Bitmain-backed miner to add ethereum coins to its pool

August 31, 2018
Chris Wheal

One of the world’s biggest bitcoin miners has announced it is to diversify its operations into ethereum and ethereum classic, despite the dramatic fall in ethereum’s price since its peak.

GPU rigs at a cryptocurrency mining operation

Bitmain-backed BTC.com announced in a press release on Thursday it was to include the two new mining pools through its pool.btc.com portal. The company said it was launching the service to “help ethereum scale its mining infrastructure”.

Hashing power

The service will allow miners to switch their hashing power from one pool to another, and BTC.com eventually hopes to add other coins such as Monero, the statement said.

BTC.com is thought to mined as much as 21% of all bitcoin blocks last year and accounts for around 16% of the bitcoin hash rate – the computing power used to mine the digital tokens.

Bitmain, which also makes crypto-mining equipment, launched an ethereum-focused application-specific integrated circuit (ASIC) earlier this year. The new pools will also include options for mining with graphics processing units (GPU) and CPUs.

Customer requests

“We’ve had a lot of customer requests for ethereum support this year, so it was a clear choice for us,” said Zhuang Zhong, BTC.com’s mining pool director.

“By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12% of ETH total hash rate in the next 12 months.”

The move comes despite price losses that have made crypto mining less profitable. Ethereum’s price has seen greater losses since hitting its peak than those of bitcoin. Since its December record high, ethereum has fallen more than 80%, while bitcoin, which hit its record in December, has since fallen nearly 65%.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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