ViaBTC launches BSV mining pool, offers 70% fee discount

ViaBTC launches BSV mining pool, offers 70% fee discount

Crypto mining pool ViaBTC has launched a Bitcoin SV (BSV) mining pool, providing users with the opportunity to mine BSV on the platform for the first time.

In an announcement posted Tuesday, ViaBTC said new miners would qualify for a discount of 70% off fees, with bigger discounts for those with higher hashrates. The deal is part of a launch promotion period which will run until July 23.

The notice, published on the ViaBTC website, said both main and sub-accounts could benefit from the promotional discounts.

“During the promotion, all BSV miners, as long as you’re mining on ViaBTC, are qualified to enjoy a fee discount up to 70% off. Higher discounts come with higher hashrates. Discount is applicable to both main & sub accounts for PPS method. The fees will be resumed as usual after the promotion,” according to ViaBTC. “ONLY main accounts are qualified for the promotion. All the hashrates of sub-accounts will be counted into main account. Please refer to Rules of ‘ViaBTC 3rd Anniversary Toast.’”

From June 13, ViaBTC users will be able to switch mining pools with a single click, with a number expected to convert resources to mining BSV this week. Earnings are paid out according to the user’s choice of cryptocurrency, with support for BSV allowing low-cost, instant transactions to external wallets.

It comes at a time of growing demand for BSV, after posting growth of over 250% in May. With merchants and consumers alike increasingly using BSV for its convenience, cost and massive on-chain scalability, the mining pool launches at a time of aggressive growth in the cryptocurrency.

The news has been warmly welcomed on social media, with Twitter users approving of the ability to withdraw funds in BSV to an external wallet, as well as expressing keen interest in participating in the BSV mining pool.

Founded in 2016, Chinese-based ViaBTC has shifted focus increasingly towards BSV, in the run up to the launch of the mining pool.

ViaBTC changes course on BSV

ViaBTC changes course on BSV

The recent improvement in Bitcoin SV (BSV) is causing many entities to reconsider their position on the cryptocurrency. BSV was the biggest gainer in May, jumping more than 250%, and the crypto community is taking notice. A recent announcement by the ViaBTC mining pool demonstrates a return to reality by many organizations, as they come to grips with the fact that BSV has been more solid than the naysayers tried to make everyone believe with their uneducated guesses.

According to a tweet by ViaBTC’s Haipo Yang from yesterday,” We [received] some demand on mining BSV. We will list BSV on ViaBTC mining pool soon.” And, just like that, BSV increases its foundation.

His comments were met with a lot of support. “Satoshi’s Disciple” responded, “Exactly, if you ignore your customers you will end up losing them to another competitor.” Another Twitter user, Jon Lim, added, “Glad to see you talk with sense. Unlike other BCH proponents.”

CoinGeek founder Calvin Ayre already saw the imminent return of entities like ViaBTC to the real Bitcoin. He previously stated, “I said it publicly when the delist attack happened… [T]hey will all be forced to come back to real Bitcoin as it will be the last platform standing.”

Yang has set the wheels in motion and Bitcoin will continue to thrive. As of this writing, according to CoinMarketCap, BSV is still the only top-15 coin to register gains. Bitcoin Core (BTC) is down 6.79% and Bitcoin Cash (BCH) is down 6.92%. However, BSV is up 3.81%, and has been on an upward climb continuously over the past week.

Major BSV supporter and development group nChain sees Yang’s comments as proof positive of how the Bitcoin ecosystem is evolving and recognizing things for how they truly are. The chairman of the board for nChain, Stefan Matthews, asserts, “Haipo Yang believes Craig Wright is Satoshi Nakamoto. Haipo told me so explicitly on August 22, 2017 when I had a meeting at his office in Shenzhen, China; this was just a few weeks after the BCH hard fork split from BTC. That’s why, during last year’s Bitcoin Cash hash war, it was dumbfounding to see Haipo oppose the man who birthed Bitcoin and the entire industry from which Haipo and so many others make their livelihood. I suppose monetary incentives always win out, and it’s ironic to now see Haipo and ViaBTC ready to add BSV support because of demand from miners in their pool.”

‘Mysterious team’ forks from BTC chain to create Bitvote

‘Mysterious team’ forks from BTC chain to create Bitvote

Yet another group has forked away from the legacy Bitcoin chain, otherwise known as SegWit1X (BTC).

Bitcoin mining pool ViaBTC informed its users last week that a hard fork will happen on the BTC chain on Jan. 20, 2018, at block height of 505050, creating a new asset called Bitvote (BTV).

“Bitvote (BTV) increases its blocksize to 8MB and adopts SegWit, which to a large degree has improved it [sic] transaction efficiency,” ViaBTC said on its website.

BTV supports CPU mining with CryptoNight proof-of-work algorithm to balance hashrate distribution and has a total supply of 21 million, with a block time of 2 minutes. The CryptoNight algorithm “responds to Satoshi Nakamoto’s vision of one-CPU-one-vote,” according to BTV’s backers who call themselves the “Mysterious Team.”

The asset, which claims to promote a sustainable development of communities via the Bitvote Foundation, promises to add features such as replay protection, Lightning Network, smart contract, and a block mark voting system in the future. The team also plans to enable BTV to Bitcoin Cash (BCH) transactions on its platform “at the scheduled time.”

BTV was first issued by Hong Kong-based exchange Coinex. There will be no pre-mining and additional issuance of the asset, the team said.

“Four million BTV are available for mining after forking, and it will take about 400 days to mine all of them,” according to the Bitvote.one website.

For ViaBTC users, the mining pool said it has taken a “snapshot of every user’s BTC balance at the fork time,” which they will use to allocate BTCV tokens on the user’s CoinEx account “against a 1:1 ratio” on their ViaBTC BTC assets.

Invest with due diligence and caution

ViaBTC’s announcement left many questions unanswered, and the most pressing of which was, does the BTC chain need another fork, especially one that is backed by a mysterious team of developers?

The BTV team talked big about “making decentralization a real thing,” but provided scarce details on how they plan to do so. On its website, BTV promised to release pool software, miner and whitepaper at a “later” time.

The lack of information gave rise to concerns that the fork was not a real fork, just a marketing ploy to have customers move their BTC coins onto the exchange. As one Bitcointalk.org user puts it: “Just so everyone knows, this coin is operated by Viabtc and will most likely be a pump and dump… Invest/trade with due dilligence [sic] and caution.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
ViaBTC cloud mining contracts close down as government tightens grip on cryptocurrencies

ViaBTC cloud mining contracts close down as government tightens grip on cryptocurrencies

China is purging out mainstream cryptocurrencies while their own digital currency is underway.

Last year, the Chinese government cracked down on cryptocurrencies, banning ICO’s and cryptocurrency exchanges from the country. This year is starting no better for the Chinese BTC community, as the government’s tightens their chokehold on the cryptocurrency further—this time with their hands on the mining community.

According to initial reports, the government wants to limit energy consumption for those dedicating electricity to BTC mining, a move that can substantially stifle and eventually wipe out the mining industry in China should profitability turn out too low. But sources now say that the government is, in fact, ordering a shutdown of cryptocurrency mining altogether and has sent out a notice calling for an “orderly exit.” Chinese miners currently hold around 79% of the legacy chain’s (BTC) global hash rate.

Image from the Wall Street Journal.

Amid these reports, Chinese mining pool ViaBTC—which is currently one of the biggest mining pools in the world—announced that starting yesterday, January 10 at 12:00 UTC, their cloud mining business is closing down.

“In order to control speculation and protect the interests of our investors, ViaBTC will officially close cloud mining Market at UTC time 12:00 Jan 10th, 2018.

Please finish all your cloud mining contract trading ASAP. Thank you all for your support.”

Why the government is absolutely determined to rid itself of such a highly profitable industry is not exactly baffling—they are phasing out the competition so they can take over.

The same way the Chinese government shuns mainstream social media sites in favour of their own brands, it seems absolutely determined to purge out cryptocurrencies—so they can use their own. In October last year, People’s Bank of China’s (PBOC) director Yao Qian announced that they have already completed tests on their digital currency between the central bank and commercial banks.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
ViaBTC cloud mining contracts close down as government tightens grip on cryptocurrencies

ViaBTC cloud mining contracts close down as government tightens grip on cryptocurrencies

China is purging out mainstream cryptocurrencies while their own digital currency is underway.

Last year, the Chinese government cracked down on cryptocurrencies, banning ICO’s and cryptocurrency exchanges from the country. This year is starting no better for the Chinese BTC community, as the government’s tightens their chokehold on the cryptocurrency further—this time with their hands on the mining community.

According to initial reports, the government wants to limit energy consumption for those dedicating electricity to BTC mining, a move that can substantially stifle and eventually wipe out the mining industry in China should profitability turn out too low. But sources now say that the government is, in fact, ordering a shutdown of cryptocurrency mining altogether and has sent out a notice calling for an “orderly exit.” Chinese miners currently hold around 79% of the legacy chain’s (BTC) global hash rate.

Image from the Wall Street Journal.

Amid these reports, Chinese mining pool ViaBTC—which is currently one of the biggest mining pools in the world—announced that starting yesterday, January 10 at 12:00 UTC, their cloud mining business is closing down.

“In order to control speculation and protect the interests of our investors, ViaBTC will officially close cloud mining Market at UTC time 12:00 Jan 10th, 2018.

Please finish all your cloud mining contract trading ASAP. Thank you all for your support.”

Why the government is absolutely determined to rid itself of such a highly profitable industry is not exactly baffling—they are phasing out the competition so they can take over.

The same way the Chinese government shuns mainstream social media sites in favour of their own brands, it seems absolutely determined to purge out cryptocurrencies—so they can use their own. In October last year, People’s Bank of China’s (PBOC) director Yao Qian announced that they have already completed tests on their digital currency between the central bank and commercial banks.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Bitcoin Cash community members open fund for projects and initiatives

The BCH community is moving past all the political futility and on to what really matters.

It looks like Bitcoin Cash is starting to move forward as a community of its own, separate from the politically broken legacy chain it rebelled against.

Forking away from the legacy chain in August to escape what they see as a selloff of the Bitcoin protocol to financial institutions, BCH promised to preserve the core values of Bitcoin in terms of speed and cost. And as multiple independent teams are hard at work to ensure they live up to that promise, so is the community backing the project.

Last week, Bitcoin Cash supporter Paul Wasensteiner announced that he has partnered up with ViaBTC CEO and founder Haipo Yang to set up a crowdfund that would be distributed to project proposals that have a viable potential. The project initially targeted to raise a fund of just $200 to produce a short animation video explainer for Bitcoin Cash. They ended up gathering over $10,000 within 24 hours, and ultimately collecting over $17,000 in support.

Through the fund, the community will be able to get involved firsthand by submitting project proposals, which will then be vetted. Chosen proposals will be granted funding and the project proponents then proceed to working on the project.

Bitcoin Cash community members open fund for projects and initiatives

In a post on Yours, Wasensteiner—who goes by the user name Singularity, outlined the governance model for the venture, named Bitcoin Cash Fund. He mentions an issue which urged him to gather more members to help spearhead the effort.

“When the fund expanded to over $10,000 in the first 24 hours, it became clear that we would need to think much more carefully about the project. With the funds growing rapidly, I feel the need to be more cautious and prudent with spending, not less. There is also the issue of security. Being the only holder of the private key of a publicly known and growing fund puts both a legal and criminal target on my back that only increases as the fund increases.”

To solve the issue, initially, three “board members” will be in charge of the multi-signature wallet where the funds are stored. Yang, Wasensteiner, and mining operator Fitz Michael will be holding these positions, which will be up for vote after a one-year term.

Wasensteiner is optimistic about the venture, comparing the excitement to that of Bitcoin’s early days.

“I’d like to say a big thank you to the Bitcoin Cash community! It really feels like the early days of Bitcoin again when everyone was positive and working towards the future. It is going to take time to grow this initiative, so I ask that you give us time to build things out.”

Bitcoin Cash community members open fund for projects and initiatives

The BCH community is moving past all the political futility and on to what really matters.

It looks like Bitcoin Cash is starting to move forward as a community of its own, separate from the politically broken legacy chain it rebelled against.

Forking away from the legacy chain in August to escape what they see as a selloff of the Bitcoin protocol to financial institutions, BCH promised to preserve the core values of Bitcoin in terms of speed and cost. And as multiple independent teams are hard at work to ensure they live up to that promise, so is the community backing the project.

Last week, Bitcoin Cash supporter Paul Wasensteiner announced that he has partnered up with ViaBTC CEO and founder Haipo Yang to set up a crowdfund that would be distributed to project proposals that have a viable potential. The project initially targeted to raise a fund of just $200 to produce a short animation video explainer for Bitcoin Cash. They ended up gathering over $10,000 within 24 hours, and ultimately collecting over $17,000 in support.

Through the fund, the community will be able to get involved firsthand by submitting project proposals, which will then be vetted. Chosen proposals will be granted funding and the project proponents then proceed to working on the project.

Bitcoin Cash community members open fund for projects and initiatives

In a post on Yours, Wasensteiner—who goes by the user name Singularity, outlined the governance model for the venture, named Bitcoin Cash Fund. He mentions an issue which urged him to gather more members to help spearhead the effort.

“When the fund expanded to over $10,000 in the first 24 hours, it became clear that we would need to think much more carefully about the project. With the funds growing rapidly, I feel the need to be more cautious and prudent with spending, not less. There is also the issue of security. Being the only holder of the private key of a publicly known and growing fund puts both a legal and criminal target on my back that only increases as the fund increases.”

To solve the issue, initially, three “board members” will be in charge of the multi-signature wallet where the funds are stored. Yang, Wasensteiner, and mining operator Fitz Michael will be holding these positions, which will be up for vote after a one-year term.

Wasensteiner is optimistic about the venture, comparing the excitement to that of Bitcoin’s early days.

“I’d like to say a big thank you to the Bitcoin Cash community! It really feels like the early days of Bitcoin again when everyone was positive and working towards the future. It is going to take time to grow this initiative, so I ask that you give us time to build things out.”