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Analysis: what did adding Nano/BTC payouts do for 2miners?

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by COINS NEWS 217 Views

I wanted to figure out what adding Nano/BTC payouts did for 2miners, focusing on two aspects:

  1. Did adding low fee/no fee payouts increase their growth rate relative to their own history?
  2. Did adding low fee/no fee payouts increase their growth rate relative to the other mining pools?
~ July 24th October 11th Growth
Ethermine 267,340 319,640 19.6%
Poolin 47,432 239,218 404.3%
Flexpool 15,719 29,285 86.3%
2miners 39,267 43,818 11.6%
Nanopool 44,137 46,535 5.4%
Miningpoolhub 111,538 179427 60.9%
Binance 92,847 154,349 66.3%
Ezil 14,458 15,871 9.8%
Spiderpool 85,696 174574 103.7%
--- --- --- ---
Total 830,563 928,364 58%

So what we see here is that first of all, Poolin is growing extremely fast. According to some quick Googling, Poolin had a lot of miners in China that were in the process of migrating to other countries after the mining ban, which helps explain this. Aside from Poolin, we see that quite some pools grow rather rapidly, and that the weighted average growth rate is 58%. 2miners is well below this at 11.6% growth.

~ October 11th Now Growth
Ethermine 319,640 397,942 24.5%
Poolin 239,218 653,300 173.1%
Flexpool 29,285 45,993 57.1%
2miners 43,818 78,640 79.5%
Nanopool 46,535 46,510 -0.1%
Miningpoolhub 179,427 173,196 -3.5%
Binance 154,389 139,746 -9.5%
Ezil 15,871 17,533 10.5%
Spiderpool 174,574 59,804 -65.7%
--- --- --- ---
Total 1,311,997 1,777,587 35.5%

Since October 11th (which is the day that 2miners introduced Nano/BTC payouts) the picture is completely different. While Poolin is still the fastest grower, 2miners has moved from being 7th fastest growing to being 2nd fastest growing. This at the same time that many other pools were seeing decreased growth or even shrunk their total miner count.

Obviously just a quick analysis (well, not quick given Reddit's painful table formatting), but it seems like adding Nano/BTC payouts has been a rather brilliant move for 2miners, both in terms of their growth rate catapulting relative to their previous growth rate, but also in terms of their growth rate compared to other mining pools.

TL;DR/conclusion

An unsurprising conclusion, but still nice to see, is that miners quite like the utility of low fee/no fee payouts, and that they're moving to 2miners to take advantage of this offer. 2miners went from one of the slowest growing pools to one of the fastest growing pools, going from having ~0.2x the average growth rate to having ~2x the average growth rate in miners.

submitted by /u/SenatusSPQR
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