One of the largest Bitcoin (BTC) mining pools globally, Poolin, has acquired the North-American pool NovaBlock. Thanks to the acquisition, Poolin will get the hash rate of NovaBlock, strengthening its position as the second-largest mining pool in the world. The decision to take over NovaBlock is part of a strategy to expand into North-America.
Bitcoin mining pools: How they work
But first of all, what is a mining pool again? Mining bitcoin can be done as a solo project. All you need is an ASIC miner, electricity, and an internet connection. The income that you generate by mining this way isn’t very steady though. What if there was a way to increase the likelihood of generating income? Bitcoin mining pools offer that possibility.
A bitcoin, or more generally speaking crypto mining pool, is a group of miners that “pool” together their resources. It doesn’t matter where they are; they act as one big mining giant through their internet connection. Because the miners work together, their chance of mining bitcoin increases; once they manage to mine bitcoin, they will distribute them among the pool members.
Big mining pools generate such a large hash rate, the computing power with which a miner mines bitcoin, that success is a regular thing. In other words, a miner that mines bitcoin through a mining pool may be able to generate a more constant income. This is one of the reasons why mining pools are so popular. Are you just starting your mining journey? Read this blog about what to keep in mind as a starter.
The battle of the mining pools
Nowadays, there are several big mining pools. Thousands of miners work together within these pools, and the bigger your pool is, the higher the chance your pool sees success. At the time of writing, the world’s biggest pool is F2Pool. But with the recent news, the second-largest pool, Poolin, is getting closer and closer.
Poolin acquired NovaBlock, the North-American pool that generates about 1,07 exahashes (EH/s). As a result, Poolin can add this hash rate to its hash rate of approximately 12,3 exahashes (EH/s). This acquisition further strengthens Poolin’s second place on the market.
Bitcoin network hash rate reaches new ATH
In relevant news, the entire Bitcoin network’s hash rate has reached a new all-time high (ATH)! This indicates that the network is healthy and that more and more miners are joining it. The growth is a positive sign for the future of Bitcoin as a whole and the opportunities for bitcoin miners!