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A recently launched Chinese company has burst onto the Bitcoin mining scene with several services that link the company to over 9% of the Bitcoin hash rate. The company Valarhash officially started mining operations in July 2019 and has launched several products including two Bitcoin mining pools at a recent event in Chengdu.
Valarhash product launch event in Chengdu
At an event held in Sichuan Province capital Chengdu on December 9th, Chinese company Valarhash officially launched four new products. Valarhash launched Bitcoin mining pools Bytepool and 1THash, Bitcoin cloud mining platform 1TMine, and mining farm management software Nelson.
OVER 9% OF BITCOIN HASH RATE LINKED TO VALARHASH
Bytepool and 1THash are currently accounting for over 9% of the total Bitcoin network hash rate according to data from BTC.com. We reached out to the Valarhash team about their recent product launches.
The Valarhash team informed MinerUpdate that their involvement in Bitcoin mining officially started in July 2019. The Valarhash operations initiated as private mining farms. Valarhash has mining farms located in Sichuan, Yunnan, Xinjiang, Neimeng, Canada, Russia, New York, Sweden, and Southeast Asia.
With the launch of these recent products, it has become evident that there is a significant share of hash rate linked to their company. At the time of writing, BytePool and 1THash are both ranked in the top ten mining pools by hash rate share for the past three days of mining activity. Collectively, their share of Bitcoin hash rate has exceeded 9%.
CLOUD MINING AND MINING FARM MANAGEMENT SOFTWARE
Although both mining pools are controlled by the Valarhash company, they are separate entities. In addition to the mining pool services, Valarhash has launched Bitcoin cloud mining platform 1TMine.
The 1TMine platform currently offers six contracts to users. Users can enter contracts to rent hash rate generated from mining rigs which include the Antminer S17 Pro, Whatsminer M20S, and Whatsminer M21S.
Given that such hash rate is sourced from Valarhash’s private mining farms, it would indicate that more than 9% of the hash rate on the Bitcoin network can be in some way linked to the Valarhash company. The final of the four products launched on December 9th is a software called Nelson targeted at mining farm operators.