Bitcoin news for the week of 9/12/16

Welcome to our mid-September recap of top headlines and stories in the bitcoin and fintech world. This week’s edition includes some epic generosity, a World Economic Forum (WEF) interview with our very own Peter Smith, and according to the Washington Post, the ‘bizarre world of bitcoin mining’. Read on for that and more below.  

A bitcoin donor’s epic generosity provides for an entire school
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The Water Project, photograph via Bitcoin.com

Anonymous Donor Gives 38 Bitcoins to African Water Project

On September 13th, the Water Project received its largest donation to date when 2 transactions, totaling 38 bitcoins (worth $23,000 USD at press time), were made anonymously. The charity took to reddit to thank the unknown do-gooder whose contribution is enough to “provide clean, safe water and sanitation facilities to an entire school and for the monitoring and repair funds to keep it working for years to come”.

The nonprofit says they will most likely use the donation for a well water mission in Sierra Leone. Details will be announced on the Water Project’s Bitcoin Donation Page and the group will work with BitGive’s transparency project to give an auditable account of donations received.

Congrats to the Water Project! We’re excited to see the spotlight on such an influential, important organization that demonstrates bitcoin’s benefits for nonprofits.

Pioneering of ideas for blockchain technology 

Earlier this summer, Blockchain was named a technology pioneer by the WEF. In this live Facebook question and answer video with Fulvia Montresor from the World Economic Forum, Blockchain Co-Founder Peter Smith speaks about how technological innovations in digital currency will impact the financial space and the world over the next several years.

Overstock expands its bitcoin reach

The bitcoin blockchain has been in hot demand over the past year or two, as more people have learned about it and have been testing how to use it. One such use case is a blockchain trading platform developed by Overstock subsidiary tØ.

Announced this week, Announced this week, we learned that tØ has partnered with Keystone Capital Corporation to continue the blockchain trading project which launched in late 2014. The new partnership looks to provide brokerage and trading services to users on the tØ platform.

Where bitcoin mining has been establishing its roots
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Bitcoin mining farm photo via washingtonpost.com

One of Bitcoin’s Biggest Miners is Launching a Second Pool

Bitmain, which runs the successful bitcoin pool Antpool, has launched a second mining pool. Unlike Antpool, the new pool will be open and public to its community of users.

Mining for bitcoin for the most part has become a largely successful operation in China, where the conditions to mine bitcoin are optimal. This week, the Washington Post covered mining, with a piece entitled The bizarre world of bitcoin ‘mining’ finds a new home in Tibet. Coincidentally (or maybe not!), we learned this week that the bitcoin mining difficulty has increased for the fourth time since the bitcoin halving; some argue though that the declining profitability for new miners threatens bitcoin’s decentralization value proposition. What do you think? Let us know in the comments.

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