Well known Chinese mining pool Valarhash Baite stops Bitcoin to pursue altcoin mining opportunities. Bitcoin is facing a lot of challenges ahead of the upcoming halving event. Despite the 33 percent spike in Bitcoin hashrate in the past two days, uncertainties linger over how the BTC will cope with the current pandemic and upcoming halving. No wonder Chinese mining firm Baite has abandoned Bitcoin mining operations.
Chinese miners control a significant portion of the Bitcoin hashrate. The large BTC mining farms are the ‘De Facto’ market movers in the mining arena. It was reported that a premier Chinese BTC pool, Valarhash’ Baite mining pool, dropped out of the BTC mining operations as its hash rate slipped to just 200 petahashes from a peak of 4000 petahashes in March. The steep decline shows that BTC mining operations are likely suspended
Baite stops Bitcoin as altcoins look attractive
A cloud of uncertainties hangs over Bitcoin. As if technical challenges like halving weren’t enough, the current COVID-19 pandemic has dealt a double blow to the cryptocurrency. When a large pool like Baite stops Bitcoin mining, impact on prices is not far. In such a scenario, the Baite mining pool is looking to enter a more lucrative altcoin market. It is learned that individual pockets in the altcoin realm will perform well in the long term as the market recovers.
Valarhash Baite is a significant player, and approximately 9 percent of the total BTC hash rate is attributed to it. Its absence will certainly cause a big void in the BTC mining arena. Valarhash operates two BTC mining pools, namely 1THash and Bytepool. Other operations under Valarhash include BTC cloud mining project 1TMine and Nelson crypto mining farm management software. It is likely that 1THash will receive the majority of has power from big brother Bytepool. As Baite stops Bitcoin mining, the hash powere will likely be diverted to pursue altcoins.
The actual ground impact of Coronavirus on Chinese miners is yet to be ascertained. Although the crypto mining realm has been experiencing fluctuations, they aren’t much. Such disruptions cannot be attributed to just the COVID-19 outbreak. However, the news of 40 mining operations shutting down abruptly due to a sudden fall in BTC prices demands detailed answers.