A Short History of the World’s Largest Bitcoin Mining Pools

Mining pools grow and shrink, and rise and fall altogether. Today there are more extinct mining pools than there are active ones. The hashpower of the survivors secures hundreds of PoW crypto networks, from major coins such as BTC and BCH to obscure altcoins such as monero classic and “zelcash.” The following guide provides an insight into the origins of the world’s largest mining pools including their founders, geography, and ideology.

Mining Pools Near Their Nine-Year Anniversary

Mining pools have been in operation since late 2010, when they emerged as a means for solo miners to share their computing resources and increase their chances of discovering blocks. While a lot has changed in bitcoin mining since then, including the introduction of dedicated ASIC mining rigs and the rise of huge mining farms, the basic premise of pools remains the same. Save for a handful of privately operated exceptions, pools are open to anyone to join.

In addition to the dominant SHA-256 mined coins such as BTC and BCH, there are dozens of altcoins that can be mined using algorithms such as the popular equihash. Mining pool 2miners.com, by way of example, records the hashrate and profitability for scores of equihash coins, its layout showing the sort of metrics that cryptocurrency miners have become accustomed to crunching in their quest to determine the most profitable coins. As mining pools near their nine-year anniversary, an examination of the nine largest BTC pools – most of which also mine coins such as BCH and ETH – captures the state of pooled mining today. Source...

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