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Bitmain's BTC.com Is Launching an Ethereum Mining Pool

Bitmain-backed mining pool BTC.com is expanding its offerings to include ethereum and ethereum classic, the company announced Thursday.

BTC.com, which claims to have mined 21 percent of all bitcoin blocks last year, will offer the new mining client through its pool.btc.com portal, and will also offer an ethereum block explorer and API, according to a press release. The service will allow miners to switch their hashing power from one pool to another, depending on the market.

The move is part of an effort to “help ethereum scale its mining infrastructure,” the announcement stated.

Bitmain’s project director Zhong Zhuang said that the firm hopes “to expand ethereum’s network by relaying … rewards through our [Full Pay Per Share] system,” which rewards miners for participating in the pool.

Notably, the new pools will include GPU and CPU mining options, the release indicated, despite the fact that Bitmain released its first ethereum-focused application-specific integrated circuit (ASIC) for ethereum earlier this year.

Zhuang explained that the decision to offer GPU and CPU mining comes from the depressed prices across the crypto market this year, telling CoinDesk that “GPU miners are versatile, still profitable and are not easily replaced in a bear market. It’s common for miners to split investment into both.”

He added:

“Also, there are already ASIC miners for ethereum and ethereum classic which are easier to set up and are dedicated to ethash mining. This will save us from supporting a huge list of GPU coins simultaneously.”

Going forward, BTC.com may consider launching mining pools for “popular coins” such as litecoin, zcash and monero, though no concrete plans have yet been made, Zhuang said – although, before any new additions, the service would have to consider a token’s network, the quality of its code, its development roadmap and trading volume.

Rachel Rose O’Leary also contributed reporting.

Ethereum image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Cash (BCH) Turns 1: Increased Block Size, Smart Contracts and an On Chain Social Network

Time in the crypto-verse seems to proceed at a faster rate than regular time. Just a year ago, on August 1st, 2017, Bitcoin Cash (BCH) was launched. This means that on August 1st this year, BCH would have turned 1 year old yet it seems like the digital asset has been around for much longer.

A Brief History of Bitcoin Cash

BCH came about when a group of developers wanted to increase the Bitcoin block size limit and prepared a code change (hard fork) that took effect on the 1st of August 2017. The hard fork was implemented on block 478,558. At the time of the fork, anyone owning traditional BTC suddenly had BCH in a one to one ratio.

When it was launched, BCH was valued at approximately $555 and would soon peak to $4,000 on its listing on Coinbase in early January. The sudden spike in value has since been investigated for insider trading at the exchange although no wrongdoing has been established. BCH is currently valued at $792 and ranked 4th according to market capitalization.

Commentary on Bitcoin Cash (BCH) by Alejandro de la Torre, VP of Business Operations at BTC.com 

Ethereum World News had the privilege of an exclusive commentary by Alejandro de la Torre, VP of Business Operations at BTC.com, and with regards to BCH on its one year anniversary.

Mr. de la Torre mentioned the advantages of the 32MB block size on the BCH blockchain through the following statement:

Their last hard fork increased the block-size to 32MB, virtually eliminating the risk for any network congestion due to scaling, and paved the way for a low-cost transaction super-highway. In countries such as Venezuela where monetary inflation is estimated above 40,000%, the utility of this new block space to open up fast, low-cost transactions as an alternative payment system to local fiat has been more than salient.

Mr. de la Torre also commented about the smart contract capability of BCH as well as its on-chain social network:

Bitcoin Cash has demonstrated a remarkable commitment to innovate upon community engagement with applications like on-chain social network—Memo, and a smart contract protocol layer called Wormhole that is built using OmniLayer, the token-issuance protocol that is the same technical basis for Tether (USDT). We think these community-driven networks can be very effective at moving the needle in the adoption of Bitcoin Cash as a medium-of-exchange, which is the primary reason it was forked and developed.

He would conclude with mentioning additional achievements of BCH in the last one year:

One year after its creation, BCH has continued to expand onto 19 different services, e.g. Bitpay, Coingate, Viabtc, Coinpayments, Coindance. Bitcoin Cash is also involved in fourteen different projects, e.g., OpenBazaar, Joystream, and Counterparty, and tradable on 41 different exchanges. Now entering its second year, BTC.com is poised to help the Bitcoin Cash community shift focus from investment, thinking only in terms of storing of value, to cash, thinking as a medium of exchange for merchants and consumers.

About BTC.com

BTC.com has more than a million users and 25% of all newly-mined bitcoin are done through the firm. BTC.com has processed more than $5 Billion worth of Bitcoin (BTC) and Bitcoin Cash (BCH) since 2015. BTC.com has maintained compatibility with Bitcoin Cash from its inception a year ago, and has seen first-hand its development and usage through its platform. BTC.com continues to develop wallet features to ensure scalable, fast, and low-cost transactions with Bitcoin Cash for its more than one million users.

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Huawei to Offer First Crypto Wallet App on Latest Smartphones

Chinese telecommunications firm and smartphone maker Huawei is partnering with BTC.com to roll out a mobile cryptocurrency app for the tech giant’s newly launched app store.

BTC.com, which is owned by mining giant Bitmain, tracks cryptocurrency mining and block information, while also providing a digital wallet service. The site’s vice president for business operations, Alejandro de la Torre, said its new wallet application will appear in Huawei’s proprietary app store, AppGallery, which was launched in March.

Currently, AppGallery is only available for customers via a pre-install on the latest Huawei devices, but will be rolled out for older versions in the second quarter of this year. That said, the effort to boost cryptocurrency wallet support is still a notable move by Huawei, and is likely to open up cryptocurrency services to a potentially huge user base.

“Cryptocurrencies have recently expanded the human understanding of digital economy at a large scale … We expect to see massive growth in global cryptocurrency adoption habits in the near future,” said Dr. Jaime Gonzalo, vice president of Huawei Mobile Services.

Huawei’s move also comes at a time when the tech giant is moving to beef up its wider effort for blockchain development.

As previously reported by CoinDesk, Huawei launched its blockchain-as-a-service platform just last month – one built on Hyperledger Fabric 1.0 technology developed by the Linux Foundation’s Hyperledger blockchain consortium, of which Huawei has been a member since 2016.

Huawei image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.