Often, many projects start from nothing.
In 2010, the first Bitcoin (BTC) mining project, Bitcoin.czwas created in Prague, Czech Republic. A short time later, founder Mark “Slush” Palatinus decided to devote himself to other projects, such as the creation of the world’s first crypto hardware wallet, at the company Trezor. Consequently Braiinsa company engaged in the development of embedded Linux systems, thought it best to take over the mining pool and rename it accordingly.
Going on to the present day, Braiins (Slush Pool) has come a long way, to become one of the largest Bitcoin mining pools. It currently boasts more than 15,000 users, representing 5 to 8% of the entire hash-rate of the Bitcoin network. The company receives 100% of its income in BTC, charging one commission from 2% to 2.5% with its mining firmware. In an exclusive interview with Cointelegraph, Kristian Csepcsar, Braiins chief marketing officer, explains why cryptocurrency enthusiasts continue to prefer the historic mining pool after all these years, despite the many competitors available.
Among the first issues discussed, the importance of firmware is highly critical in decision making, as demonstrated by the recent need for network balancing in Texas. Csepcsar illustrated: “Hardware mining can be activated when there is a lot of electricity on the grid, but it may have to be shut down in a very short time when the demand from households is high.”
“Now imagine a large farm of 60,000 machines; it is very difficult to tune them without the help of good firmware, which can easily solve the problem.”
However, it is not only the technological aspect that attracts miners to the Braiins mining pool. It’s also about the business ethos:
“Other mining pools want to support as many Bitcoin and altcoin forks as possible, as they are all about business. We don’t think so. During the fork of Bitcoin Cash (BCH) in 2017, we decided to stick to our core vision by not supporting BCH as it was just a fad. “
Kristian Csepcsar at the Braiins headquarters | Source: Kristian Csepcsar
True to his words, Braiins continues to mine no other digital currencies besides BTC. Contrary to popular belief, Braiins does not hold huge digital cash funds as one would expect. Csepcsar commented:
“Nobody expected Bitcoin to be successful that quickly. So we were selling a lot more in the beginning (when the price was very low) to fund operations. Also, we initially suffered a cloud service hack, which led to the theft of 3,000 BTC. So we don’t hold wealth like Satoshi’s. “
When asked how the company remains steadfast during crypto bear markets, perhaps with plunges from 70% to 80% in short periods of time, Csepcsar said:
“The good thing is that we started early. All the co-founders were already advanced enough in their careers to have some money aside from their previous job at large tech companies. We are Bitcoiner, and we don’t believe in ever-increasing numbers. . There will always be collapses, we always prepare ourselves accordingly. “
Braiins is also highly independent, never having accepted investments from venture capitalists or outside investors. Some cryptocurrency enthusiasts argue that centralized institutions, such as security regulators, are needed to step in and regulate the volatility of digital currencies, so that investors and businesses can plan for slow and steady (albeit controlled) growth. But Csepcsar disagrees, stating:
“Imagine if we were trading Bitcoin like NASDAQ, eight hours a day, Monday through Friday instead of 24/7. Bitcoin is growing fast as an exponential technology, and we want it to stay that way. Restrictions make everything slower and less efficient.” .
Be the first to comment