Cryptocurrency Mining Pool Sets Up Shop in Europe for 1st Time
Cryptocurrency mining is done by dedicating computer power & electricity to maintaining the blockchain. Miners are not motivated out of pure altruism as they receive "block rewards" for their efforts. This is a reward for their efforts in the form of the cryptocurrency they are mining.
The difficulty in mining cryptocurrencies has increased over the years to the point that it could take year for slower miners to receive a block reward. This is when miners began pooling their resources to mine quicker and more efficiently and receive block rewards faster and share the rewards.
Today nearly all mining is done via the participation in mining pools.
Poolin's European Expansion
Founded in 2017, Poolin is a relatively new mining pool that has made big waves in cryptocurrency mining. Despite being only two years old, it is already the second largest pool by hash power as per blockchain.com.
They have recently unveiled plans to cement their presence in Europe. Poolin have announced a 30-day tour across Europe, in which they plan on visiting several prominent European cities. The tour will begin on September 16th in Utrecht, Netherlands and will continue to Essen & Berlin before concluding in Yerevan, Armenia.
In addition to the tour, Poolin is opening its first European office in Berlin, Germany. This will be Poolin's second office, following the opening of their Beijing office in the past.
Cryptocurrency mining is especially popular in many Scandinavian countries as well as eastern European states.
Poolin VP, Alejandro De La Torre recently commented on Poolin's expansion, claiming:
"With the opening of our new international office in Berlin, Germany, we at Poolin hope to be there and grow with the new burgeoning mining industry that is occuring in the west. This tour allowed us to acquaint ourselves with the community here in Europe. We will strive to push our missions globally, namely excellent tech and customer support."
Could the North America be Next?
Another growing hub for cryptocurrency mining is the United States & Canada. It has been reported by Forbes that Paypal cofounder Peter Thiel is backing Layer1 a green cryptocurrency mining venture. Should cryptocurrency mining grow even further in North America, we could possibly hear of a further Poolin expansion in the future.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado