The world’s first and oldest Bitcoin mining pool has mined nearly 1.3 million BTC since inception

Everything has humble beginnings. In 2010, Bitcoin.cz was the name of the first Bitcoin (BTC), mining project. Shortly after, Mark “Slush” Palatinus, the founder, decided to pursue other ventures such as Trezor, the first cryptocurrency hard wallet in the world. Braiins, an embedded Linux research and development company, took control of the mining pool and changed its name accordingly.

Braiins (Slush Pool), has grown rapidly to become one the largest Bitcoin mining pools. The space now has over 15,000 users. Its total hash rate is 5% to 8.8% higher than the rest of the Bitcoin network. The company earns 100% via BTC, and it charges a commission of 2% to 2.5% from its mining firmware. Kristian Csepcsar is the chief marketing officer of Braiins. He explained to Cointelegraph why crypto enthusiasts still choose Braiins’ oldest mining pool despite all the competition.

Csepcsar explained why firmware is so important in the process. He gave an example of Texas grid balancing as an example. He explained that you turn on the mining machines when there is a lot of electricity, but they might need to be turned off when there is high demand from households.

“Imagine a farm with 60,000 machines. It’s difficult to manage them without firmware. This solves the problem quickly.

It’s not only the technological aspect that attracts new miners to Braiins’ mining pool. It’s also about company ethos. Csepcsar stated that other mining pools are interested in supporting as many forks and altcoins of Bitcoin as possible, as it’s profitable for them. “But that’s not what we are about. During the Bitcoin Cash (BCH fork) in 2017, we decided not to expand our mining pool to BCH as it was a fad.

Kristian Csepcsar at Braiins headquartersSource: Kristian Csepcsar

Braiins doesn’t mine any digital currencies other that BTC, true to his words. Braiins doesn’t have a large amount of digital money, contrary to popular belief. Csepcsar explains:

“No one expected Bitcoin to be so successful.” To fund operations, we sold a lot more at first [when the price was low]. In addition, 3,000 BTC was stolen in an early hack of the cloud service. We’re not sitting on Satoshi-level wealth.

Csepcsar was asked how they keep strong cryptocurrency bear markets when prices can plummet 70% to 80% in very short periods of time.

“The best thing about our startup is that it was early. All of the co-founders had already made enough money in their careers from previous jobs in large tech companies. We are Bitcoiners and don’t believe numbers will go up forever. There will always be crashes. We prepare for them.”

Braiins is also fiercely independent. It has never received money from venture capitalists nor external investors. Some crypto enthusiasts argue that central institutions such as security regulators are needed to regulate volatility in digital currencies. This would allow investors and businesses to plan for steady, but controlled, growth. Csepcsar tells Cointelegraph that he is not so sure.

Imagine if Bitcoin could be traded the same way as the NASDAQ. It would trade eight hours a days, Monday through Friday, instead of 24 hours a week. Bitcoin is growing rapidly like an exponential technology and we want it that way. Restrictions slow down and make things less efficient.

https://cointelegraph.com/news/the-world-s-first-and-oldest-bitcoin-mining-pool-has-mined-nearly-1-3-million-btc-since-inception