The new mining pool based in China accounts for 5.15% of the total Bitcoin (BTC) hash value, only three weeks after processing its first block. This pool was originally discovered by BlockBeats, a Chinese blockchain news outlet, on May 12, 2020. 

To date, according to data from btc.com, Lubian has become the sixth largest mining pool in the cryptocurrency industry, with a hash rate of 6.30 EH per second. The mining pool operation was first carried out on April 24, 2020, when they discovered block # 627,441.

According to Dovey Wan, founding partner of Primitive Ventures and commentator on the cryptocurrency industry, Lubian could be a private pool that recently went public.

He gave his response with a tweet on his personal Twitter: "They must have been a private pool before finally revealing themselves to the public because the level of the hash cannot detect sudden appearances." Wan also noted, Lubian took steps at the "right time" when halving Bitcoin had occurred. "Anyone who has a pool, must have a bootstrap hash level to get started, plus other pools also don't look like they have experienced a major decline," he wrote.

Mining Industry Hopes There Is A Big Change

The mining sector is ready for major changes after the recent halving Bitcoin event, which has cut miner rewards from 12.5 BTC to 6.25 BTC.

Most miners who operate old equipment are expected to leave the network, which can actually cause a 30% reduction in the total hash level.

However, a new generation of mining equipment, which will be shipped starting in mid-May, has the potential to push metrics back to previous levels and above. Earlier in April, Chinese mining company Valarhash, which runs Bytepool and 1THash pools, suddenly left the BTC mining competition for turning around by supporting altcoin.