BTC China's New Pool Mines 3,325 BTC in Five Weeks
BTC China's recently launched mining pool has already produced over $1.2m-worth of bitcoin, the company says.
BTC China has announced that its new mining pool, which launched just five weeks ago and is exclusively Chinese, has already generated over $1.2m in bitcoin.
The company said that as of 28th November, the pool had mined 3,325 BTC, or $1,226,758.75 according to the CoinDesk USD Bitcoin Price Index at the time of writing.
Blockchain's Hashrate Distribution Chart ranks the BTC China pool 7th-largest overall, contributing around 13.9 PH/s, or 5% of the world's bitcoin hashing power.
The firm says it "promises 100% transparency in its hashrate distribution, with no hidden hashrate reductions". There are also plans to add litecoin mining operations soon.
A spokesperson said the rapid growth could be attributed to BTC China's 0% fees on its pay-per-share (PPS) mining model.
Forming the pool was part of the company's plan to allow users to stay within BTC China's ecosystem for all aspects of their digital currency experience, from mining through to trading, transacting, shopping and storage.
The firm said:
All members of BTC China's mining pool are located in China itself, probably largely because the site is currently available in Chinese only. The company does have plans to launch an English version in the near future.
Broader range of services
The mining pool is part of BTC China's transition from a simple bitcoin exchange to a multi-service cryptocurrency company. In the past few months it has created and launched a margin trading service, the Mobile Exchange mobile web app and a payment gateway called JustPay.
JustPay acquired over 300 new users in its beta-testing phase and the company has already signed up five Chinese businesses to accept bitcoin using the service.
Those businesses are Shenzhoufu Hong Kong, a leading online gaming transaction platform in China with 700 game operators; Aicaike, a financial management platform; DandanChina, an e-commerce site specializing in imported products; Jingubang (JGB), a cross-border e-commerce site focusing on shopping and shipping for Chinese customers; and BTCKan, a provider of bitcoin quotes, news and mining.
Bitcoin image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.