Although the Bitcoin hashrate has increased by 33% in the past 48 hours, the mining industry still faces uncertainties. This has left Baite mining pool, one of the best Chinese pools with no choice but to drop out of the mining race.
According to local blockchain media on April 6, the hash rate of Chinese mining company Valarhash’s Baite mining pool has dropped significantly from 4,000 to 200 petahashes per second earlier in March. The pool decided to abandon Bitcoin mining activity and possibly switch to altcoin mining in the near future.
Valarhash launched two Bitcoin mining pools Bytepool and 1THash in Sichuan, China in July last year, along with Bitcoin cloud mining platform 1TMine and mining management software Nelson.
Bytepool and 1THash reportedly accounted for more than 9% of the Bitcoin network’s total hash rate in their prime. While 1THash is currently ranked 8th at the time of the press, Bytepool will transfer most of its remaining hash power to 1THash, the report said.
More than 40 established mining operations were forced to close due to BTC’s price decline and unprofitable mining operations.