As 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.
AMSTERDAM (PRWEB) August 30, 2018
BTC.com, the bitcoin specialist where wallet users, miners, and developers access tools and coins, today released an Ethereum (ETH) and Ethereum Classic (ETC) mining client through its portal pool.btc.com. BTC.com produced 21% of all newly-mined Bitcoin in the last year, and Ethereum is BTC.com’s first step in diversifying its mining portfolio to include more GPU/CPU mining options for its users. Miners will now have the flexibility to switch hashing power between pools in response to market forces. BTC.com will release an integrated Ethereum block explorer and API to accompany the mining pool.
BTC.com looks to transfer its industry-leading experience, processing over eight quintillion SHA-256d hashes per second, to help Ethereum scale its mining infrastructure. BTC.com rewards miners directly using a Full Pay Per Share (FPPS) accounting system that calculates a standard transaction fee within a certain period of time. Shares are calculated from the block reward, associated transaction fees set by gas prices, and up to two uncle blocks. BTC.com will support both ETH and ETC right from the beginning, and miners can easily switch their hashing power between them depending upon profit margins.
“As 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,” says Zhuang Zhong, Director of BTC.com’s Mining Pool. “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.”
While Ethereum has been working on ‘Casper’, an update to replace Proof of Work consensus with Proof of Stake (PoS), mining continues to run the ETH blockchain. BTC.com’s Zhuang Zhong comments that, “it’s still possible to host a mining pool in PoS mode. It will increase the complexity to design such a pool since miners need to deposit ether to the mining pool, but we have a lot of hands-on experience with wallet and Ethereum smart contracts to make a PoS mining pool possible.”
BTC.com Ethereum Mining Pool Features:
Uncle reward 0.75ETH and 2.625ETH if BTC.com mines an uncle block
BTC.com Miners can include up to two uncle blocks from other pools
BTC.com distribute rewards in FPPS mode
Stay tuned, on August 30th, BTC.com is planning to have a promotion for the inauguration of their new Ethereum Mining Pool
Want more cutting-edge industry insight into mining? BTC.com’s Zhuang Zhong will be speaking on the latest mining initiatives and breakthroughs on September 21-23 in Tbilisi, Georgia at World Digital Mining Summit 2018, alongside hosts Jihan Wu, CEO of Bitmain, and Yu Fang, CEO of Bitkan. The summit gathers 1,000 participants including senior miners, mining machine manufacturers, mining pools and hashpower owners, to explore the development of cryptocurrency mining and the coming challenges and opportunities.
BTC.com spearheads a user driven and open financial system that has introduced over a million new users across the world to Bitcoin and Bitcoin Cash. Since launching the BTC.com block explorer in 2015, BTC.com has been at the vanguard of Bitcoin data analytics and software development. In 2016, BTC.com led the industry in innovation with the release of an open-source mining pool and wallet, which today play key roles in driving and maintaining Bitcoin’s decentralized ecosystem. BTC.com has a team of more than 70 employees based in Amsterdam and Beijing, and is backed by the world’s leading Bitcoin mining manufacturer, Bitmain.
For more information, please visit wallet.btc.com. Keep up to date with BTC.com on Twitter @btccom_official, Facebook, http://www.facebook.com/btccom/, and Medium, https://medium.com/@btccom_official.