China-based bitcoin company HaoBTC has announced the launch of a new product – Hashrate Exchange – a new inventional APP in HaoBTC Wallet, which will allow users to own a part of HaoBTC mining income and exchange it in any way they want.
“Hashrate is a measuring unit of the computing power of Bitcoin network. Bitcoin network makes intensive mathematical operations for security purposes, that's why it is measured in T and P (1P=1000T)”, HaoBTC explains. “When the network reached a Hash Rate of 10 Th/s, it meant it could make 10 trillion calculations per second. Depending on your Hashrate proportion you may get a corresponding percentage of Bitcoins.”
HaoBTC is one of the biggest miners with around 110 Petahash, controlling a little over 4% of bitcoin’s network. Vice President Xiong “Tyler” Yue told CryptoCoinsNews that it has already sold 10 Petahash in just five days. HaoBTC said that it is the sole proprietor of the mining hardware, therefore “do not lean on any accidental factors.”
“Our mining farm might be one of the most famous ones all over the world. Many media have reported us, for example: They located in Sichuan and Xinjiang, China. Tens of thousands of Avalon A6, and Antminer S7 & S9 were used,” Yue told CCN.
Incorporated in September 2014, HaoBTC is a venture solely owned by Beijing Inevitable Technologies Ltd. It has already built a user base of over 30,000, according to its official website. In April, 2016, it launched Exchange and within a week, the daily trading volume reached 3000BTC mark.
The company noted that nowadays personal mining has become almost non-existent due to dependency on a number of factors such as purchasing miners and electronic devices, connectivity to the internet, stable and cheap electricity. It said that Hashrate Exchange will facilitate easy “home mining” as users would not be required to purchase, transfer, install, debug and maintain the miners and they will get their Hashrate 100% as HaoBTC bears all the risks. HaoBTC also says that it is offering most competitive electricity prices in the whole network.
According to the official release, sharing HaoBTC Hashrate with users is based on Bitcoin Network Standards:
“1) Standard measuring unit: Terabyte - innovative and more profitable comparing to "power per machine" Hashrate. We add up all the machines' power, unify it and sell out equivalent shares with zero loss of funds.
2) Two standard Power Consumptions: 150W／T with 0.15 kWh per 1T consumption and 300W／T with 0.3 kWh per 1T consumption. We provide one of the lowest costs for electricity: 0.32 CNY per 1kWh. Reduce more than 50% of electricity costs”, it said.
Also, every day at 8 AM Beijing time, users will be getting profit (after costs reduction) on their Hash-Ex account and they will be able to see and analyze every day's income, costs, and profit. Owners may own or sell out their Hashrate at will. HaoBTC said that it will provide a specialized account and platform for Hashrate Exchange.
