Bitfarms Launches a Bitcoin (BTC) Mining Pool, Offers Incentives For New Users
Bitfarms Technologies Launches Its First Commercial Bitcoin Mining Pool, Bitfarms Pool
For the past month, Bitfarms Technologies has been active in migrating majority of its miners to the custom built Bitfarms BTC Pool.
After a successful roll out, the blockchain mining company, and owner of Backbone Hosting Solutions Inc. announced on October 16th 2018 the public release of its commercial mining pool, “Bitfarms Pool”.
The Launch Of The Commercial Bitfarms Pool
The Canadian-based company has its software hosted on a custom server architecture in the country which is a measure to retain customer data internally without relying on third-party platforms to power up the mining mechanisms.
Additionally, the server offers a highly secure platform by deploying public-access stratum nodes around the world.
This will allow the miners to connect to the closest node (server) reducing congestion of the main server and latency between the miners and the Bitfarms Pool.
A blockchain mining pool allows miners to “pool” their mining power together to enable the pool participants to generate blocks quicker hence increasing the consistency of profits from block rewards. By sharing the power generated from the pool, pool participants are able to create enough processing power and share the block rewards equitably according to the power contributed in solving the block.
Speaking on the launch of the commercial Bitfarms Pool, Pierre-Luc Quimper, president and founder of Bitfarms said,
“Our pool has been built by our own developers, who have extensive experience in building and maintaining IT infrastructures. This achievement is another step towards our goal of being a fully vertically integrated blockchain company.”
The launch of ‘Bitfarms Pool’ this Tuesday will ensure most of the users and miners in the pool enjoy the consistent performances made by the pool as seen by the miners who moved to the pool during the past month.
The pool will offer a lifetime zero percent fee on both PPS (pay per share) block rewards as well as block transaction fees for the new users who join Bitfarms Pool before November 15th 2018 with at least five terahash. Any members joining the platform after November 15th will still enjoy the competitive rates offered by Bitfarms at 1% fee on PPS block rewards and transaction fees.
Furthermore, the mining company is exploring the possibilities of launching the Customer Referral Program which will provide fee sharing incentives for active referrals.
Wes Fulford, CEO of Bitfarms, spoke of full confidence of the Bitfarms Pool commercial project saying,
“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.”