The world's second largest Bitcoin mining pool, Poolin, announced the purchase of the American mining pool NovaBlock, acquiring the hash rate dominated by this pool to expand its reach to growing regions such as North America.
Reciente en un release, the Bitcoin mining company Poolin Mining Pool, one of the largest mining companies in cryptocurrencies, that exist in the world, announced that this February 8 the purchase of the mining pool was completed NovaBlock, which maintains offices in North America, in countries such as the United States and Canada. With this purchase, Poolin advances its expansion and development plans towards other regions of the world, which have favorable characteristics for the Bitcoin mining.
China is the nation that, until now, dominates the highest percentage of hash rate of the Bitcoin network; This is because the majority of miners and mining companies connected to Bitcoin operate from this country, which offers one of the most economical and favorable electricity rates for the development of this activity. However, the country also has quite strict policies and regulations for the control and use of cryptocurrencies; policies that contrast sharply with the electrical attractiveness that the country offers. Therefore, several mining pools are looking towards new horizons, in order to expand, or migrate, their services towards jurisdictions more friendly to the development of the crypto industry.
The vision of Poolin, whose headquarters remain in Hong Kong, with offices throughout almost all of China and other countries in Asia, is to expand its reach to other growing regions of the world, such as North America, which is becoming more attractive to the miners of this network.
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More than 21.000 PH/s and 14% of Bitcoin's power
Before the acquisition of NovaBlock, Poolin had more than 21.000 PH/s on the Bitcoin network. Now, with the acquisition of the American mining pool, Poolin expands its Bitcoin computing and mining power to more than 23.000 PH/s. In its statement, the company reported that the NovaBlock Bitcoin mining pool, which was launched on the market in August 2019, grew rapidly and steadily over the last two years, so that at the time of purchase, NovaBlock occupied more than 2.090 PH/s of computing power within the network.
These 2.090 PH/s of NovaBlock join the 21.390 PH/s that were already under the control of Poolin, to add an approximate of 23.000 PH/s hash rate in Bitcoin. According to data provider BTC.com, Bitcoin's hash rate is 165,08 TH/s, so with this new value, Poolin is dominating about 13,9% of the total computing power that exists in Bitcoin.
Source: Bitcoin.com
The hash rate, or computational power of the Bitcoin network, is currently at new all-time highs, and along with it, the level of difficulty of the network, which reached a new maximum of 21.434.395.961.348 (21,43 T) for the first time. These values indicate that Bitcoin is now a much more robust, powerful and secure network for both the cryptocurrency and its users.
No changes or variations
The merger that the two mining pools have just celebrated is intended to reinforce security, not only of the network, but also of NovaBlock's clients and users. In the statement, Poolin assures that one of the things that will not change with this acquisition are the pool fees for miners. Miner rewards will not be reduced, nor will mining pool fees change.
The purchase of NovaBlock became effective on February 8 of this year, and the entire hash rate that dominated this pool passed into the hands of Poolin immediately; although the NovaBlock board indicates that they continue to operate their facilities independently.
“All group rates will remain unchanged throughout this acquisition. The effective day will be February 8, 2021 and all hashrate will automatically change to Poolin, which will not influence the rewards.”
Continue reading: Bitcoin mining difficulty reaches new all-time highs
