BTC.com To Start Offering Ethereum Mining Pool
BTC.com, a subsidiary of Chinese computer software company Bitmain Technology Ltd, has recently tweeted about a meeting with Coindesk. Currently known for operating the largest mining pool of Bitcoin, the company is set to launch a mining pool for Ethereum and Ethereum Classic - giving miners the choice to sell their earned Ethereum.
Miners will be able to switch their hashing power between Bitcoin, Bitcoin Cash, Ethereum and Ethereum Classic; whichever is most profitable. Expanding their mining pool options to include Ethereum could suggest demand and profit in cashing out crypto in alternative mining.
There will be a choice between GPU and CPU mining through BTC.com. GPU mining’s popularity has increased greater than CPU as it can offer more hash power at a cheaper cost. Standard computers can use both CPU mining, a processor-based algorithm, and GPU which solves graphics algorithms. Integrating both options opens BTC.com to potentially expanding the coins available to mine through their pool. Users may even be able to mine and sell Litecoin in the future.
The Ethereum network requires substantial infrastructure and power to process its smart contracts. Bitmain’s project director Zhong Zhuang has stated the move is to ‘help Ethereum scale its mining infrastructure’. Ethereum is currently the 2nd largest cryptocurrency by market capitalisation, suggesting a need for more infrastructure as the network expands. Ethereum founder Vitalik Buterin hasn’t decided if capping the supply of Ethereum will be beneficial to the decentralised service platform. With no cap on the Proof-of-Work algorithm miners can continue to sell the Ethereum they mine. However, as the network difficulty increases it takes longer to solve the algorithm and be rewarded.
We are seeing more and more mining alternatives to Bitcoin with larger companies getting involved. We could see users moving from the previously profitable Bitcoin mining to other alternatives.
Don’t forget you can sell crypto earned through mining on our platform BC Bitcoin as well as keeping yourself up to date with the latest developments in the crypto space.