BTC China's new mining pool: 3,325 Bitcoins mined in 5 weeks

BTC China , the largest Bitcoin exchange in China , recently developed a new mining pool for domestic use, which mined $ 1.2 million worth of Bitcoin in just five weeks.

       The company said that as of Nov. 28 , the new mining pool had mined 3,325 bitcoins, worth more than $ 1.226 million , according to a bitcoin-to-dollar price index provided by CoinDesk .

The new mining pool BTC China ranks seventh in the hashrate distribution chart of the Bitcoin wallet Blockchain , with a hashrate level of 13.9 , accounting for 5% of the world's Bitcoin hashing power.

       At the same time, the company also mentioned that they will "guarantee 100% transparency of hashrate distribution and will not hide any hashrate reduction." In addition, they also plan to introduce Litecoin mining operations in the near future.

Zero-fee mining

       A spokesperson mentioned that the rapid growth of the mining industry could change China’s current model of paying a fee for mining and promote the development of zero-fee mining.

       The reason why BTC China developed this new mining pool is to help users meet various digital currency needs within the domestic Bitcoin financial system, including mining, trading, purchasing and storage needs.

(Estimated distribution of computing power of several major mining pools, BTC China's mining capacity ranks 7th; provided by Blockchain )

The company said:

    “We hope to provide users with a one-stop digital currency service, helping them to fully experience various digital currency services with one integrated platform.”

All of BTC China ’s users are based in China, mainly because the system is limited to use in China, but the company does plan to develop an English version in the future.

Wider service range

       By developing a new mining pool, BTC China is moving from a simple bitcoin exchange to a multi-business cryptocurrency company. In the past few months, BTC China has developed a new margin service, a mobile web application and payment gateway called JustPay .

JustPay had more than 300 new users during its testing phase, while BTC China signed up five Chinese companies to license the use of Bitcoin during this period.

       These companies include Shenzhoufu, an online game trading platform in China with 700 game operators; Aicai.com, a professional financial services institution; Danzhong United, an e-commerce website that mainly deals in imported products; Jingubang, an overseas e-commerce website that provides shopping and delivery services for Chinese consumers; BTCK , a website that provides Bitcoin quotes, information and mining.