On 30th August, BTC.com, a web wallet owned by Bitmain Technologies announced that they have added Ethereum [ETH] and Ethereum Classic [ETC] mining pools to their platform. The announcement was made despite the fact that Ethereum has seen a downward spiral in price this year.

According to BTC.com, the move was made to spread their mining portfolio. The web wallet has confirmed that 21% of all the newly mined Bitcoin were produced by them in the past year. Zhuang Zhong, the Director of BTC.com stated that the platform is also working on adding Monero [XMR] to their mining pool.

Currently, Bitmain is said to be the world’s first consumer-grade 16nm ASIC miner and one of the most efficient Bitcoin miners. Earlier this year, Bitmain had released their first Ethereum-based ASIC [Application-Specific Integrated Circuit], an integrated circuit that is customized for a specific purpose. Now, the new mining pools are set to comprise of GPU [Graphics Processing Unit] and CPU mining options as well.

BTC.com alleges that they are one of the largest Bitcoin Cash BCH miners at present. The website is known for performing 16% of the total Bitcoin hash rate [computing power]. Zhuang said:

“We’ve had a lot of customer requests for Ethereum support this year, so it was a clear choice for us,”

He further added:

“By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12% of ETH total hash rate in the next 12 months.”

Twitter user, GitsummBtc commented:

“It doesn’t get any worse than this. Why would anyone own this coin?”

Another user, CryptoScottyb added:

“When will the Ethereum and Ethereum Classic mining pools be live?”

Redditor named Benefit420 said:

“Yeah, no I’m good. I would literally rather use anything besides Bitmain.”

Another Redditor, Chescos stated:

“This is great news. It’s always good to have more options!”

At present, Bitmain is all set for their IPO [Initial Public Offering] which could value the company to about $50 billion which is a big deal for the platform. Nevertheless, the platform has been under fire after Samson Mow, the Chief Strategy Officer of Blockstream, a blockchain firm exposed Bitmain for suspicious activities. This has lead pre-IPO investors to opt out of the deal.

Original Post

Article Source

Published on

2018-08-31 19:30:58


Shahrain KM

Leave a Reply