Posted October 24, 2017 12:00:31The price of Bitcoin, a cryptocurrency that gained steam after the introduction of the digital currency, has fallen more than a third from its highs of $US8,000 ($13,500) on October 10.
A growing number of mining pools have seen the price of mining Bitcoin fall as they struggle to make a profit from the cryptocurrency, while users are reporting difficulty in mining the digital coin due to the ongoing scaling issues of the network.
The price decline was accompanied by a series of new mining pool announcements, including the news of the launch of a new mining firm, BnkToTheFuture.
The firm announced that it had launched its own blockchain, which has a new algorithm, called SHA256, and is expected to be released later this year.
At the time, Bitcoin mining pools such as BitFury, HashFast and Bitcoin Miners claimed they were making progress with their blockchain, although many miners were reporting problems with the blockchain.
The recent price drop has been met with skepticism from those who said that it was an attempt by the mining pools to keep the price artificially high.
The announcement that BitFurys blockchain was being upgraded to the new algorithm was met with concern from the miners, who were worried that this would cause the price to fall further, potentially further harming their business model.
However, BNkTo The Future has since claimed that the company has not been upgraded to SHA256 and said that the new hashrate is being used to power other miners.
In a blog post on Monday, BntfTheFuture said that its blockchain was not upgraded to a SHA256-based hashrate, but it added that the hashrate was still being used for other miners to mine the blockchain, and that it does not plan to do so again.
“BitFury and BitFusion have a very successful hashrate on their own,” the post read.
“We are currently not upgrading our blockchain to a hashrate that will allow us to mine Bitcoin without the need for mining a new blockchain.”
The Bitcoin price has since bounced back from its lows of over $US4,000 on October 9.
The latest news comes just days after BntFTheFuture announced that the BnKToTheRight.io mining pool had announced it had signed a partnership with BitFurry and Bitfury to enable them to produce hashrates from the company’s blockchains.
“We have signed a deal with Bitfurry and will continue to build a strong blockchain together with Bitfinex, and BitMiners and we will keep working on creating a strong platform for mining Bitcoin,” BntTheRight said in a statement.
BntTheLeft also announced its partnership with Bnt.
TheRight on Monday.
The company said that BitMiner and BitMiner, two of its competitors, would work together on a new hash rate for miners to use to mine and store Bitcoin, and it would also be developing new products to enable miners to purchase Bitcoin using their own currency.
BitMiner announced on Monday that it would launch a bitcoin mining service to enable users to buy Bitcoin for fiat currencies.
“The launch of BitMining will enable us to offer a full range of products for miners, including mining rigs, ASIC miners, and custom ASIC chips,” the company said in the announcement.
“As BitMined miners begin to buy Bitcoins, we will provide them with the best mining hardware and ASIC chips for a fraction of the price offered by BitMinr.”
Our BitMiners will be capable of mining the bitcoin blockchain with the fastest block-time and the highest mining hashrate.
This will allow BitMinis to offer the best hashrate for Bitcoin, with a very low price for its users.
“A source familiar with the company told CoinDesk that the partnership between BitMin, BitFuries and BntToTheLeft.io was to help the Bitcoin mining community to diversify away from the mining pool companies and to help BnttoTheRight to become a truly global brand.
The news comes as some Bitcoin mining firms are seeking to expand the number of miners they can employ, which is not the case for all Bitcoin mining companies.
Mining pool operators including Bnt, BitMin and BnMiner have all announced that they will be joining the growing list of Bitcoin mining services.
For example, BitMint announced on Friday that it will be opening up its mining pool to other companies that offer mining services, and BNT announced last week that it plans to launch a Bitcoin mining service in conjunction with BitMin.
Meanwhile, BNT also said that in the coming months, it will begin launching Bitcoin mining hardware in partnership with the Chinese mining giant Huawei.
Hua Li, CEO of BntMin, told CoinMarketCap on Monday: “We’re hoping that by partnering with Huawei we