China is one of the major economies and a regional superpower in Asia. The vast country with the highest population in the world is also the country that tops the charts with the highest hashing power. The Chinese Bitcoin community is actively involved in Bitcoin mining operations and the Chinese mining pools are in control of the majority of overall Bitcoin mining.
According to the latest data available on Blockchain.info, the top three Bitcoin mining pools are AntPool, F2Pool, and BTCC Pool. AntPool is a mining pool operated by the company known for AntMiner ASIC miners, BitMain while BTCC Pool is operated by the well-known Chinese Bitcoin exchange BTCC. All the three put together, will make up to about 67 percent of the total share.
BTCC is one of the largest Bitcoin exchanges in the world which has been in operation for over 5 years now. The exchange started out as BTCChina in 2011 by Bobby Lee. BTCC currently addresses almost every requirement of the Bitcoin community with its range of product and service offerings. BTCC’s offerings include cryptocurrency exchange services, mining pool, digital currency payment processing services, consumer wallets and blockchain engravings. The company has so far raised multiple rounds of investments from the Lighthouse Ventures, Digital Currency Group, Blockchain Capital and Trilogy Ventures.
No matter how big the company is and how serious the Bitcoin business is, the company has not lost its sense of humor. On April 1st, the company released a ‘documentary’ on Bitcoin mining in China. In this documentary, the BTCC employees take a person from ‘SNTV’ on a tour of the Bitcoin mining operation. The full documentary is available on YouTube at the following link.
Once you get the full picture of how the Bitcoin mining was carried out on that particular date by BTCC, watch the next video about Bitcoin mining in China is really carried out. The following video was first published last year by the publication, Vice.
BTCC’s take on mining in that prank video is the exact depiction of what goes inside the head of someone who hears about bitcoin and mining for the very first time. It takes time for the uninitiated to get a clear picture of bitcoin and mining. Unfortunately, there is a significant portion of the population who don’t have much idea about these concepts.
In order to ensure better adoption of bitcoin among the masses, it is imperative to educate everyone about bitcoin and make then understand the whole mechanism. Those who understand the digital currency will be more open towards the usage of bitcoin, driving the demand for digital currency upwards; It will also result in increased transactions followed by a rise in the value of the digital currency.
BTCC has also been in the center of the Bitcoin block-size debate. The debate has not resulted in any solid solutions to address the block size issue. the miners and other Bitcoin community members are currently concerned about the capacity of Bitcoin network to execute transactions as the Bitcoin network grows bigger. As the number of transactions on the network increases, the current state of blockchain may lead to the creation of backlogs which will end up delaying the confirmation of transactions. These backlogs will also lead to an increase in miner fee for transactions.
It doesn’t matter whether the video by BTCC was a prank or not, but the scalability issues faced by the Bitcoin ecosystem is no joke!
Ref: Hashrate Distribution (Blockchain.info)