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Bitfarms Unveils A Custom-Built Mining Pool

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Bitfarms Unveils A Custom-Built Mining Pool

On Tuesday, October 16th, popular blockchain firm, Bitfarms Technologies, announced the launch of “Bitfarms Pool,” a custom-built Bitcoin (BTC) mining pool. The Bitfarms Pool features version-rolling functionality and is also available for the commercial mining industry.

Early Supporters to Get Special Benefits

The firm is willing to incentivize all the early supporters adopting its custom-built mining pool. Users joining before November 15th, 2018, with above 5 terahash will get the benefit of 0% block transaction fees for a lifetime. Additionally, they will also get the 0% fee benefit PPS (pay per share) block rewards.

Bitcoin mining pools help the Bitcoin miners to “pool” their resources together. Meaning, miners can effectively share their computing & processing power on a network. The block rewards are split equally among all participants of the mining pool. However, it depends on the amount of work the pool contributes to the probability of finding the block.

The mining pool concept has encouraged miners to generate blocks quickly and frequently. In return, they continue to receive some portion of the block rewards on a consistent basis.

The Bitfarms Pool Software

An absolute redundant and custom server architecture, located in Canada, hosts the Bitfarms Pool software. It relies on third-party platforms to power the infrastructure of the server. As a result, the software can store all customer data and information internally.

Bitfarms Pool has deployed public-access stratum nodes all across the globe for enhanced security and lower latency. It helps miners to effectively connect miners to the nearest servers. This, in turn, helps to reduce latency between miners and the pool.

The company’s President and Founder, Pierre-Luc Quimper, expressed optimism on the launch of its mining pool. Quimper also takes pride in the company’s own developers, “who have extensive experience in building and maintaining IT infrastructures.” Additionally, Quimper believes that this achievement will help Bitfarms to become “a fully vertically integrated blockchain company.

Wes Fulford, company CEO, elaborates further,

“Since migrating the majority of our miners to Bitfarms Pool last month, we have been very pleased with the pool’s consistent performance. As a result, we are confident in the commercial launch of Bitfarms Pool and are excited to invite new participants to join in our success.”

You can get more information about the new mining pool through its official website.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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