The notion that anyone could solo mine bitcoin – on a CPU no less – seems positively quaint today. But in 2010, this method wasn’t just possible – it was the norm. With an exponentially lower hashrate, less competition and a 50 bitcoin block reward, there was enough pie for everyone to get a bite. But some miners didn’t just want a bite – they wanted a whole slice, and to achieve that, they decided to join forces and pool their hashpower. And thus “cooperative mining” was born.
Also read: Bitcoin History Part 12: When No One Wanted Your BTC
Bitcoin’s Pool Birth
If Bitcoin is a revolution, it is one which contains a series of micro-revolutions. In late 2010, Bitcoin was to experience its first industrial revolution when a few miners agreed to combine their hashing power. In that moment, history was made, and in the years to come, so was a lot of money. Not everyone was enamored with the idea, though, when it was first floated by Slush on November 27, 2010. “Once people started to use GPU…