World’s Largest Bitcoin Mining Pool to Launch Ethereum Mining Operation

  • BTC.com, bitcoin's largest mining pool, is set to launch an Ethereum mining pool.
  • The operation is expected to reach 12% of the cryptocurrency's global hashrate within 12 months.

BTC.com, the world’s largest bitcoin mining pool, is reportedly going to launch an Ethereum mining operation that is expected to have 12% of the second-largest cryptocurrency’s hashrate within the next 12 months.

According to Forbes the operation, a mining pool, is set to support both ethereum (ETH) and ethereum classic (ETC), with its users being able to change between the two cryptocurrencies according to their preference.

BTC.com notably claims to have mined 21% of all newly-mined bitcoin this past year, and at press time accounts for about 15.6% of the flagship cryptocurrency’s hashrate, according to Blockchain.info data. Similarly, it accounts for about 14% of bitcoin cash’s total hashrate.

Zhuang Zhong, director of the firm’s mining pool, revealed he believes launching an Ethereum mining pool is set to help expand the cryptocurrency’s network. BTC.com’s operation, he noted, is expected to grow to 12% of the cryptocurrency’s hashrate. He said:

Because contracts are charged per line of executed code and miners are rewarded for dedicated hashes using Ghost, ethereum provides multiple different reward incentives to contribute hash power to the network, We hope to expand ethereum’s network by relaying those rewards through our FPPS system.

BTC.com is notably owned by cryptocurrency mining hardware manufacturer Bitmain, which revealed an Ethash ASIC miner earlier this year, capable of mining both ethereum and ethereum classic. The new mining machine sparked a debate within the ETH community regarding ASIC resistance, which hasn’t been implemented.

Bitmain, as CryptoGlobe covered, is eyeing an $18 billion initial public offering (IPO), potentially the biggest one in history. In the first quarter of this year the company recorded $1.1 billion in profits, helping it justify its valuation. Its upcoming IPO has been dissected by BitMEX research.

Ethereum is notably set to transition to Casper, a Proof-of-Stake (PoS) consensus algorithm that will replace its current Proof-of-Work (PoW) algorithm. The transition seemingly doesn’t worry BTC.com, as Zhong revealed it’s “still possible to host a mining pool in PoS mode.”

Per the mining pool operator’s words, creating such a mining pool will be a complex task. One that is seemingly being faced with confidence as the operators have “a lot of hands-on experience with wallet and Ethereum smart contracts to make a PoS mining pool possible.”

Switzerland's Largest Online Retailer is Now Accepting Cryptocurrency Payments

Digitec-Galaxus, Switzerland’s largest online retail company, has reportedly decided to start accepting bitcoin (BTC) payments.

Digitec and Galaxus customers can now pay for goods and services with bitcoin and a few other major cryptocurrencies. In addition to BTC, users can make payments in XRP, ETH, Litecoin (LTC), Tron (TRX), OmiseGo (OMG), and NEO.

Digitec and Galaxus’ online retail outlets will also be taking payments in Bitcoin “Satoshi Vision” SV (BSV), Bitcoin Cash (BCH), and Binance Coin (BNB). Commenting on the Swiss retailer’s decision to start accepting cryptos, Oliver Herren, the co-founder and CEO of Digitec, remarked: 

Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce. We would like to support this development. We wanted to do that for a long time.

Coinify Will Help Convert Crypto Transfers To Swiss Francs

Herren added that Digitec decided to take cryptocurrencies as payment because people may have invested in them and they may want to use them. “Or because you cannot turn them into real money [since] your bank does not accept it. Or maybe just because you ...  like to try new things,” Herren said.

According to Switzerland’s e-commerce giant, it wants to encourage millennials, who may be heavily invested in the blockchain space, to start using cryptocurrencies for practical purposes such as paying for everyday goods and services. Price volatility of cryptocurrencies may not be an issue as Digitec and Galaxus will immediately convert crypto payments to Swiss francs using Coinify’s services, a third-party payment processor.

At present, crypto payments are only available for Switzerland-based users, however the company has said that it might allow customers in other areas to pay with crypto if their initial effort is successful.

Danish Food Takeaway Outlet Accepts Bitcoin Payments For Its 1500 Restaurants

In December 2018, Hungry.dk, one of the largest online food portals in Denmark, started accepting Bitcoin again. The food takeaway company handles orders from more than 1,500 restaurants in Denmark and had been accepting BTC payments since 2014. However, it had decided to stop taking crypto payments in late 2017 due to very long transaction processing times.

A representative from Hungry.dk noted (last year): 

We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.