On October 16, in a press release shared with The Chain Bulletin, Poolin announced the successful upgrade of their brand at the Poolin 2020 Blockchain Summit that was held in Chengdu, the capital of southwestern China’s Sichuan province. At the summit, one of the largest Bitcoin mining pools announced new products and services that aim to transform the company into an all-in-one stop-shop for cryptocurrency miners.
The summit began with Customer Director of Poolin Mining Pool, Liu Kang, quickly summarizing the history of Bitcoin, including notable forks and upgrades.
Kang emphasized on Bitcoin’s Lightning Network and its importance, noting on the fact that Poolin is one of the few mining pools in Asia to support the protocol. The opening speech ended with a mention of Bitcoin Improvement Proposals 340, 341, and 342, which were recently implemented and added support for Schnorr/taproot/tapscript.
The stage was then taken over by Kevin Pan, founder and CEO of Poolin. Pan was the first to announce the upgrade of the company, which now includes the following brands:
- Poolin Mining Pool – the mining pool itself, which supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
- Poolin Finance – a financial services platform for miners that includes lending, wealth management, and hedging, among others.
- Poolin Mining – a hosting service for miners looking to integrate into an established company and maximize the efficiency of their hardware.
- Mining Fund – a service that presents an easy opportunity for people to invest in mining.
After the brand upgrade was presented, distinguished guests entered into a discussion of all things mining, including electricity, policy, and finance, with electricity expenses taking center stage.
The panel noted that, since mining profit margins have been steadily decreasing, it is imperative for pools to expand into other areas where profits for their clients can be generated, namely financial services.
After the panel discussion, Feng Chong, COO of Poolin Mining, and Zhang Yongjuan, director of user operations of Poolin Mining Pool, took over the stage. The latter introduced the new mining pool’s products and service forms, while the former delved into the details of the services provided by the new Poolin Mining hosting solution.
Chong explained the advantages of Poolin Mining, which mostly come as a result of the stable infrastructure the company has built over the years. Three years in development, Chong noted that Poolin Mining uses all of the competitive advantages of the organization, including a big data cloud monitoring center, a mine infrastructure R&D department, and a cloud computing research institute, among several others.
Next, Tianzhao Lee, co-founder and CTO of Poolin, shared more details regarding the new Poolin Finance platform. He began by quickly summarizing DeFi and its inherent risks, and then positioned Poolin Finance as a solution to mentioned issues and risks.
A big part of the Poolin Finance pitch included the heavy emphasis on monitoring, with dedicated teams of programmers and scientists working constantly to make sure up-to-date info is always provided. In a sense, the app is marketed as a one-stop-shop for crypto investors, an “encrypted digital bank” as the press release notes.
Naturally, the walkthrough of Poolin Finance transitioned into a panel that focused on discussing the transition from traditional finance to DeFi. Noted were the advantages institutions have over individuals when it comes to financial services due to their larger manpower and overall abundant experience.
The current DeFi craze was also mentioned, being classified by the panel as a temporary, but necessary phase in the evolution of decentralized finance.
In closing, Li Xiaolai delivered the keynote speech, titled “Investment is a way of life”. Xiaolai argued that the current state of DeFi is simply the decentralization of market makers.
“The formation of wealth in human history is nothing more than [the sum of] two [steps] – the first is production and the second is sales.”
Xiaolai then advised a conservative approach to investment, urging people to intelligently measure their asset capacity.
Poolin is currently the second largest Bitcoin mining pool by hashrate output, with 19.46 EH/s, which represents about 14% of the total Bitcoin network hashrate. The pool’s hashrate output has grown significantly over the past month, as the overall Bitcoin network hash power has also increased substantially. Poolin currently hosts stratum mining servers in China, the United States, and Germany, providing convenient access to mining to locations known to be places where people interested in cryptocurrency mining reside.