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A Brief History of Bitcoin Mining Pools: Over 17 Mining Pools Choose to Shut Down

Yesterday, the veteran mining pool BTCC launched an announcement, saying that it would be shutting down, which shocks the whole mining community.

The official announcement said that:

“…due to adjustments in our business, BTCC Pool will shut down all mining servers on November 15 and cease operations indefinitely from November 30 onwards.”

BTCC Pool was launched in 2014 and has operated for four years. According to the recent monthly data from btc.com, the bitcoin block mined by BTCC mining pool was zero and it only mined 72 blocks in past three months. As thus, it is not difficult to tell why they choose to quit. Although in the golden days of BTCC, it used to be the third largest mining pools in the bitcoin network.

People may also be curious about other representative bitcoin mining pools in history. Today we are going to talk about them for the rest of the article.

The first bitcoin mining pool, ranks No.3 at present

November 27, 2010, the Prague-based company SatoshiLabs launched the first bitcoin mining pool in the world, named SlushPool. Meanwhile, its funder Marek Palatinus drove the ideal of ‘pooled mining’.

According to slushpool.com, currently, the slushpool has a computing power of 5.471 Eh/s, contributes 10.2% of the total hashrate of the bitcoin network. As of press time, SlushPool ranks the third with 16,236 active users.

The most powerful bitcoin mining pool, fade away completely in the long history

Nevertheless, the most dominant bitcoin mining pool in the history is GHsh.IO that has shut down for a long time.

GHash.IO was established in July 2013. During its heyday (around July 2014), GHash.IO’s computing power once exceeded the threshold of 51% of the entire bitcoin network and raised concerns about the 51% attack in the community. GHash.IO’s success is largely due to the zero mining pool fee.

However, GHash.IO was suffering from the DoS attack plus the bear market effect, and forced to close in October 2016 under the impact of new emerging mining pools including the F2Pool, AntPool, BTCC.

BTC.com and AntPool currently dominated the bitcoin network

BTC.com and AntPool have occupied the first and second rankings of the bitcoin network since last year. Both of them are owned by the mining giant Bitmain.

At present, BTC.com is using the Full Pay-per-Share (FPPS) settlement mode while AntPool supports multi mining modes including PPS, PPS+, PPLNS and SOLO.

According to the data from their official website, the real-time computing power of BTC.com and AntPool are 8.576Eh/s and 6.433Eh/s.

At present, BTC.com supports 6 kinds of cryptocurrency mining including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH). While AntPool supports 10 kinds cryptocurrency mining that also includes ethereum classic (ETC), Zcash (ZEC), Bytom (BTM).

With fierce competition in the mining field, some of the former mining pool giants have disappeared and some have lost their dominance while new competitors may emerge in anytime.

8BTC also lists some disappeared mining pools that generate none block in the past month, they are: BCMonster.com, BitcoinAffiliateNetwork, BitMinter, BTCC Pool, BTCDig, btcmp.com, btcZPool.com, Eligius, GHash.IO, Give Me COINS, Golden Nonce Pool, Jonny Bravo’s Mining Emporium, kmdPool.org, Merge Mining Pool, MergeMining, Multipool, ZenPool.org.

COMMENTS(3)

  • Joe Weisenthal
    2 weeks ago Joe Weisenthal

    Here’s a fun crypto storyhttps://news.8btc.com/bitmain-rushes-to-deploy-90000-antminer-s9-miners-in-xinjiang-as-bitcoin-cash-hard-fork-looms …

  • Patrick Rooney
    2 weeks ago Patrick Rooney

    This is nuts. “a single mining farm should host over 5,000 machines”

  • Adam Nash
    2 weeks ago Adam Nash

    Bitmain rushing to get ready for the upcoming hard fork of Bitcoin Cash $BCHhttps://news.8btc.com/bitmain-rushes-to-deploy-90000-antminer-s9-miners-in-xinjiang-as-bitcoin-cash-hard-fork-looms …

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