The bitcoin has rate has steadily grown over the last few weeks and an increase of 33% was experienced in the last 48 hours itself. However, that's not to all is running smoothly in the mining world with still a few uncertainties around. One of the top Chinese mining pool, Baite, one of the big names in Chinese crypto mining space  has decided to call the quits.

The local blockchain media on April 6 <a href="https://mp.weixin.qq.com/s/9O7aGOpWPwaFDbpS4_07OA" target="_blank" rel="noopener">reports </a>that Valarhash ' Baite mining pool suffered a massive slump in its hash rate and fell from 4000 to 200 petahash per second I'm March. Ergo, the pool came to the conclusion that it's time to leave the bitcoin mining industry and maybe explore the world of Altcoins sometime in the near future. Valarhash came up with two bitcoin mining pools Bytepool and 1THash, along with  1Tmine, a cloud mining platform in July last year, along with a farm management mining software Nelson in Sichuan, China.

At their very best, they were running the game as Bytepool and 1THash  accounted for over 9% of the total bitcoin hash rate. According to the reports, chances are quite a few that Bytepool will transfer it's remaining power to 1THash which currently ranks at number eight.
<h2>Baite Just Another Victim of The Pandemic</h2>
Baite is bearing the brunt of the current corona crisis as cryptocurrency mining has been impacted massively all across the world.  The Chinese mining pool is suffering a lot too as more than 40 established mining operation are shutting down. The bitcoin bloodbath in the middle of March led to a significant drop in the price of BTC, which turned mining unprofitable and many miners had to leave the network or look for alternatives.

However, the hash rate is on the rise again and bitcoin mining difficulty has been reduced to in order to stop the miners from migrating and bring down their cost of miming. Bitcoin is recovering well and miners might flock back in numbers once again.

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Baite, The Chinese Mining Pool Has Decided to Stop BTC Mining

Baite mining pool, one of the top Chinese pools left with no choice but dropping out of the mining race, given the uncertainties in the mining world.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Baite, The Chinese Mining Pool Has Decided to Stop BTC Mining

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