Recently, F2Pool became the clear leader in bitcoin mining pools (once again). The pool has mined 31 percent of all blocks over the past four days (as of Wednesday evening), while its usual partner at the top, Antpool, has mined 17 percent of the blocks.
Inside Bitcoins reached out to F2Pool Administrator Wang Chun to get his thoughts on the pool’s recently increased share of the network hashrate. Chun also shared his thoughts on the potential effects of the upcoming halving event, in which the block reward will drop from 25 to 12.5 BTC per block.
F2Pool’s Stay at the Top May Be Temporary
When asked for his thoughts on why F2Pool has enjoyed an increased share of Bitcoin’s network hashrate over the past few days, Chun responded, “Luck.”
Although the amount of hashing power pointed at a particular mining pool affects the frequency at which the pool earns a block reward, the reality is there is also a bit of randomness involved in the process. Chun added, “Antpool should surpass us again once their S9 is deployed in batch.”
Inside Bitcoins also reached out to Bitcoin.com and Bitcoinist Editor-in-Chief Scott Fargo, who has been following the bitcoin mining industry closely over the past few years. He believes more than simple luck could be at play. “F2Pool is interesting as they have a lot of Chinese miners that are very loyal,” he stated. “When a new gear comes online they get a hashrate uptick fast.”
Fargo went on to discuss the various 16nm chips from BitFury and Bitmain that are coming online, which could lead to further changes in the distribution of mining power among the various pools.
None of Their Own Equipment
Some have wondered whether a recent increase in the network difficulty could be due to F2Pool bringing new equipment online, but the mining pool is said to have no gear of their own. “We don’t own any mining equipments, so we cannot [bring new equipment online],” Chun told Inside Bitcoins.
When Fargo was also asked about this point, he stated, “F2Pool, for the most part, does not seem to have gear of their own, but those close ties with data centers could have more to it that I’ve not found out about yet.”
Thoughts on the Upcoming Halving
Many in the Bitcoin community are also worried about a possible crisis caused by the upcoming halving event, but Chun does not appear to be worried. “I don’t think it will affect Bitcoin too much, except miners’ revenue may decrease significantly, but I think most miners will be still mining at profit,” he stated.
KNCMiner CEO Sam Cole recently revealed that the bitcoin mining company will not be profitable after the halving takes place.
Featured image via blockinfo.
Kyle Torpey is a freelance writer and researcher who has been following Bitcoin since 2011. His work has been featured on VICE Motherboard, Business Insider, NASDAQ, RT’s Keiser Report, and many other media outlets. You can follow @kyletorpey on Twitter.