New China-based mining pool Lubian accounts for 5.xv% of the total Bitcoin (BTC) hash rate, just 3 weeks after processing its first block. The puddle was originally spotted past BlockBeats, a Chinese blockchain news outlet, on May 12.

Lubian is currently the sixth-largest mining puddle, with a half-dozen.30 EH/s hash rate, information obtained from btc.com shows. The functioning starting time surfaced on April 24, when information technology found block #627,441.

According to Dovey Wan, Primitive Ventures' founding partner and manufacture commentator, Lubian could exist an ex-private pool that has recently gone public. She tweeted:

"It must be a individual pool earlier now reveals itself to be public as hashrate didn't run across a popular."

Wan also noted that Lubian is picking upward pace at an "interesting time," since the Bitcoin halving happened yesterday. "Whoever owns the puddle, must have owns the bootstrapping hashrate to offset with as other pools didn't run across a major driblet off," she wrote.

Mining industry expects major changes

The mining sector is poised for major changes due to the Bitcoin halving, which has cut miner rewards from 12.5 BTC to 6.25 BTC.

Most miners operating older equipment are expected to leave the network, which in turn could atomic number 82 to a xxx% drop in the total hash rate. Nonetheless, a new generation of mining devices, which volition be shipped starting mid-May, could potentially drive the metric back to its previous levels and in a higher place.

Earlier in April, Chinese mining company Valarhash, which runs Bytepool and 1THash pools, of a sudden dropped out of the BTC mining race in favor of altcoins.

Cointelegraph reached out to Lubian for boosted details, just received no response equally of press time.