Cryptocurrency mining pools are always looking for ways to expand their presence in the market. For BTC.com, one of the bigger Bitcoin mining operations in existence today, shifting its focus toward Ethereum seems to make a lot of sense. More specifically, the company will not redirect existing hardware but simply serve both ecosystems in a manner it sees fit.
A Bold Move by BTC.com
It is not all that often that a Bitcoin mining pool starts to explore the acquisition of alternative currencies. Although Bitcoin Cash has been a notable exception in this regard, the altcoin is supported because it still is a version of Bitcoin at its core. For BTC.com, exploring new avenues within other ecosystems is a smart, yet brave decision. Ethereum is still one of the most widely mined cryptocurrencies in the world, thus expanding the service to accommodate ETH miners makes a lot of sense.
Unlike what some people may expect, BTC.com is not dropping Bitcoin mining. Instead, the pool is opening its doors to GPU miners hashing away at the Ethereum network.
Talking about BTC.com’s latest decision, the company’s mining pool director explained the situation as follows:
“Because contracts are charged per line of executed code and miners are rewarded for dedicated hashes using GHOST, Ethereum provides multiple different reward incentives to contribute hash power to the network. We hope to expand Ethereum’s network by relaying those rewards through our FPPS system. By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12% of ETH total hashrate in the next 12 months.”
Miners on the BTC.com pool will be able to switch between the different supported currencies as they see fit. Since Bitcoin mining ASICs do not work for Ethereum it is expected there won’t be any real changes in this regard. Instead, the pool aims to welcome a lot of new miners who still use GPUs to generate Ethereum.
For companies such as BTC.com, this move makes a lot of sense, especially since it helps the firm earn more money in the process. With that being said, whether or not the company can rival existing ETH mining pools, is a different matter altogether.