Bitmain & John McAfee to Open Bitcoin Mining Pool

Bitcoin mining has become focused primarily in China, leading several within the community to believe that the country has an excessive amount of power in what's purported to be a world, borderless digital currency. In fact, mining pools set in China account for over hour of the overall network power. Now, one Chinese mining hardware company and pool operator, Bitmain school is teaming up with John McAfee's MGT Capital Investments to launch a replacement mining pool set in North America. (For more, see: what's Bitcoin Mining?)

Bitmain + MGT

Bitmain is additionally a giant player in Bitcoin mining, manufacturing the favored and energy economical Antminer ASIC miners still as operational the (Chinese) mining pool, Antpool. additionally they operate the cloud mining service Hashnest, wherever individuals will rent hardware time while not having to really own and maintain their own instrumentation. in line with news outlet NewsBTC, "MGT Capital Investments, Inc. (OTCMKTS: MGTI) has signed a Letter of Intent with Bitmain Technologies Ltd. As a results of this collaboration, each firms can concentrate on developing a replacement state of the art Bitcoin mining pool. John McAfee looks to be massive on Bitcoin, and this venture solely reaffirms that sentiment." (See Investopedia's interview with McAfee here)

While the precise details of their agreement aren't nevertheless renowned, it looks as if MGT can maintain and operate the mining pool, still as a cloud mining service, whereas Bitmain can provide their most energy economical devises, the Antminer S9. it's conjointly unclear on what this new pool are known as or what whole it'll operate beneath. Still, it's a motivating development which will be able to bring additional geographical symmetry to the mining network and speaks to the growing interest in Bitcoin as a monetary and capital investment.

MGT has been operational its own non-public mining operation and has claimed being notably prospering by utilizing low cost electricity power and proprietary computer code to extend the potency of its machines. (For more, see: MGT: Bitcoin Mining Strategy Paying Off)
The Bottom Line

John McAfee's MGT Capital Investments is teaming up with Bitcoin company Bitmain school to launch a replacement, state of the art mining pool set in North America. Currently, mining is dominated by the Chinese - and though Bitmain could be a Chinese company, locating it outside of the country will facilitate add some balance to the general distribution of the mining network.

source : www.investopedia.com