Bifinex to Integrate Lightning Network

Company's CTO believes that Lightning Network integration for deposists and withdrawals will increase number of network's users
03 December 2019   111

Bitfinex has integrated support for depositing and withdrawing funds through the Lightning Network (LN).

Bitfinex was one of the first major exchanges to offer LN support.

According to the company's chief technical officer Paolo Ardoino, they expect that this will help expand the number of network users.

This is a further acknowledgment of the commitment we have for this technology.

Paolo Ardoino

CTO, Bitfinex

Bitfinex is also working on launching the Tether and Tether Gold stablecoins on the LN network, Ardoino said.

Chinese Bitcoin Miners Share to Reach 66%

Such superiority of Chinese miners may be due to a large number of farms or more advanced equipment for mining cryptocurrency, expert believes
12 December 2019   86

Miners based in China currently control two-thirds of the total processing power of the bitcoin network. It is reported by Reuters, citing a fresh report by CoinShares.

In June, this value was 60%, reaching the highest level in December over the past two years, during which CoinShares tracks this data. According to the chief researcher of the company Chris Bendiksen, such superiority of Chinese miners may be due to a large number of farms or more advanced equipment for mining cryptocurrency.

This is beneficial to the Chinese mining industry. If you are the first to increase your proportion of the hashrate, and you can do that before your competitors, that’s generally good.

Chris Bendiksen

Head of Research at CoinShares

As the publication recalls, such major mining equipment manufacturers as Bitmain, MicroBT and Canaan are also based in China.

CoinShares representatives also noted that since June, the bitcoin hash rate has increased by 80%, which was partially possible due to the high profitability of this activity and more powerful equipment.

Bitcoin Difficulty Chart
Bitcoin Difficulty Chart

Despite the harsh rhetoric of the Chinese authorities regarding cryptocurrencies, in November, the National Development and Reform Commission (NDRC) did not include mining in the list of “undesirable industries” that are subject to ban.