Bitcoin miners are grabbing new opportunities to boost their earnings by getting connected with Fractal Bitcoin’s sidechain merged mining. In recent times, Fractal Bitcoin’s FB token has crashed by 61.9% of its all-time high, but mining pools benefit highly from collaborating with the Bitcoin network.
According to crypto sources, a relatively new blockchain protocol, Fractal Bitcoin, benefitting from merged mining, which utilizes the hashrate of Bitcoin to mine for FBC, remains rewarding for miners. Although concentrating exclusively on Bitcoin mining is still considered an unfavourable period, recent data have shown that the network has been mining a hashrate of 226 exahash per second (EH/s) of Bitcoin.
Fractal Bitcoin’s Growth and Token Dynamics
Fractal Bitcoin protocol is seeking the attention of Bitcoin miners with the feature to merge hash power from the Bitcoin blockchain. The sidechain currently has 226.19 EH/s of mining power for permissionless mining pools like Antpool and the predominant F2pool. These pools have realized this potential for extra income, earning them handsome profits in the process.
Bitcoin Miners
The hashpower distribution reveals that Antpool contributes 82.34 EH/s to Fractal Bitcoin, while F2pool gives 25.48 EH/s. Other recognized participants, such as the Spiderpool, have also entered the competition and committed 7;72 EH/s to the network. Altogether, the mentioned activities resulted in the creation of 40,354 Fractal Bitcoin blocks and the initiating circulation of approximately 2,068,925 FB tokens.
At the moment, they estimate that one FB token is equal to $12.91, even though in the past, it reached the maximum of $38.80 only six days ago. This reduction, however, has significantly brought down Fractal Bitcoin’s market capitalization to $26.8 million, and the token is ranked 674 in the entire cryptocurrency market.
Bitcoin Miners Benefit From Fractal Bitcoin’s Extra Revenue
To the miners, Fractal Bitcoin has been a great addition to another form of income source apart from the subsidy from the surface area of the Bitcoin. Every block in the Fractal Bitcoin creates between 32 and 34.5 FB tokens, which will cost almost $495 per block based on the current market rate. This additional cash flow comes at the backdrop of challenges arising from declining Bitcoin mining profitability because of the harsher conditions set in mining activities and competition within the network.
Bitcoin Miners
Among the biggest MINING POOL beneficiaries of this additional revenue is, therefore, F2pool, which possesses a wallet with a value of $388,000 in Fractal Bitcoin tokens amounting to 30,128.73 FB. The F2 mining pool also has another wallet containing 10,318.35 FB, which is equivalent to $150,000. Similarly, Antpool is benefiting as one of its addresses gets the coinbase reward of 22,922.6 FB; it is equivalent to $335,000 in today’s value.
Price Volatility Doesn’t Stop Bitcoin Miners
However, the situation does not seem to discourage the mining pools, as the price of FB tokens has dropped by 61.9% of its all-time high. March 15, 2022, the FB token had hit a high of $38.80. On September 15, 2024, the FB token value was high in the morning at $38.80 but by the following day dropped to $12.91 just after 6 days. Despite this significant decline, the overall trading volume of FB tokens has been approximated within the last 24 hours to be $18.79 million, which is 0.03523% of the total crypto market volume of $53.352 billion.
It is quite peculiar to observe how the FB tokens are distributed in different wallets: At the moment, 32.3% of the general FB tokens which make up the circulating supply are located in 5 different wallets, out of which 1 wallet has 15.7% of the general FB tokens. As this high concentration might be alarming for some, the constant attention of the mining pools indicates that the profitability of mining Fractal Bitcoin, at the moment, can compensate for the fluctuations in the token’s price.
Another factor that may have an impact on mining sidechains is the high volatility that often comes with tokens, particularly when young.
Final Takeaway on Bitcoin Miners
Fractal Bitcoin is a relatively new company in the mining ecosystem and has gained prominence by providing BTC miners with the opportunity of an additional source of income in the sidechain. Even while the price of its native token is falling rapidly, there are large mining pools like Antpool and F2pool interested in mining XRP for extra income. While the climate of the blockchain industry remains dynamic, Fractal Bitcoin could represent a model for miners within a scenario where they engage in multipronged operations across several networks. Keep following TheBITJournal and keep an eye on Bitcoin miners’ activity.
