Chinese Mining Pool Giant, Baite to Leave BTC Mining for Altcoins Mining

Amidst the recent poor price performance and the pressure of the upcoming BTC halving, the crypto mining industry is ushering in a new round of turbulence and reshuffle. Despite the fact that Bitcoin mining hashrate has gone up by 33% in the past 48 hours, the mining industry still faces some level of uncertainties.

According to a recent local news report, Valarharsh Baite mining pool, one of the leading Chinese pools, has announced that it is dropping out of the bitcoin mining race. The Chinese mining company has witnessed a significant decline in its computing power from 4,000 petahashes per second in early March to about 200 petahashes per second at present. 

The mining pool has decided to leave the Bitcoin mining business and mainly move into small currency mining. Miners in the pool have therefore been notified to move to other mining pools in the future. 

Baite operates two mining pools, Bytepool.com and 1THash, which were all launched in July 2019, alongside Bitcoin cloud mining platform, 1TMine and mining farm management software, Nelson. While 1THash currently ranks 8th on the Pools’ hashrate rank, it is very likely that Bytepool will transfer the majority of its remaining hash power to 1THash. 

According to the report, some miners from the company said that the reason for the withdrawal was related to the lack of profitability of the company and the lack of financial resources. Baite is a key player in the Bitcoin mining space, accounting for over 9% of the total BTC network hashrate. Hence, its absence from the industry will certainly be a big blow in the BTC mining space. 

Meanwhile, as the traditional miners are leaving the mining pool industry, exchanges are also aggressively entering the space. Binance exchange recently announced that it will soon launch its own mining pool. Other exchanges such as Huobi and OKEx have also been operating their own mining pools for a while now. 

Featured Image Courtesy of Shutterstock

The post Chinese Mining Pool Giant, Baite to Leave BTC Mining for Altcoins Mining appeared first on Crypto Press.