A new mining pool has opened its doors to the public. Most cryptocurrency enthusiasts know the HaoBTC name for their exchange and wallet service, primarily targeting Chinese users. However, the company also runs a mining pool, which was launched in June of 2016. Now that everything has been thoroughly tested, Bitcoin miners have another option to mine cryptocurrency.
Decentralization and distribution are essential in the world of cryptocurrency. Especially where the mining scene is concerned, having more choice is never a bad thing. It is good to see additional mining pools come to the scene, as more distribution of the network hashrate is never a bad thing by any means.
HaoBTC has been around since 2014, albeit they never focused much on the mining scene until June of 2016. The majority of Bitcoin mining power is already pointed towards Chinese mining pools. This new option offered by haoBTC will only put more control in Chinese hands, albeit it may draw away some hashpower from other established pools.
It makes sense to see a company offer a mining option next to their Bitcoin wallet and exchange services. Users who generate coins through the HaoBTC pool can convert their earnings to fiat currency and pay their maintenance costs that way. The rest can either be kept in the online wallet, or even better, moved to a user-controlled wallet for safe keeping.
The mining fee associated with using the HaoBTC is set at 1.5%, which is in line with the majority of other mining pools around the world. What is more important to miners is the orphan rate, and whether or not the service is DDOS-resistant. For now, it seems that will not be a problem, but we won’t be able to tell for sure until the system gets stress-tested thoroughly.
One last thing to note about the HaoBTC mining pool is how they use the Pay-per-Share reward system. For every valid share submitted to the network, miners will receive an amount of Bitcoin. This amount will depend on how much overall work has been put in by all miners combined to find the block, and how much of that hashpower belongs to the individual miner.
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