BTG mining profitability fall: new version

According to the BTGPOOL. PRO, SuprNova mining pool was sabotaging the network for six days
20 November 2017   3004

One of the core features of Bitcoin Gold was designed to be the ease of mining. According to the creators, they were aimed to make decentralized coin, by making the GPU mining profitable for big range of miners all over the world. But there are so issues with it. BTG Mine and MinerTopia stopped BTG mining due to unprofitableness.

And we got some more news on BTG mining for you. The BTGPOOL. PRO told Russian blockchain related website Forklog that SuprNova mining pool was sabotaging the network for six days.

Thus, according to the article, a large operator of mining pools Suprnova ignored the software offered by Bitcoin Gold developers and began mining blocks using other software. As a result, the Bitcoin Gold pool from Suprnova at a certain moment was responsible for 99% of all generated blocks.

At the time of the Bitcoin Gold network launch, an unforeseen hardfork took place due to a 51% attack, because for a number of reasons the BTGPOOL.PRO pool controlled 95% of the network for a while. As a result of negotiations with the project developers and the community, the chain of BTGPOOL.PRO was recognized as correct. After stabilizing the network, the BTGPOOL.PRO pool generated 20% of the total hash.

However, despite the impressive amount of mining capacity, the pool began to mine fewer and fewer blocks per day, and eventually stopped finding them at all. A similar situation prevailed among other players in the industry, which led to the loss of some dissatisfied miners who could not get a reward.

According to representatives of BTGPOOL.PRO, the Suprnova pool did not support the Segregated Witness protocol in the Bitcoin Gold network, and began to extract only blocks with a limited number of transactions that do not support SegWit. All other pools attempted to compute a block with a large number of transactions, because the protocol was used. Thus, transactions from other pools in the network were not confirmed and were actually blocked up to three days.

BTG mining issue
BTG mining issue

Since the remaining pools initially added support for SegWit, with the increasing number of "pending" transactions, their total hasht fell from day to day. According to the source for ForkLog, Suprnova deliberately sabotaged the network, resorting to unfair competition to attract as many miners as possible. Thus, many pools have lost significant mining capacity as a result of targeted sabotage.

In addition, according to representatives of BTGPOOL.PRO, Suprnova intentionally misled users, overestimating the performance of their BTG pool hash and often equating it to the overall hash of the Bitcoin Gold network.

Bitcoin Gold pools
Bitcoin Gold pools

In connection with the current situation, the BTGPOOL.PRO pool, which lost 50% of its mining capacity as a result of Suprnova's activities, establishes a 0% commission for all miners. According to the interlocutor ForkLog, the pool will continue to support the protocol Segregated Witness and the software recommended by the developers.

It seems that the flame of the idea in the crypto industry is burning out, and everyone is chasing profit. Miners are no longer interested in forming a community where all issues are resolved through voting. Now in the first place for them is profit, but we refuse to use the strategy of deception to stuff our own pockets. We support those who believe in Bitcoin Gold, and we consider our position to be correct.
 

BTGPOOL.PRO Team

Worth noting that at present time the problem is solved, and after a long discussion with the developers of the project the Suprnova pool added support for the Segregated Witness protocol.

Earlier MinerTopia and BTG Mine's mining pools announced their closure due to the unprofitable mining of Bitcoin Gold, calling it "a waste of time". However, as explained in BTGPOOL.PRO, these organizations simply were not ready for the realities of the mining business and possible transaction costs related to the security and content of servers.

In addition, many players in the industry were seriously affected even when the network was launched, finding themselves in the wrong chain and spending considerable resources on extracting to anyone an unnecessary coin. Even then, the miners expressed their dissatisfaction with the situation, which led to the reputational damage of some pools.

Hype.codes does not support any of the parties in this situation. We do not blame and/or justify anyone. We simply brought the opinion of one party. 

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   239

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.
 

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.
 

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.