Category Archives: BTC.com

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Anonymous Bitcoin Miners Fill Void as Bitmain Sizes Down

Anonymous Bitcoin Miners Fill Void as Bitmain Sizes Down

Blockchain research unit Diar has published new data which illustrates the degree to which anonymous Bitcoin miners are now validating more blocks than any other pool.

This research follows recent announcements that Bitmain, the world’s largest maker of cryptocurrency mining chips, is reported to be laying off up to 50% of its staff in 2019 following huge staff cuts in 2018 in its 11 mining farms operating in China. This forced the company to lay off 3,000 of its staff in December having initially grown from 1,000 employees.

With larger producers such as Antpool, BTC.com, and ViaBTC now validating fewer blocks than this time last year and Bitmain pulling back from mining, it appears that “unknown” miners are becoming a dominant factor of the space. Diar reported:

“[Unknown] miners closed December having solved a whopping 22 [percent] of the total blocks, up from 6 [percent] at the start of last year… The Bitcoin network is currently less likely to experience an attack given the fact the BTC.com controlled pools have lost dominance over the network.”

At the beginning of 2018, Bitmain’s mining pools represented 53% of Bitcoin’s hash power, but with the recent reduction of the company’s influence on the crypto mining industry, those wary of 51 percent attacks are now expressing relief that such attacks will now be far less likely in the future. This means that the world’s flagship cryptocurrency is becoming more decentralized due to Bitmain’s diminishing influence along with the return of anonymous miners.

However, Diar has warned that the growth in hash rate observed over January may be unstainable, especially if Bitcoin returns on its 2018 bearish trend. Bitmain will be watching the market and significant changes could see a return to the former giant’s mining dominance.

 

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Bitcoin Wallet Released on Huawei App Store

Huawei has developed a partnership with BTC.com to offer new smartphone owners access to a mobile cryptocurrency wallet, giving Huawei customers the ability to use Bitcoin for commercial transactions.

Huawei has continued to maintain its place as a leading global smartphone manufacturer with a massive stake in the Chinese market. This is a large and influential market, with mobile devices used extensively to access the internet in China, with substantial online commercial activity.

However, it is currently very problematic for many Chinese residents to access cryptocurrency wallets with no access to apps in the Google Play store. There was also a complete ban on ICOs and cryptocurrency exchanges by the Chinese authorities. The addition of a Bitcoin wallet to Huawei phones is potentially the first chance many Chinese people will have to interact with cryptocurrency.

 

The Huawei app store, known as AppGallery, will provide access to BTC.com’s Bitcoin wallet for new smartphone customers. This will enable them to use the wallet to send, receive, and store the cryptocurrency.

BTC.com is a leading digital wallet for cryptocurrency users. It is part of the now well-known Bitmain Group headquartered in Beijing in China. The Group offers a suite of successful crypto-technologies with extensive involvement in cryptocurrency mining.

Dr Jaime Gonzalo, vice president of Huawei Mobile Services, commented, “We expect to see massive growth in global cryptocurrency adoption habits in the near future. That is the reason why Huawei selected BTC.com as our recommended quality app to manage digital currencies.”

BTC.com is offering an additional incentive to the new owners who may feel some reticence about taking advantage. Ganzalo confirmed, “In addition to being simple and secure to use, BTC.com offers an exclusive reward to all AppGallery users by gifting a starting amount of cryptocurrency.”

The BTC.com wallet is recognized as a secure Bitcoin and Bitcoin Cash wallet. It is suitable for new and advanced users. It ensures users can securely store their private keys and provides them with complete control of their cryptocurrencies.

Alejandro de la Torre, vice president of Business Operations for BTC.com stated, “BTC.com is democratizing Bitcoin by breaking down barriers to entry and ensuring new users can access Bitcoin and Bitcoin Cash in a simple, secure and trusted environment.”

Consumers who buy a higher end model of the new Huawei or Honor smartphones will find the Huawei app store already installed on their device with access to the BTC.com wallet. Phone owners with earlier models will get access to AppGallery in the future.

China has become one of the largest users of cashless mobile transactions. As commercial and user acceptance of cryptocurrencies continues to grow across the globe, there is an opportunity for them to become the currency for many transactions. BTC.com and Huawei have provided a new opportunity to expand this activity, and it will be interesting to see the outcomes.

 

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