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[hibi3454]

Hey there everyone,

Today I would like to inform you guys about a Chinese mining pool which was reputed to be quite significant one, but has dropped out of BTC mining.
All in all , Chinese mining company Valarhash's Baite mining pool hash rate fell dramatically from 4000 to 200 petahashes per second. The pool agreed to abandon the mining industry of Bitcoin and probably step in the near future into altcoin mining.

Thanks for reading...
What do you guys think of this?

 

[Brain]

If altcoin mining will bring the anticipated profit than Bitcoin then so be it. I'm sure this decision was borne out of the loss incurred from minimg Bitcoin at a loss. So doing whatever to help them mine in profit will be welcomed.

 

[hibi3454]

If altcoin mining will bring the anticipated profit than Bitcoin then so be it. I'm sure this decision was borne out of the loss incurred from minimg Bitcoin at a loss. So doing whatever to help them mine in profit will be welcomed.

Oh absolutely, I see this is as a smart business move by the mining pools turning to where there is more potential and profit, i.e. altcoins. Lets see what is the rewards difference between mining altcoins than mining bitcoins for customers

 

[Brain]

Oh absolutely, I see this is as a smart business move by the mining pools turning to where there is more potential and profit, i.e. altcoins. Lets see what is the rewards difference between mining altcoins than mining bitcoins for customers

This is a simple law of a business,you focus more on where is highly profitable with minimal loss and I think this is what is applicable here. So if mining Bitcoin isn't cost effective then taking a profitable route is the next better option

 

[mooooo]

so what gonna happen to bitcoin price is it gonna increase since they stop mining or its price will go low ?
can anyone explain to me ? bec i dont know what is side effect and it will be good idea to stake altcoin ?

 

[hibi3454]

This is a simple law of a business,you focus more on where is highly profitable with minimal loss and I think this is what is applicable here. So if mining Bitcoin isn't cost effective then taking a profitable route is the next better option

Agreed! Now that the mining pools have taken the decision, I am eager to know what will happen to the miners of these pools and how their rewards will improve

 

[Brain]

Agreed! Now that the mining pools have taken the decision, I am eager to know what will happen to the miners of these pools and how their rewards will improve

I'm envisage them also moving over since the profitability level is very low. This is just like any other business where once profit dwinkle people will be up for where is booming.