Anonymous SharkPool will Apparently Mine Altcoins Only to Dump Back into Market to Buy Bitcoin Cash (BCH)
One of the cogs that keep digital currencies running are mining pools. The importance of these pools is particularly highlighted among altcoins.
On the contrary, the SharkPool project has been mining altcoins in large volumes, only to trade themexchange for Bitcoin Cash. This peculiar move has been a subject of intense discussion in the crypto community.
Although the SharkPool project is yet to launch, the scanty information on its website outlines its stance as well as intentions. The project team labels altcoins as adversaries of Bitcoin. This is not the first time that such a statement has been made in the crypto community. In the past, Bitcoin enthusiasts have maintained that altcoins will be irrelevant when cryptocurrencies eventually become mainstream.
According to SharkPool, altcoins have no value. Hence, they should be discarded immediately they are mined. In fact, SharkPool is so determined to finish altcoins that it occasionally mines empty blocks to tamper with their mining reward mechanisms. All the proceeds from these activities will be used to purchase Bitcoin Cash. Critics believe that this practice may tarnish the rep of Bitcoin Cash.
Apparently, profit-making is not top among the priorities of the SharkPool project. This means that the company does not levy fees on miners’ rewards. This unique business model is already causing a stir amongst altcoins, though its working mechanism is unknown to many.
For now, it is hard to predict how cryptocurrency miners will receive the SharkPool project. The project team has indicated that it will support multiple algorithms. However, most of these are exotic, meaning that SharkPool has to implement the more popular options to generate interest among potential clients.
Despite its founder being anonymous, the crypto community is anxiously awaiting the launching of SharkPool. What remains interesting, nonetheless, is its intentions of disregarding altcoins for their preferred Bitcoin Cash.