Bitmain Tech Launches New Israeli Mining Pool

A new Israel-based mining pool owned by Bitmain Tech called ‘Connect BTC’ has recently joined the bitcoin ecosystem. The latest move by Bitmain marks the company’s first mining venture in the middle east.

Also Read: Bitcoin Helps People Circumvent Economic Sanctions in Iran

Bitmain Tech Launches New Israeli Mining Pool Connect BTC

The Bitcoin mining hardware manufacturer and pool operator Bitmain has been expanding its business since its inception in 2013. Not only does the company produce mining hardware, the Beijing-based startup also manages a few mining pools.

Bitmain oversees mining pools such BTC.com, and also handles the well-known Antpool. This week the firm announced the launch of its Ra’anana, Israel-based R&D company and mining pool Connect BTC.

The new mining organization is a global pool that claims to be the “home for miners.” Connect BTC has a PPS plan with a six percent subsidy for all members and claims to have an “easy setup with high rewards.” Connect BTC’s General Manager, Gadi Glikberg, a former Spondoolies sales representative stated during the launch announcement:

“Our role as pools is to provide miners with liquidity and stability. We provide miners with real-time data in an easy to use UI, while keeping payment plans simple and stable,” explains Glikberg. “In recent years, pools have come up with imaginative new payout methods that confuse customers and displace risks back to the miners.”

U.S. Mining Operations, a Mega-Facility in Xinjiang, and Now Israel

Bitmain’s latest venture adds one more tentacle to the firm’s multitude of branches and future plans. The company also announced last year its plans with MGT Capital to expand mining in the U.S.

Furthermore, Bitmain has been constructing a mega-data facility located in China’s Xinjiang region. The 45-building mining operation will utilize 140 megawatts of power in a completely dust free zone, Bitmain said at the time.

At the moment Bitmain’s subsidiary Connect BTC is processing 10.43 PH/s on the network and has shown an increase in hashpower since the pool’s initial launch. Connect BTC’s Glikberg says this is due to “High subsidies on regular PPS plans allow miners to benefit from the increase in transaction fees while avoiding any risks.”

What do you think about the new Israeli mining pool Connect BTC? Let us know in the comments below.

Images via Shutterstock, Connect BTC, and Bitmain Tech.

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.