Tracing the Development of Crypto Mining

HONG KONG, May 24, 2023 /PRNewswire/ — Back in the early days of Bitcoin, mining could be achieved using CPUs installed on personal computers. However, as the network grew, so did its processing demands, leading to the need for more powerful mining hardware. In 2010, Laszlo Hanyecz introduced GPU mining code, and subsequently, in 2011, the code for FPGA mining machines was shared on GitHub. By 2012, the mainstream BTC mining machine had evolved to ASIC models, which replaced CPUs, GPUs, and FPGA devices, leading to a significant increase in Bitcoin hashrate, which grew by 360,000,000 times from 2010 to 2012.

As Bitcoin’s hashrate continued to increase, solo mining became increasingly challenging, leading to the creation of the first mining pool in 2010. Today, ViaBTC stands as a top player in the crypto mining industry, marking its 7th anniversary with a celebration of its success and continued evolution.

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Mining pools require strong technical capacity, and many pools have struggled to meet the technical requirements of the industry, leading to attacks and eventual shutdowns. Having recognized the immaturity of the technologies and products within the industry, Haipo Yang, an early Bitcoin developer, set out to create a more stable and efficient pool. He independently developed the coding for the ViaBTC Pool, which officially went live on June 5, 2016.

“By creating a stable and efficient mining pool, we aim to provide our users with the tools and functions they need to mine cryptocurrencies with ease and confidence,” said Haipo Yang, Founder of ViaBTC.

Shortly after, ViaBTC introduced the PPS+ payment method, which guarantees stable mining revenue while sharing miner fees, allowing ViaBTC miners to earn more coins than their counterparts in other pools. Mainstream pools soon adopted the PPS+ payment method.

At ViaBTC, technology remains a top priority. The pool has optimized the broadcasting and transmitting process of the BTC network through its independently developed BTC clients, resulting in a lower orphan rate and ensuring stable mining revenue. To date, ViaBTC remains the mining pool with the lowest orphan rate.

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Over the years, ViaBTC has continually introduced new functions and tools to enhance its mining services and provide users with faster and more stable computing power. These include the Transaction Accelerator, Auto Conversion, Smart Mining, Hedging Service, Crypto Loans, and Hashrate Fluctuation Notification.

Today, ViaBTC provides mining services to over one million users in over 130 countries and regions, covering 10+ cryptocurrencies, including BTC and LTC. With industry-leading hashrates and a multi-billion dollar mining output value, ViaBTC is one of the top players in the crypto industry and one of the few companies to celebrate its seventh anniversary.

SOURCE ViaBTC