Bitcoin Payment Processor BitPay Secures Deal with Mining Giant Bitmain

Bitcoin payment processor BitPay Inc. has announced that it has entered into a multi-million dollar development agreement with Bitmain, the world’s largest bitcoin mining hardware producer, headquartered in Beijing. Over the next few years BitPay will create advanced open source software for the miners, mining pools and full node operators.

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“At BitPay, we recognize that there is an untapped market of mining companies that require more advanced platforms for their businesses than are available today,” commented BitPay CEO Stephen Pair. “We value having Bitmain as a customer, and we believe that miners and mining technology providers like Bitmain play a vital role in the security and ongoing success of the Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.”

“BitPay has established itself as a leader in open source development for the Bitcoin blockchain,” said Bitmain CEO Jihan Wu. “We believe that together we can make real improvements in how we secure blockchain transactions and grow the impact of blockchain technology in digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.”

We recently exclusively reported that the Chinese bitcoin mining giant is actively looking for artificial intelligence (AI) experts to establish an AI R&D team in Israel. Leveraging its engineering prowess for AI applications could become Bitmain’s first major business avenue outside the bitcoin world.