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Crypto China: Bitcoin startup ranks 6th largest after earning $3M in 6 weeks

bitcoin startup

A Bitcoin startup company focused on mining broke into the top ten hash providers, earning $3 million in 6 weeks. Lubian.com, the new startup, which is only two weeks old, is now ranked sixth among all miners according to BTC.com data. The latest bitcoin startup accounts for 5.99 percent of bitcoin’s hash powers at the time of reporting and has a stable hashrate of over 7 EH / s.

Prominence of the new Bitcoin startup

The pool grew ahead of other exchange-owned miners, such as Huobi, OKEx, and Binance, all producing slightly less production than Lubian.

As data reveals, Lubian mined 27 blocks since the last weekend, accumulating over 337.5 Bitcoin bonuses and producing anywhere from USD2.8 million to USD3.2 million at present Bitcoin rates. Lubian seems to have a fair way to go to keep up with the big three miners. On April 13, 2020, F2Pool and Poolin, the leading two, had a 20 percent and a 16 percent share of the hash rate.

Promises quicker payment times

In the month from April 13, F2Pool and Poolin, the top-two, boast 20 percent and 16 percent in hash rate share. Lubian has a long way to go before catching up with the top-three miners.

Together, the two firms extracted 827 and 749 blocks and received USD87 million and USD80 million, respectively. At the beginning of 2020, the block raises the balloon to a cumulative 5,000 Bitcoin, indicating hundreds of millions of dollars in sales. While limited specifics about the company are accessible online, the bitcoin startup homepage promises quicker payment times, geographically placed nodes, and “uninterrupted” customer support.

China’s burgeoning mining industry

The bitcoin startup Lubian is the product of China’s vast mining sector. Reports say that the Nation’s western area provides cheap energy dependent on hydropower, inexpensive and competent skilled labor, and year-round cold weather, all factors that favor mining companies in Bitcoin.

In the meantime, China is gearing up for the introduction of its state-backed digital currency. As we confirmed in April 2020, the pilot is undergoing the so-called “Digital Yuan” Trials in popular branches of the American fast-food chain McDonald’s and KFC, guy.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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