BTC China Getting Into Merchant Payments, Mining Pool Biz

We’ve been watching the Chinese exchange grasping for new ways to keep their business operations in tact since the “great Chinese bitcoin rush of 2013” came to a slowdown. From derivative products to bitcoin ATM networks, it seems like they all have some new plans in the works.

BTC China is no exception.

A Monday report from bitcoin news website CoinDesk highlights that BTC China is entering the merchant payments and mining pool business, in a move that will hopefully make its clients consider it a one stop shop when it comes to bitcoin.

Using one account, BTC China users are able to access the company’s new services (and existing services, obviously) with little hassle.

Payments

BTC China has reportedly teamed up with regional merchants in China willing to get involved in the bitcoin sector, which includes Shenzhoufu Hong Kong and Aicaike.

Much like other payment processors, the company’s payment services will allow other companies to accept bitcoin and have the digital currency converted to local fiat currency (should they so choose).

The program starts with support for U.S. dollars, Hong Kong dollars, and the Chinese yuan.

Mining pool

This is a sort of interesting development in that most people probably would not have expected BTC China to enter the mining pool business, but they have.

This pool will implement the “PROP” or “proportional” payout method, which will see blocks paid out in proportion to the number of shares earned by a member of the pool.

The company is planning to eliminate any shadiness right off the bat by promising hashrate distribution transparency, and no hashrate reductions.

It should be noted that users who send their payouts to other BTC China services will be charged a fee less than those who send out their bitcoin to external addresses.

Of course, time will tell whether or not these two new services gain traction.