The biggest deal to be performed by the BitPay was a single payment for the work of the Butterfly Labs, considering the production of hardware for bitcoin mining.
As we all know the company Butterfly Labs offers mining power for the community of crypto currency, in particular bitcoins. The customer chooses how much hashing power he or she needs, but the company presents the hardware, hosting and maintenance for the successful result. Their customers have a complete control of ordered hashing power using the quite simple online account dashboard. The labs also say that no previous experience or technical knowledge is needed for mining – almost everything is covered by the company. Regular contracts are normally signed for 12 months – a full year and there is no obligation to continue. The already established power will find its customer and will not be left unused, because the tendency is positive, the amount of users grows very rapidly.
Returning to the deal is important to explain that this transaction worth of 1 million dollars or 5208 BTC. It also means that someone needed that huge mining power to reach this set goal. BitPay transferred the necessary money amount to the bank account of the Butterfly Labs.
The deal was completed during the hours of a single working day as it happens with smaller money amounts. The BitPay CEO and one of the founders, Tony Gallipi is sure that the crypto currency and its feature leave behind the wide spread credit cards and their networks. The velocity, reliability, safety are more likely the description of digital currencies. The future of the traditional electronic payment systems is rather doubtful, the perspectives of the crypto currencies, such as bitcoins, litecoins and many other seems stable and very positive. The orders for new hardware, larger amounts of mining will lead to more trust towards the system and all members of the community. Coins become a real fraud for fiat, physical currency and its different form – the lack of dependency, full control of every personality over their own funds will play a big part in future of economics.
The representative of the Butterfly Labs, the vice president of marketing says that this sum was just a part of the whole price to be processed. There are orders for 28 nm products, and 65 nm already exist. The company has doubled the staff and importantly enlarged the production or mining volume during the last weeks.
Currently Monarch cards for the 28 nm are produced and might be delivered by the December of this year. This makes Butterfly Labs one of the biggest owners and hardware sales on the market. The latest update from the company says that the orders for additional power can be passed to another person. More information can be found both on the homepage of the company and their forums, as well as featured chats and forums of other resources and homepages about mining and power supply.