Attracted by the impressive growth of cryptocurrencies in 2021, thousands upon thousands of investors flocked to crypto mining. Despite the fact that the market has become slow since 2022 began, the interest of people in mining cryptocurrencies has not diminished. This year, the hashrate of Bitcoin reached new highs and hit an all-time high of 254.77 I/s on May 16. According to BTC.com, a block explorer, most current hashrates are held by mining pools, and the latest blocks are mostly mined by these pools. This is due to the continuous increase in the BTC hash rate: as the network continues to produce a block every ten minutes, the mining of Bitcoin has become significantly more difficult and the hash rate of individual miners operating on a small scale is becoming less competitive, no wonder everyone chooses to join a pool. The top 6 pools have more than 71% of the total hashrate of Bitcoin.
Of the major pools, ViaBTC Pool, a long-standing mining pool that has been running for 6 years has left miners with a deep impression. Over the past year, some countries have cracked down on BTC mining and many pools have shut down as a result. ViaBTC Pool’s hashrate was not affected much thanks to its globally distributed business model and recognition from miners around the world. For a while, it ranked first in terms of hashrate of Bitcoin.
As a pool founded in 2016, ViaBTC managed to survive and register world leading hashrates thanks to the following factors:
1. A consolidated team
Mining is a process of searching for random numbers during which whoever first calculates the random number corresponding to the blockchain network will get rewards. If a mining pool is unstable or suffers from network delays, it is likely to mine orphaned blocks. According to the “longest chain” principle of Bitcoin, those who mined orphaned blocks will not receive block rewards. Therefore, for miners, every second counts because it affects the real mining income. In order to provide miners with a stable mining environment, the ViaBTC team has deployed mining nodes around the world to match miners with the nearest node, minimizing delays and making the mining network more stable. . Until now, ViaBTC remains the pool with the lowest orphan block rate in the entire mining industry, which also shows the strength of the ViaBTC team. At ViaBTC, more than 60% of the staff are R&D and product team members, whose core members are all experienced developers from world-renowned Internet companies. Led by ViaBTC founder Haipo Yang, the team has continued to update and improve the pool. As it keeps the pool safe and stable, the R&D team has introduced more versatile products and features and created a complete set of tools to match.
two. Design of products
Most of the early miners of Bitcoin they were techies who were very familiar with setting up the mining software. However, as BTC goes viral, an increasing number of people are flocking to mining, and many of them have no crypto mining experience. Therefore, after mining pools are born, miners start to focus on each other. A pool offers simple, efficient and convenient mining products. To meet such demands, ViaBTC Pool has created clever content on its official website. If the miners have a problem, they can always go to the [Centro de ayuda] at the bottom of the home page and check out the columns that include mining guide, mining setup, and Q&A. If they still have questions, all miners need to do is send ViaBTC a request describing the issues they encountered, and then they could get personalized responses from ViaBTC’s professional staff in no time. In addition, ViaBTC also introduced a new app UI in November 2021 and optimized homepage features including conversion, transaction accelerator, blog, and earnings calculator to offer simpler, more convenient, and more satisfying product experiences.
To address the existing flaws of the mining industry, ViaBTC Pool has launched many innovative products. For example, the pool implemented the PPS+ payment method, which was the first of its kind in the industry, and created the unique transaction accelerator product. Furthermore, it is also the first pool that supports “converting”. These products not only improved mining revenue, but also solved the problem of congested transactions in extreme market conditions. Meanwhile, the hourly payment of mining income effectively avoids the risks arising from price fluctuations.
Four. A well-established blockchain ecosystem
ViaBTC has been trying to build a well-established blockchain ecosystem that integrates products, tools, and investments. In addition to ViaBTC Pool, the pool now also has four other key business segments, including CoinEx Exchange, ViaWallet, CoinEx Smart Chain (CSC), and ViaBTC Capital, making it one of the most well-established and comprehensive blockchain companies.
Relying on its strong ecosystem, ViaBTC has simplified the tedious process from crypto mining to transaction and circulation. When withdrawing crypto from ViaBTC Pool to CoinEx Exchange, miners do not have to pay any fees and withdrawals come in real time. Furthermore, staking, an integrated service of ViaWallet, provides miners with all kinds of different ways to preserve the value of their assets in a prolonged bear market. Thanks to these advantages, ViaBTC Pool has been able to stand out among its rivals in the midst of a intense competition as one of the most popular pools among miners. The strong will get stronger. In the future, ViaBTC Pool will continue to put the interests of miners first and provide miners with more stable mining income, more satisfying products and services, and improved user experiences, thus furthering the growth of the entire blockchain ecosystem.