Bitcoin

China’s puzzling new Bitcoin mining pool immediately becomes the sixth largest

The new Chinese-based Lubian mining pool accounts for 5.15% of the total Bitcoin Hash Rate (BTC)), just three weeks after processing your first block. The pool was seen Originally from BlockBeats, a Chinese news network, on May 12th.

According to btc.com, Lubian is currently the sixth largest mining pool with a hash rate of 6.30 EH / s. The first operation took place on April 24, when block # 627,441 was found.

According to Dovey Wan, founding partner of Primitive Ventures and industry commentator, Lubian may be a former private pool that recently went public. they tweeted::

“It must be a private pool that is now declared public because the hashrate did not show a single change.”

China’s puzzling new Bitcoin mining pool immediately becomes the sixth largest
China’s puzzling new Bitcoin mining pool immediately becomes the sixth largest

Wan also noted that Lubian is picking up the pace at an “interesting time” since Bitcoin halved yesterday. “Whoever owns the pool must have had the hashrate from the start because other pools did not experience a major decline,” he wrote.

Mining expects big changes

The mining sector is facing major changes due to the halving of Bitcoin, which has reduced miners’ rewards from BTC 12.5 to BTC 6.25.

Most miners who operate old equipment are expected to leave the networkThis, in turn, could result in a 30% drop in the overall hash rate. However A new generation of mining equipment, shipping from mid-May, could potentially reset the metric to its previous values.

In early April, the Chinese mining company Valarhash, who runs the Bytepool and 1THash pools, suddenly gave up BTC’s mining career in favor of altcoins.

Cointelegraph contacted Lubian for further details, but received no response at the time of publication.

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