Home Bitcoin News Bitcoin A Chinese Mining Company Abandons BTC Mining, Seeking For Altcoins

A Chinese Mining Company Abandons BTC Mining, Seeking For Altcoins

  • As per a report, last week the largest Chinese mining company Velarhash appears to be abandoning BTC mining.
  • This shows that the company has made its mindset to abandon the production of BTC and is looking forward to mine altcoins.
  • It has been observed that the number of mining pools involved in BTC mining has reduced. The small miner teams in block mining are slowly decreasing.

Over the past two days, the Bitcoin hash has mounted to 33%, though this is a noticeable uplift in the crypto market, the miners are still dealing with plenty of complications and denying mining the prime currency.

Miners abandoning BTC and switching for altcoins

As per a report, last week the largest Chinese mining company Velarhash appears to be abandoning BTC mining. Its computing power was dropped almost 200 petaheches per second on April 6, whereas in March it was uplifted to 4,000 petaheches.

This shows that the company has made its mindset to abandon the production of BTC and is looking forward to mine altcoins. Last July, Velarhash introduced two pools for bitcoin mining, Bytepool, and 1THash.

Velarhash mounted equipment in the Chinese area of Sichuan. Moreover, the Bytepool and 1THash computed for 9% of bitcoin hash, but their capacity has tumbled a low.

The top ten rankings of Bitcoin miners

Looking at the ranking of the top 10 Bitcoin miners, 1THash dived in the eighth position in terms of its computing capacity. Whereas, the Bytepool will probably transfer its volume for BTC production to the 1THash.

Though, it has been observed that the number of mining pools involved in BTC mining has reduced. The small miner teams in block mining are slowly decreasing.  A report says, over 40 established mining operations were mandated to lock because of the price reduction of BTC and unprofitable mining equipment business.

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.

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