The BSV enterprise blockchain is full of exciting developments right now. So much is going on that it’s difficult to keep track of all the new apps, development teams, and happenings in the ecosystem.
This month, a new distributed BSV mining pool came online. GorillaPool mined block #704246 on September 10. It was its first official block, showing the world that the BSV blockchain isn’t completely dominated by corporate miners like TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) and SVPool as some critics claim.
Proof of work, Apes! 🦧 https://t.co/Bz0g6vn2ly
— GorillaPool 🟡🍌 (@MineLikeAnApe) September 11, 2021
What is GorillaPool, and how did it get started?
GorillaPool is a member project of Gorilla DAO, BSV’s first distributed autonomous organization (DAO). It’s an effort to create a truly distributed mining pool and add yet another honest node to the BSV blockchain.
While it only came online in September, it’s already been an exciting time for GorillaPool.
- It mined its first block, 704246, with 4,606 transactions in it on September 10.
- It already represents 3% of BSV’s total hash power and is growing quickly.
- GorillaPool has already carved out a unique brand for itself, referring to blocks as ‘bananas’ and getting plenty of engagement on social media.
APE tokens give holders voting rights on the future of the pool and earn rewards relative to these token holdings. In this way, GorillaPool is truly distributed and independent.
BSV mining—the future starts now
GorillaPool has teased that while it is asking users to send it their hash power today, they’ll soon be begging to join the pool. That’s because BSV has an incredibly exciting future and smart miners are beginning to catch on.
Soon, we’re going to ask you for your hash power.
But some day, people will beg us to join with their miners because we will build the most beautiful bitcoin blocks. pic.twitter.com/Bsj5PYBr0c
— GorillaPool 🟡🍌 (@MineLikeAnApe) September 1, 2021
We recently covered how the first blocks containing mostly transaction fees were mined on BSV. These blocks demonstrate the sustainable economic model of Bitcoin SV; miners will become transaction processors first and foremost. This is always the way Satoshi Nakamoto intended Bitcoin to be. Why else would he have set the system up with a diminishing block subsidy and that scales infinitely?
And the daily transactions on BSV are growing rapidly. Starting in July, on-chain transactions exploded with the viral success of CryptoFights and other popular BSV apps. Protocols like MetaID have also been creating lots of transactions and generating fees in each block.
GorillaPool, like the other miners, will benefit greatly from this. It’s not difficult to predict that this will eventually lead to all miners switching to the most profitable chain, and that will be the one with the most transactions to process.
GorillaPool is a truly distributed mining pool on BSV, and it’s just getting started. Not only will others follow in its footsteps, but with its hip branding and high profitability, it will continue to attract more hash power and build more blocks.
Congratulations, GorillaPool. Keep building blocks on the original Bitcoin protocol!
Watch: CoinGeek Zurich panel, BSV is Green Bitcoin: Energy Consumption & Environmental Sustainability
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