- In China, last week, the prices fluctuated a little and the mining rate dropped.
- The increase in the exchange pools suggests that exchanges are turning into the centers of crypto technology.
- It might cause damage in the long run once parties realize that so many altcoins at once are worth nothing
Bitcoin halving event 2020 was much anticipated in Beijing, China. The prices fluctuated a little and the mining rate dropped. However, the prices help long enough for most miners who had upgraded machines invested in the game. After Bitcoin Halving Event 2020, China plans exchanges, Mining Pools, and more.
China’s Blockchain Miners
The region’s blockchain miners were optimistic. But this led to many turbulent changes. The three major exchange pools, OKEx Pool, Huobi Pool, and Binance Pool, are producing most of the blocks on the blockchain. They have become a part of the top 10 list. These big pools set by exchanges, allow standalone miners to add in their computing power and resources and then later get a share in the bounty.
Binance Pool that was only introduced a month ago, is now in the top 10. This increase in the exchange pools suggests that exchanges are turning into the centers of crypto technology.
A few benefits from the exchanges
The exchanges benefit in several ways when they enter mining. The pools can control the main source of BTC, adding to the liquidity in their exchange. The exchanges when they are a part of mining pools can easily cross-sell their financial services to them. However, there are also some disadvantages. When exchanges throw their pool in, the miners become more dependent on them. In fact, in such an instance the hash rate might become concentrated, threatening the security of the Bitcoin network since the pools are an easy hacking target.
Furthermore, due to the price surges, increased interest is visible in China. Many investors entered due to the attractive halving event, but with minimum understanding. Although this lets the industry seem more active, it might cause damage in the long run once parties realize that so many altcoins at once are worth nothing.
An overview of the matter
Miners have been asking for more powerful rigs post-Bitcoin halving. This indicates that the miners who couldn’t manage an upgrade on their chips will be likely to fall out of the race. It is expected that only powerful mining rigs will survive the post-halving.
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