Poolin acquires NovaBlock pool to expand into North America

The mining pool Poolin, which controls 10,5% of Bitcoin’s hash rate, has acquired the North American competitor NovaBlock as part of its strategy to expand into new international markets.

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The merger of the two companies’ hash power is scheduled for February 8. If this had happened today, after adding 1.92 EH/s from NovaBlock to Poolin’s current 15.98 EH/s, Poolin would move close to second-placed Binance Pool. Its hash rate stands at 18.86 EH/s, according to BTC.com.

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The company blog states that as a result of the acquisition, aggregate computing power will reach 23 EH/s.

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Distribution of hash rate among leading mining pools. Data: BTC.com

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In an interview with The Block, Poolin vice president Alejandro De La Torre said the pool’s ambition is to go international, with the acquisition of NovaBlock as the first step.

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A Poolin spokesperson noted that the company plans to work on implementing the MARS project. He envisions financing the hash rate through the integration of CeFi and DeFi in Bitcoin mining.

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The agreements reached envisage preserving NovaBlock’s operational independence from Poolin. The remuneration to be paid during the merger period will remain unchanged.

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In November, Poolin launched portal for preparing the Taproot upgrade in the Bitcoin network.

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