Chinese Mining Community Welcome New Mining Outfit Lubian

According to news flying around as at last week, rumors of a new Bitcoin mining pool springing up in China Is making the crypto community in the country go wild with frenzy. The new startup, known as Lubian, will automatically become the seventh-largest mining pool in the whole of China. Regarding data, the new company is already responsible for processing 6% of the mining blocks in the country and has been given the thumbs up for the fast-paced progress.

Lubian, who just started up, has kicked down the Huobi pool to place fourth in the list of the largest crypto exchange in the country since March 2018. Furthermore, the new startup has gained significant followers in the crypto community than the Binance pool, which was launched towards the end of April.

Bitcoin Experiences Changes In Mining As A Result Of Its Mining

We have seen bitcoin witness some significant changes as a result of the halving that happened some days back, and it has affected the crypto industry massively. As miners of Bitcoin witnessed a cut in half of the block rewards from 12.5 Bitcoin per block to 6.25 Bitcoin per block, small scale miners have been forced to quit mining. Furthermore, Bitcoin has seen more large scale miners take to mining, which has caused more encroachment on the network.

The major consequence this has brought on investors has been the overall increase in the transaction fees as most exchanges are always looking to approve transactions of customers who pay more. In previous weeks, transaction fees saw a surge of up to $5 and have now returned to $3, which is still more than the last average fees before the halving.

Lubian Makes It Debut In The Crypto Space

All the side effects of the latest Bitcoin halving has given Lubian the more push to enter and dominate the crypto space. If Lubians stats are to be considered, they successfully mined 56 blocks as at last week with a 6.44EH/s hashrate compared to F2pool who mined 163 blocks with an 18.77 EH/s hashrate. The report shows that Lubian has the edge over their mining competitions as they are using unique hardware, which is new to the mining world.

Lubian is enjoying so much attention in the crypto space after leading the mining network, bitmain suffered a huge embarrassment last week. Jihan Wu and Micree Zhan had a public power tussle face-off, which involved stealing licenses in a government office.