F2Pool, Once A Leading Mining Pool Falls to #3
Bitcoin depends on miners to maintain its blockchain. Miners dedicate their computing power and electricity expenses to verify and maintain transactions on the ever-expanding blockchain. In return for their efforts, miners are awarded with "blockrewards" which contain small amounts of Bitcoin.
Since Bitcoin's growing adoption and mass expansion, the mining scene is now dominated by mining pools. These are miners who are cooperating as a group and are sharing their block rewards. The rewards are shared in proportion to their contributed mining hash power.
Poolin Growing Mining Pool Dominance
Founded in 2017, Poolin is a relative newcomer to the world of mining. Despite this they have managed to become the world's 2nd largest Bitcoin mining pool. Poolin managed to overcome more established mining pools such F2Pool which was established in 2013.
The race is now tightening between BTC.COM's mining pool and Poolin for the #1 coveted spot. This is especially important with Bitcoin's block reward halving occurring in less that a year. The halving will reduce rewards from 12.5 BTC to 6.25 BTC.
The halving will most likely increase Bitcoin's price due to increased scarcity. Seeing that Bitcoin's halving is around the corner, miners might want to switch over from mining other cryptocurrencies to mining Bitcoin. This is especially relevant seeing Bitcoin's current 69.7 dominance over altcoins.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado