Zhu Yu from Biyin Mining Pool: Open source mining pool code and changes in transaction fee ratios have far-reaching impacts on the mining pool industry

Zhu Yu, founder of Biyin Mining Pool, reviewed the ten years of Bitcoin mining in his circle of friends. He said that there have been two major changes in the mining industry since 2016-2017. One is the birth of BTC.com open source mining pool code, and the second is the increase in the proportion of transaction fees. However, neither of these is an immediate change, but it has had a profound impact on the industry, especially the former. In 2017-2018, more and more mining pools adopted BTC.com open source code. As of today in January 2019, the decentralization trend of the mining pool industry brought about by this is very obvious. BTC.com open source mining pool code has greatly lowered the threshold for the mining pool industry. As for the proportion of transaction fees, the most mainstream profit distribution model of mining pools in 2015-2016 was the PPS model (no transaction fee distribution), which was unfair. So BTC.com invented FPPS, which opened the era of publicly distributing transaction fees. From 2017 to the beginning of 2018, the proportion of transaction fees was as high as 10% to 30%, and the highest daily transaction fee accounted for more than 80%, which means that the income of the entire block was more than 180% of the base value. Since then, no mining pool dares not to distribute transaction fees, and the entire mining industry has entered the era of PPS+ and FPPS.