Bitcoin’s enigmatic new mining pool in China instantly becomes the sixth largest

The new mining pool, Lubian, based in China, accounts for 5.15% of Bitcoin’s total hash rate (BTC), just three weeks after processing its first block. The pool was originally seen by BlockBeats, a Chinese news network, on May 12.

Lubian is currently the sixth largest mining pool, with a hash rate of 6.30 EH/s, according to data obtained from btc.com. The first operation emerged on April 24, when it found block #627,441.

According to Dovey Wan, a founding partner of Primitive Ventures and industry commentator, Lubian may be a former private pool that has recently gone public. She tweeted:

„It must be a private pool that’s now being revealed as public since the hashrate didn’t show any change.“

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Wan also noted that Lubian is picking up the pace at an „interesting time,“ as Bitcoin’s halving occurred yesterday. „Whoever owned the pool must have owned the hashrate from the beginning, as other pools did not see a major drop,“ he wrote.

The mining industry expects big changes
The mining sector is poised for major changes due to Crypto Genius, Bitcoin Billionaire, Bitcoin Era, Bitcoin Champion, Bitcoin Future halving, which has reduced miners‘ rewards from 12.5 BTC to 6.25 BTC.

Most miners operating old equipment are expected to leave the network, which in turn could lead to a 30% drop in the total hash rate. However, a new generation of mining devices, to be shipped from mid-May, could potentially bring the metric back to its previous levels.

The final block mined before halving contained a reminder of the origins of BTC

In early April, the Chinese mining company, Valarhash, which runs the Bytepool and 1THash pools, suddenly abandoned the BTC mining race in favour of the altcoins.

Cointelegraph contacted Lubian for more details, but got no response at the time of publication.