Chinese language mining operator Valarhash, which owns Bytepool and 1THash pool, has introduced that Bytepool has completely closed down, whereas 1THash pool will live on however will grow to be a cloud mining operation the place customers can hire hash energy.
Bytepool used to account for 4% of the whole Bitcoin (BTC) mining hash price in December 2019, and concurrently 1THash pool accounted for five% of the hash price at the moment, so collectively these swimming pools used to have 9% of the whole Bitcoin (BTC) mining hash price.
On the time of Bytepool’s peak in December 2019 they discovered 199 Bitcoin (BTC) blocks in a month, equal to roughly 2,500 Bitcoins (BTC) value over $18 million at the moment, and through your complete lifespan of Bytepool they discovered 1,002 blocks equal to 12,525 Bitcoins (BTC) value over $91 million at the moment. So clearly, Bytepool was a reasonably main operation.
It appears the Coronavirus pandemic is the principle cause that Bytepool shutdown, and particularly, the truth that Bitcoin (BTC) dived from over $10,000 in the midst of February to as little as $3,850 on March 12, which took a significant chew out of mining income. The mining hash price took a big dive as a result of Bitcoin (BTC) worth crash, as swimming pools like Bytepool turned off their rigs on account of not being worthwhile.
The silver lining is that Bitcoin (BTC) has now recovered to over $7,000, and the Bitcoin (BTC) mining hash price is rising rapidly, however it appears to be too little too late for Bytepool. At least although, it appears Bitcoin (BTC) mining swimming pools are usually firing up their rigs and increasing once more moderately than closing down, and a mining massacre will not be anticipated.