Review on Bytepool by Olugbenga Ajayi
Byte coin was running at a loss
Byte pool is a top bitcoin mining pool. It is located in Sichuan,China, owned by Valarhash who also own other pool. It was one of the then topmost mining pool. Infact bytepool and one other pool used to account for over 9% of the total bitcoin network hashrate. Meaning that it used tto be very famous and efficient.
However recent halving of the Bitcoin which in effect meant halving of Mining it has caused byte pool and some other pool to face serious loss. In the case of bytepool, it was totally shutdown.
Before now byte pool used to report up to 4000 hashrate, but since the halving, it dropped 50%to 2000. And the pool continue to ditch deeper as Bitcoin ditches deeper. As a result , bytepool has been shut from mining Bitcoin.
But the shutting down will not be for longas the founded is already considering mining more rewarding coins. Likely the altcoins.
Pros
- It used to be very efficient
- The payout for miners was high
- Accurate hashrate reporting
- Secure mining environment
Cons
- It was mining at a loss so the Miner likely started mining at a loss or for no reward
