Nearly two weeks have passed since Bitcoin’s fourth halving, and investor interest is cooling as the initial excitement subsides. The ever-shifting cryptocurrency industry is ripe with captivating stories that often divert attention to the newest hot topic. Amid this, the ViaBTC team, known for mining block 840000, played a crucial role in this recent halving. After reaping widespread accolades, they have returned to their products’ core development, embarking on their eighth year in the crypto sector.
Initially, many dismissed Bitcoin as the 21st-century equivalent of Tulip Mania, a fleeting and frenetic speculation phase. However, a small group believed in its potential to revolutionise currency. Among these early believers was Yang Haipo, founder of ViaBTC. Yang began exploring Bitcoin and its cryptographic foundations in 2011, actively contributing to the Bitcoin community’s growth. In 2016, he committed to shaping the future of digital currency and established ViaBTC. The mining pool quickly made its mark by entering the global top five for BTC computing power and has mined nearly 40,000 BTC blocks to date.
This article offers an in-depth study of the ViaBTC mining pool, focusing on how this team, a recorder of Bitcoin’s pivotal moments, has dedicated itself to Bitcoin for eight years and has grown and strengthened.
ViaBTC: Prioritizing Long-termism Over Luck
In Bitcoin mining, “luck” is a term used to describe the ratio of the actual number of blocks mined versus the theoretically expected number within a given statistical period. Mining fundamentally resembles a random process akin to rolling dice; each result is uncertain. Miners might experience streaks of luck, mining multiple blocks consecutively, or face periods where no blocks are mined, reflecting their misfortune.
At ViaBTC, fleeting luck doesn’t shape their strategy. This group of Bitcoin believers recognises that the cryptocurrency’s value extends beyond the immediate. Much like the expected value in dice games, as more rolls are made, the actual frequency of outcomes will align with their theoretical probabilities. Over time, a mining pool’s “luck” will mirror its technological and management efficiencies, with a stable mining pool’s long-term luck nearing 100%.
Understanding that long-term stability outweighs temporary fortune, ViaBTC was the first in the industry to implement the PPS+ payout model. This ensures that miners receive consistent and stable earnings, even when blocks are not mined in the short term, and allows them to gain additional rewards from mining fees.
This innovative approach has stabilised miners’ earnings and considerably mitigated their risks. Driven by a steadfast belief in Bitcoin’s enduring value, this forward-thinking approach has helped maintain ViaBTC’s status among the top three global BTC computing powers, navigating through the cryptocurrency market’s highs and lows over eight years.
ViaBTC: Navigating Stability Amidst Uncertainty
The cryptocurrency market is inherently volatile, permeated by uncertainty that extends into the mining sector. Mining pools that aim to reduce miners’ risk and absorb greater risks themselves inevitably face unpredictable trajectories. Some pools, unable to sustain a 100% “luck” ratio due to technological limitations, are compelled to exit the market due to losses, while others suffer significant trust crises from misusing user funds, resulting in hefty losses for their users.
In this context, ensuring stable returns is vital for miners. For ViaBTC, maintaining the stability of miners’ earnings is a constant goal. Consequently, ViaBTC focuses on enhancing the mining service experience and stabilising miners’ earnings, ignoring market distractions. They rigorously evaluate each new cryptocurrency introduction or feature rollout to ensure real improvements to user experiences, aligning with miners’ needs and preferences.
Beyond technological and product innovation, ViaBTC emphasises user experience and service quality. They’ve developed a comprehensive customer support system offering prompt technical support and solutions. Additionally, ViaBTC regularly hosts educational and feedback events, such as the pre-halving Bitcoin educational sessions, AMA discussions, and rewards programs, providing deep insights into Bitcoin for newcomers and additional perks for long-standing miners. ViaBTC plans to continue offering numerous benefits and surprises for miners for its upcoming eighth anniversary.
Reflecting on being the recorder of block 840000, ViaBTC prioritises long-term value over short-term results. They focus on delivering safe and stable mining services, ensuring top-notch experiences for miners, which underpins their enduring position in the industry.
ViaBTC grows by a simple yet effective philosophy in cryptocurrencies’ fluctuating and speculative realm: see time as an ally and consistently do the right thing. This steadfast commitment has secured extensive trust and support from users, making ViaBTC the preferred choice for both rookie and seasoned miners seeking reliable mining services.
Over the past eight years, ViaBTC has consistently maintained a steadfast belief in Bitcoin, tirelessly working to provide users with stable, secure, and high-quality mining services. This commitment to long-termism has not only helped them endure the competitive and turbulent market but has also fueled their ongoing growth and expansion. With their focus on technological innovation, reliable earnings models, and superior customer service, ViaBTC has gained the trust of its users and established itself as a significant contributor to the Bitcoin network.
Looking to the future, ViaBTC pledges to continue embracing a long-term approach, aiming to offer even more stable, secure, and enhanced mining services. They are dedicated to preserving the stability of the Bitcoin network and supporting Bitcoin’s enduring development. Together with users and industry stakeholders worldwide, ViaBTC is committed to advancing the mission of “Via Blockchain, Making the World a Better Place.”
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