool possible.
Currently, BTC.com is supporting Ethereum mining. This decision all ties-in back to Bitmain breaking via the ASIC-resistance of Ethereum. It will be of great interest to check out the results in a sale rise of the ASIC Ethereum miners of Bitmain.
Bitmain might file for a Hong Kong Stock Exchange IPO in coming weeks which has been buzzing frequently. The company also recently launches their 18 Th/s Bitcoin miner: “the Antminer S9 Hydro”. This is also a reason behind raising capital to push their IPO approval chances.