Bitcoin Mining Pools See Huge Shuffle in Prior To Bitcoin Halving
Chinese Bitcoin mining giants, Poolin and f2pool have witnessed substantial growth in their daily BTC block reward in January 2020. The dominating mining pool, BTC.com has dropped in the reward earning. This is how the tables are turning, prior to the highly-anticipated third halving.
In the last couple of weeks, Bitcoin has gone through some wholesale changes in its mainstay metrics. Take into consideration the example of the Bitcoin hash rate, which recorded its new all-time high just recently, has now entered a declining phase. The dominance, which usually hovers around 70%, has now fallen close to the 60% mark. A pivotal part would be played by these elements on the price prior to the Bitcoin halving.
F2pool is recording the highest BTC block reward earnings when it comes to the known mining pools. Elias Simos, a senior research analyst at Decentral Park, tweeted :
How the price will react to the halving, depends on how the hash rate pans out. If miners go all out in the first sell-off itself, it could have a disastrous effect as the Bitcoin (BTC) price might get pulled down. This was the case in November and December too.
A lot of reshuffling in the $BTC mining game since July 2019 and as we approach the halving.Particularly, it seems that since Jan 2020, we have new pools in the lead (in terms of USD revenue), in .@officialpoolin and .@f2pool_official. pic.twitter.com/gbCWc57t1p — Elias Simos (@eliasimos) February 12, 2020
Bitcoin's halving brings with it a lot of anticipation and eagerness; all these elements would influence the halving in one way or another, especially given the fact that the community is in a conundrum on halving and whether it is priced in yer or not.
Binance CEO's Take on Bitcoin HalvingCEO of crypto exchange Binance, Changpeng Zhao has suggested that the highly bullish block reward halving factor hasn't kicked in; thus, current bitcoins (BTC) price volatility is not to be worried about. He says that if exchanges had the power to change the price of BTC, it would keep increasing. Since exchanges themselves are involved, it would be stupid to opt for for a price dwindle.
About The Author
Zain RazaZain 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.
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