Chinese wallet and exchange service HaoBTC opens up their platform to bitcoin pool mining

HaoBTC has been running their own mining pool since the early part of June. After a month and half of testing, they have opened the pool publicly so it is available for the global mining community.

Overseas Marketing Director Eric Mu said that you can join the HaoBTC Pool now for lower fees (1.5%), which according to Mu the pool has high uptime, low orphan rate, and high DDoS-resistance. Also, mining at a different pool helps increase distribution of trust within the mining community.

The pool reward system is Pay Per Share (PPS), and fee payments are paid hourly. Each submitted share is worth a certain amount of bitcoin, and payments happen for each share of difficulty solved by the miner. HaoBTC also explains the PPS model on their pool like so,

We use the most popular PPS model for distribution of reward. Under this model, your hash rate is proportionate to your reward. The advantage of this model is that it enables miners to predict rewards beforehand with great accuracy so they can make plans earlier. To sweeten the deal, we offer highly competitive fee rates.

HaoBTC opened in 2014 and has been privately mining ever since. This is their first foray into pool mining. In June, we shared a close-up look at the HaoBTC mining farm in China, which put the bitcoin mining operation on full display. In April, the company officially launched the HaoBTC exchange.