Hey ninja’s, how’s the trading going? According to experts, some Bitcoin miners might have to shut down operations due to a lack of profit as a result of the latest difficulty adjustment. Earlier this week, mining difficulty saw a spike of 14.95%, the largest increase since January 2018.
HDR Global, the parent company of OKCoin is collaborating with BitMEX on a joint grant for an independent Bitcoin developer. Both companies partnered to grant Bitcoin Core developer Amiti Uttarwar $150,000.
The partnership is the first time two competing crypto exchanges have partnered to fund Bitcoin open source development. In the past both companies have provided funds separately, recently HDR provided grants to MIT DCI, Bitcoin Core maintainer Michael Ford ($150,000), and Bitcoin developer Gleb Naumenko ($100,000). OKCoin also provided grants to BTCPay Server and Fabian Jahr in February and May 2020.
According to the director of OKCoin, the companies were brought together by Uttarwar after they both approached her looking to fund her research, after finding out they decided to match each other’s grant donation.
Both companies identified Uttarwar’s work as essential for the development of the Bitcoin network and the partnership proves that the entire blockchain industry relies on the work of open source development.