Bitcoin wouldn’t be much without miners. The mining community is essential to maintaining Bitcoin & its blockchain. Initially Bitcoin mining was an endeavor taken on by hobbyists and computer geeks, who dedicated their computers and electricity.
Miners are of course rewarded for their efforts, as they receive “block rewards” for mining. This is the incentive for miners to mine, as they get paid in the cryptocurrency they choose to mine. Bitcoin miners for example are rewarded with Bitcoin.
Today mining is mostly done by miners collaborating. These miners cooperate as a group and share their block rewards. The rewards are shared in proportion to their contributed mining hash power. This is known as a mining pool which is an increasingly popular way to mine Bitcoin & cryptocurrencies. Just two days ago, the world’s largest cryptocurrency mining conference has concluded.
Poolin and the New Era Mining Summit
Organized by Poolin, one of the leading cryptocurrency mining pools, the New Era Mining summit brought in over 1800 attendees. Nearly everyone related to the cryptocurrency mining managed to show face. Over a hundred different companies were present as evolving trends in mining were discussed. Representatives from the exchange gate.io made an appearance. Teams from cryptocurrency wallets Bixin & Bitpie were present and so were several miner hardware manufacturers.
Many different topics related to mining were discussed at the event. One of what seemed like the keynote presentation was the BUMP (Bitcoin Universal Mining Protocol) protocol, which drew in a big crowd. The protocol can reduce rejections, mining rigs will not have to wait and will have hashrates immediately once connected to the mining pool. The protocol also assists with malicious block re-orgs.
Yang Zuoxing of Whatsminer, made a bold Bitcoin price prediction of one million dollars. Later, Zuoxing spoke of service time of a mining rig increasing from 3 years to 4.5 years amongst other topic and the growing trend of water and liquid cooling systems.
For the full list of topics discussed and speakers, check out their official blog post.
“We at Poolin want to continue educating and bringing together companies and leaders together to bring forth even more innovation. It is fundamental to build together as it is still very early on in this industry.
We [Poolin] have been growing rapidly and are looking to continue this growth in the future. When you put very smart and curious people together cool things tend to happen. We intend to expand our services even more, so stay tuned!” said Poolin VP, Alejandro De La Torre
Bitcoin has had a wild ride in recent years. 2017 was known for Bitcoin’s all-time-high of $20,000 and first broke into public consciousness. Bitcoin in 2018 was known for what seemed like a never ending crash. Now midway into 2019, the market is still cautiously optimistic. Bitcoin is currently trading at roughly $10,000, mining hashrates broke all-time highs with the number of active Bitcoin wallets on the rise.
The combination of all these factors may further cause more crypto enthusiasts to become miners and perhaps revive interest in altcoins.
Read more on Crypto Markets News.