Can't wait for the halving effect? Top Chinese mining pool "BytePool" rumored to exit.

On March 26th, the Bitcoin network underwent the second largest mining difficulty adjustment in its history. Despite a 33% increase in the Bitcoin hash rate over the past 48 hours, the mining industry appears to still face uncertainty. One of China's top mining pools, BytePool, is reportedly planning to exit the mining industry.

• Possibly transitioning to mining alternative coins
• Contrasted with Binance's recent entry into the mining sector

Bitcoin Mining Pool Hash Rate Plummets

According to a source from Chinese blockchain media, on April 6th, the hash rate of the Bitcoin mining pool under the Chinese mining company "Valarhash" dropped significantly from 4000 PH/s at the beginning of March. It is rumored that they have decided to exit the Bitcoin mining business and may transition to focus on competitive coin mining in the future.

Valarhash launched two Bitcoin mining pools Bytepool and 1THash in Sichuan, China last July, as well as a Bitcoin cloud mining platform 1TMine and mining management software Nelson, with mining farms located in Sichuan, Yunnan, Xinjiang, Inner Mongolia, Canada, Russia, New York, Sweden, and Southeast Asia.

It is understood that Bytepool and 1THash were able to occupy over 9% of the total Bitcoin hash rate in their prime (as shown in the above chart), with 1THash still ranking 7th and Bytepool ranking 11th at the time of writing, as shown in the chart below.

Fearful Others, Greedy Me?

Despite the significant drop in Bitcoin hash rate in March and the major blow to mining income after the crash on March 12th, Binance, one of the leaders in the crypto space, chose to enter the mining industry at this time by launching "Binance Pool."

Reports have also surfaced recently about Binance launching its own mining pool. Binance founder CZ stated that the mining pool is the latest product among Binance's many financial services, which already include Staking, earning interest, savings, and lending, and he is confident that future top exchanges' mining pools will lead major mining pools.