Bitmain-backed mining pool to support Ethereum [ETH], Ethereum Classic [ETC]
BTC.com, backed by the world’s top crypto mining firm Bitmain Technologies, announced that it will now support Ethereum [ETH] and Ethereum Classic [ETC]. BTC.com, a mining pool, will also offer an Ethereum block explorer and APU.
The new mining client, launched to help Ethereum scale its mining infrastructure, will be available through the pool.btc.com portal. Users will be able to shift their hashing power from one pool to the other to boost profitability.
“By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12 percent of ETH total hashrate in the next 12 months,” said Zhuang Zhong, director of BTC.com’s mining pool.
Ethereum mining pool features
The new pools will include GPU and CPU mining options, which Zhuang explained came to be due to a decrease in prices in the crypto market this year.
“GPU miners are versatile, still profitable and are not easily replaced in a bear market. It’s common for miners to split investment into both,” he told CoinDesk.
Notably, Ethereum’s upcoming migration to Casper – a proof-of-stake (PoS) algorithm – will not hamper the new mining pool.
“It will increase the complexity to design such a pool since miners need to deposit ether to the mining pool, but we have a lot of hands-on experience with wallet and Ethereum smart contracts to make a PoS mining pool possible,” Zhuang said.
BTC.com weighs other crypto mining pools
BTC.com will likely mull launching mining pools for other altcoins as well, such as Litecoin [LTC], ZCash [ZEC] and Monero [XMR]. However, no plans have been set in stone yet, Zhuang clarified.
In order to launch a mining pool for any crypto, BTC.com will review the coin’s network, code quality, development roadmap and trading volume.
Beijing-based Bitmain has been in the news for its upcoming initial public offering (IPO). According to media reports, the crypto mining giant is preparing to file for an IPO on the Hong Kong Stock Exchange in the coming months.
Experts believe the IPO could be valued at close to $20 billion. However, the company has not yet revealed any details regarding the IPO.
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