Mining is a core aspect of the cryptocurrency industry. Finding the right mining pool or service provider can make the difference between making and losing money.
Over the past few years, the concept of multi-currency mining pools has become increasingly popular. Poolin is one of those service providers, and the company has grown into an industry powerhouse.
Multi-currency Mining Explained
When engaging in cryptocurrency mining, it is often crucial to ensure the financial returns can be optimized in whatever way possible. Instead of mining just one specific currency and not paying much attention to it, diversification can be very beneficial. Having one platform supporting multiple currencies and mining pools can be of great value in this regard. This is why multi-currency pools are such a great addition to the ecosystem.
A multi-currency mining pool makes it easy for miners to configure their setup. It also builds a significant level of trust, as users who mined one of the company’s other pools and are looking to switch things up will be more eager to trust that same company’s offerings. Poolin has made its impact on this market in many different ways, and continues to do so even today.
The History of Poolin
This particular multi-currency mining pool was first created in 2019. Its founders include Kevin Pan and Chris Zhu, as well as Tianzhao Li. All of these individuals were previously associated with BTC.com, a platform that was widely considered to be one of the most prominent Bitcoin mining pools at the time. The company is still around today, but is currently under the ownership of Bitmain.
Their ranks were later joined by VP Alejandro De La Torre, another former member of BTC.com. The cryptocurrency industry has a way of bringing people back together in the form of a different venture as more time progresses.
Headquarter-wise, Poolin has a HQ in Beijing, China. Other offices can be found in Berlin, Shenzhen, and Chengdu. The company also has a mobile application that has proven to be incredibly successful among its Chinese users. The appearance of this app on state television has also helped the company to grow and evolve further.
The Growing Success
Currently, Poolin has the biggest market share as far as Bitcoin mining pools are concerned. It is well ahead of its competitors with a market share of 18.4%. The company also holds the crown for the largest Litecoin mining pool, with a market share of 28.6%.
In the ZCash market, Poolin is also in the lead, with a clear 46.1% market share. A similar situation ensues for Decred, where the company has a network representation of 36.22%. Last but not least, Poolin is neck-in-neck with F2Pool for becoming the largest Ravencoin mining pool.
Crucial Features to pay Attention to
The core business of Poolin is to provide efficient and reliable mining pools for the supported currencies. At the time of writing, the company enabled support for 9 different assets. That list includes Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Litecoin, Decred, ZCash, Ravencoin, and Dash. It provides something for every type of miner on the market.
For miners who tend to switch between Bitcoin, Bitcoin SV, and Bitcoin Cash, Poolin also provides auto-switching support. As all of these networks utilize the same mining algorithm, the pool will automatically point mining power at whichever coin is most profitable to mine at that time. In return, this increases overall miner earnings.
On the platform’s home page, a lot of information is provided to miners. That includes the current network and pool hashrate, as well as the revenue miners can expect to earn in exchange for their contributions.
There is also a mining profit estimation calculation for users to take advantage of. This tool lets users determine which currency is best to mine at any given time. This section also provides a handy dropdown of different mining hardware and how its energy consumption will affect mining earnings.
Optimizing one’s earnings as a miner can be done in different ways. A lot will depend on which payout structure the mining pool maintains. In the case of Poolin, they utilize a reward scheme known as Full-Pay-per-Share, or FPPS.
Miners connecting to any of the company’s pools will be paid proportionally based on their hashrate contributed to that pool. Having more hashpower means users will get a bigger share of the pool’s overall earnings.
An extra benefit of this payout model is how miners will receive a proportional share of the transaction fees associated with the blocks discovered by the pool. All of Poolin’s supported currencies make use of this model in an effort to help miners optimize their earnings at all times.
A Different way of Marketing
Most cryptocurrency mining pools rely on advertisements to take care of their marketing angle. Poolin prefers to engage with their current and potential users through Meetups. Most of these events take place in China, which aids the company’s branding in the country. Now that the team is also headquartered in Berlin, there will be various Meetups throughout the European continent in the foreseeable future.
Another different marketing technique employed by the company is by advancing the cryptocurrency mining ecosystem as a whole. Poolin CEO Kevin pan has confirmed his company is working on the Bitcoin Universal Mining Protocol. Albeit details remain somewhat scarce, it shows the company is looking well beyond its own profit margin and tries to actively contribute to the ecosystem in whatever way possible.