What is cryptofarm - most popular bitcoin mining farms

Olga Weis

The cryptocurrency market is growing daily. The individuals and organizations that ensure the integrity of this digital currency and form the foundation of bitcoin are the bitcoin miners.

The technology behind bitcoin is called a blockchain. The blockchain is a public, decentralized ledger that tracks every bitcoin transaction made in the network. Users can get an opportunity to win bitcoin by providing computer processing cycles. Miners are constantly striving to develop new and more powerful equipment for mining the bitcoin.

While decentralization can present advantages it may also pose new and substantial risks. Currently the top three mining organizations have the power to modify the blockchain as they control 51% of the network.

You can mine bitcoin individually, and some large corporations have their own mining operations. Many users choose to join open mining “pools” that combine the miners’ resources to increase their odds of success. Let’s look at the largest mining farms.

Bitcoin

1. AntPool — 17.82%


AntPool is managed by Bitmain, a Beijing headquartered Chinese mining hardware company. AntPool states that is is the world’s largest cloud miner as well as that its technology accounts for 56% of global bitcoin miners.

Bitmain was launched by CEO and co-founder Jihan Wu in Q1 2013.

2. DiscusFish/F2Pool — 16.49%


This Chinese pool is named for its logo of a discus fish and is officially known as F2Pool. Two self-styled “Chinese technology enthusiasts”, Wang Chun and Mao Shihang operate to pool. A company spokesperson reported to Business insider that 100% of its hash power comes from users as the pool does not own any hardware.

The largest bitcoin transaction yet executed was generated from F2Pool in July of 2017. The purpose of this transaction was to clear a spam attack of tiny bitcoin transactions known as “dust” that were meant to slow down the network.

3. BitFury — 16.4%


The best-funded bitcoin mining hardware company is BitFury. In its third round of fund-raising in two years, CoinDesk reports the company accumulated $20 million (£12.8 million) in July 2015. The brings its two year total to $60 million (£38.4 million)

Latvian Valery Vavilov heads the startup which has private mines in Finland, Iceland, and the Republic of Georgia but does not operate a public mining pool. Vavilov dislikes the term “mining” and despite BitFury’s place in the mining industry he claims they are not a mining company.

In an interview with CoinDesk Valery states that his company is simply a technology company that is currently focused on bitcoin. His goal is to move into other areas of knowledge where computing power can be valuable and serve the needs of humanity over the next 3 to 5 years.

4. BTC China Pool — 13.74%


Though fairly new to the bitcoin realm, being launched in late 2014, BTC China Pool has grown to be a major player. This rapid growth is related to the fact that BTC China is one of the major bitcoin exchanges in China. They have also branched out and are involved with other forms of digital currency.

BTC China Pool was formed in 2011 and was purchased in 2013 by Bobby Lee who is currently its CEO.

5. BW Pool — 7.68%


BW is another mining pool located in China. Despite its size it receives very little publicity in the English-speaking world. Though rarely making public statements, it co-signed a Reddit post in July 2015 where it came out in favor of increasing the blockchain’s block size, which is being debated by the bitcoin community.

Bitcoin mining is not that easy to start and no individual miners can really influence on the whole situation. Big mining farms are the most important influencers on the blockchain market. You may start your own mining farm if you have all needed resources for this. Maybe your farm will get into this TOP list sometime, too!