BTG mining profitability fall: new version

According to the BTGPOOL. PRO, SuprNova mining pool was sabotaging the network for six days
20 November 2017   1945

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. 

Mining Firms to Make Chinese Unicorn List for First Time

"Unicorns" are private companies valued at over $1 000 000 000
19 July 2018   161

The Shanghai Hurun Research Institute has published a list of unicorn companies in Greater China (China, Hong Kong, Macao and Taiwan), which for the first time included representatives of the cryptocurrency industry. Thus, the list of major figure-makers in the list of major equipment Bitmain, Canaan Creative and Ebang. This is reported by Coindesk.

It is noteworthy that Bitmain took the 13th place with a capitalization of 70 billion yuan ($ 10.4 billion). Canaan was awarded with 32nd place with a capitalization of $ 3 billion, and Ebang closed the trio on 53rd place with a value of $ 1.5 billion.

Note that the media has already reported that all three companies intend to hold an IPO on the Hong Kong Stock Exchange (HKEX).

In May, the relevant application was filed by Canaan, and in July, followed by Ebang Communication. Jihan Wu previously stated that his company also considers the jurisdiction of Hong Kong, and potential investors may be Sequoia Capital and IDG Capital.