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Is Bitcoin mining really becoming more centralized?

bitcoin mining becoming central

Bitmain’s antpool is the most advanced bitcoin mining pool, but recently, its presence in the market has declined to thirty-six percent (36%).

This is the perfect opportunity for other smaller mining pools to come through and make their debut. The recent reports on the crypto space suggest that most mining pools are now planning to gain their well-deserved share of the market.

With that being said, it is important to note that mining crypto has declined on a major scale this year. The recent binance hack shook the crypto community to its core.

The hack was unexpected, professionally crafted and caused a damage worth of forty million dollars ($40 mln).

After this event, the need to reorganize the Bitcoin blockchain was felt by the chief executive officer of Binance. Changpeng Zhao voiced his opinion of this matter and brought it into the spotlight. The idea that when one crypto exchange partners up with a large mining pool could cause unimaginable damage.

The report also indicates that major mining pools are finally losing their lustre in the market. Last month twenty-three (23%) percent hashing power was given by smaller mining pools.

The benefits that come with this is that this makes the platforms immune to hacks like that of Binance’s.

The smaller mining pools are finally getting some recognition, but the total number of active mining pools continues to dwindle.

Almost four hundred (400) bitcoin mining pools are nonactive this year. The crypto industry was in a bad place since the beginning of 2019. The fact that most of these bitcoin mining pools gave up might be linked with the industry’s state at the beginning o 2019.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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