In order to earn bitcoins, a process known as mining requires solving challenging mathematical puzzles. The network's computers carry out this operation, and the winner of the competition receives bitcoins. However, mining bitcoins is challenging due to the limited supply of 21 million in use.
A small number of corporations, namely AntPool and BTCChina, dominated and controlled the conventional bitcoin mining market. These businesses had complete control over the procedure and could demand exorbitant prices for their services.
The introduction of new technologies like cloud computing, ASICs, and FPGAs has led to many changes in how bitcoin miners now function, which has forced the bitcoin mining business to shift quickly over the last several years.
Every day, a large number of new businesses are joining this market and providing greater services than those that came before. One instance of this is BitFury Group, which only recently unveiled BitFury as the name of its very own mining pool. With an estimated 50% share of the money generated by its ownership stake in AntPool, this firm has lately grown to become one of the biggest miners on the market.