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Bitcoin Mining Pools Continue to Face Tough Competition: Blockchain Research

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  • Alex Dovbnya
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    There is a cut-throat competition among the top Bitcoin mining pools, and Bitmain is no longer on the winning side

Bitcoin Mining Pools Continue to Face Tough Competition: Blockchain Research
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Contents

Blockchain, one of the largest companies in the crypto space, has recently analyzed how the distribution of blocks has changed over time among the biggest mining pools. The graph shows that there is still some tough competition and no clear leader.

Bitcoin mining pools

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Things change fast

BTC.com, which is owned by mining juggernaut Bitmain, ruled the roost during the previous year. However, its market share has dwindled its market share over the last couple of years. According to data provided by Blockchain, BTC.com is now responsible for only 15.5% of mined Bitcoin blocks.    

Its crown has been taken by upstart competitor Poolin, which ushered onto the crypto mining back in 2017 as a project started by former Bitmain employees. The pool's meteoric rise, however, only started in late 2018 and steadily continued throughout 2019. As of now, Poolin has a market share of 16.6%, and it's not far-fetched to assume that it could soon become a dominant force in the market.

F2Pool and AntPool take third and fourth places with 14.8 percent and 9.9 percent respectively. Notably, AntPool is the only pool whose market share has been pretty much consistent for the past two years. 

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It's good for Bitcoin 

Unknown pools that are currently responsible for 24.7 percent of all mined blocks are important because they make the Bitcoin network more decentralized. 

In the first half of 2018, Bitmain's pools (BTC.com, AntPool, and ViaBTC) became so powerful that they were close to controlling a whopping 51 percent of Bitcoin's hashrate, which could open the doors for a deliberate 51 percent attack to reorganize the blockchain.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst

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  • Yuri Molchan
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    A crypto analyst says that Bitcoin follows ‘standard crypto games’ and expects BTC price to surge to $8,200 before making a market reverse

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After Bitcoin bulls reclaimed the $7,400 level earlier, the flagship currency is holding in the $7,500 area. A crypto analyst says that these are ‘standard crypto games’ – Bitcoin is likely to surge into the $8,000 area before plunging again.

Bulls, get ready to rock - $8,200 on the horizon

At press-time, Bitcoin is swapping hands at $7,544. For a long while prior to that the price was trading flat in the $7,200-$7,300 area.

However, on Friday, the Bitcoin price managed to recover to the $7,500 level.

BTC price CMC
Image via CoinMarketCap

The analyst @CryptoMichNL reckons that Bitcoin is following a standard pattern of the volatile crypto market and is going to please the bulls before giving them a nasty surprise of a bearish reversal.

‘Bitcoin halving is the main catalyst’

The next Bitcoin halving programmed by Satoshi Nakamoto, the Great and Terrible, is to happen in May 2020. Many in the community believe it to accelerate the Bitcoin price surge since miners have not priced it in.

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Doubts about the BTC halving impact

However, a co-founder of the Morgan Creek Digital Jason Williams, the less Twitter-active than his colleague Anthony Pompliano, reckons that the Bitcoin price is likely to dip after the halving. The thing is that miners are going to get twice as fewer BTC for each new block than now and many of them are going to have to sell their BTC to pay the bills.

Besides, chances are high that small mining pools will quit since mining will stop giving them enough profit.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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