Although there are so many different bitcoin mining pools out there, miners will choose the platform that gives them maximal revenue. BTC.com, an open-source and pioneering bitcoin mining pool, has created a new payout structure for miners. The Full Pay Per Share protocol has proven to be quite efficient so far, as it can increase miners’ revenue by as much as 9%.
BTC.com Puts More Money Into Miners’ Pockets
It is always good to hear miners can optimize their earnings without having to go through technical hurdles. If the pool itself optimizes its payout structure, more revenue can be generated for every miner with little friction. In the case of BTC.com, that revenue increased by as much as 9% per miner, which is quite a significant boost. All of this is achieved thanks to the Full Pay Per Share settlement mode.
To put this new concept into perspective, it calculates a standard TX fee without a certain period. This fee is then added to the current bitcoin block reward. The entire reward is still distributed among miners based on the Pay Per Share model. This small yet significant boost in earnings will affect the bitcoin mining game in spectacular fashion, though. As more transaction fees are included in a block, miners will earn more substantial rewards.
BTC.com officials explain this switch to FPPS as follows:
“We are dedicated to providing the simplest, most efficient and convenient settlement mode for miners, to benefit and serve them as much as we can. FPPS is a superior settlement mode to what is currently being offered in the market. Essentially it is sharing the transaction fees included in the block with miners, providing them with more revenue in a stable way. We hope more pools will follow our example in putting the miner’s interest first.”
Considering how FPPS does not require additional configuration on the side of the miners, there is no reason not to give the pool a try. This is just the first step towards increasing standards for the bitcoin mining sector. Moreover, the company wants to lower the barriers to entry associated with bitcoin mining. It is good to see new protocols like these being introduced into the bitcoin mining industry, that much is certain.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.