As the Bitcoin hashrate is growing across the globe, mining pools support for miners is expanding with new tools & resources. This amicable mining landscape provides miners more options to improve profitability and/or increase their hashpower.
Increased presence of mining pool leaders in crypto-focused conferences is a signal towards the expanding options mining pools are offering to attract more hashpower. The recent ‘Miners panel’ in the Uruguayan hosted Blockchain Summit Global conference showcased leaders in the mining industry who discussed recent updates in the mining industry. Luxor’s co-founder Ethan Vera presented alongside Poolin VP Alejandro de La Torre and NovaBlock Global Business Director Vincent Vuong.
Among the many topics discussed was the growing tools and resources that mining pools are adding to their portfolio in effort to continue adding more miners to their pool. Of the larger pools, each has a unique offering of tools & services that service their prospective niches.
What are mining pools offering?
There are many new tools and features being offered by mining pools. Some of the most notable offerings from the top mining pools are:
- BTC payouts for mining on altcoins
- Software features to increase profitability & efficiency
- Financial services, such as loans, exchanges, & lending options
Of the largest mining pools, Slush Pool, Luxor, and Poolin each have a unique offering to attract miners to join their pool.
Being one of the first mining pools, Slush Pool focuses on software offerings that strive to maximize profitability, security, and mining.
Most notably, Slush Pool is fully integrated with the BRAIINS operating system, which is an open-source firmware foundation and mining stack platform. It supports bulk installation, hashrate autotuning, lower power modes, ASICS boosting, and much more. Users on Slush Pool who use the BRAINS+ OS also get a lower pool fee.
This software-heavy approach for mining puts Slush Pool at the forefront of open-source innovation in how miners configure their rigs and mining protocol. It also allows for a standardized, easy-to-set-up infrastructure for miners.
Luxor focuses on providing miners the flexibility to mine on the most profitable chains while also receiving consistent payouts. Luxor’s Catalyst program allows miners to mine in an altcoin and receive payouts in BTC. Unique to this program is that miners receive their payouts at the market value of the altcoin-BTC conversion rate instead of forcing miners onto an exchange with an altcoin payout.
Additionally, Luxor is in the Alpha phase of their Switch program, which pushes miners’ hashpower onto the most efficient blockchain. When combined with the Catalyst program, miners can always mine off the most profitable chain and still receive payouts in BTC. Tools like this reduce the need for miners to focus on the economics of altcoin trading and redirect focus towards improving profitability.
One of the largest BTC mining pools, Poolin offers financial services and tools to maximize profitability. Miners can boost Asics performance, receive payouts in a Poolin app, and access a transaction accelerator tool. Beyond these features, Poolin also supports batch configuration of rigs.
One of the distinguishing features of Poolin, however, is the financial support for miners. They recently partnered with Blockfi, an interbank lender. Now miners can receive loans with BTC as collateral and earn interest from BTC payouts.
What do these expansions mean?
With this shift, the industry has become significantly more miner-friendly. New hotbeds in areas outside of china are popping up.
The August flooding in the Sichuan province in China had little impact on the hashrate. The hashrate went as low as 100 EH/s following the flooding, but it quickly jumped back to previous highs. It is currently trending strong into September, 2020.
Bitcoin hashrate taken from coinwarz.com
As many countries are still on lockdown from Covid-19, some are turning to mining as a means of financial independence. Uruguay, where the aforementioned Blockchain Summit Global conference was hosted, has the world’s largest hydroelectricity plant. Some expect to see a strong growth of mining in Uruguay and its surrounding region.
Stay tuned for more details on how mining continues to grow in new regions.