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Block.one explores Bitcoin and Ethereum mining

en.cryptonomist.ch 24 August 2020 05:20, UTC
Reading time: ~2 m

The CEO of Block.one, Brendan Blumer, revealed on Twitter the incredible news about the exploration of a multi-chain mining strategy for both bitcoin and Ethereum, using directly the EOS blockchain:

B1 has begun exploring a multi-chain mining strategy to build proficiencies that we see as important to long term ecosystem interoperability, and to strengthen our corporate treasury through diversification. #EOS #Bitcoin #Etherem

— Brendan Blumer (@BrendanBlumer) August 21, 2020

In this way, there will be a new system for mining two of the most relevant and important cryptocurrencies in the blockchain space, entirely on the EOS blockchain, or on a sister chain based on the EOSio software.

Only last month Blumer himself praised Bitcoin courtesy of pTokens and pBTC. 

Now even EOS is a valid alternative to move this asset safely, especially when compared to wBTC, which made Vitalik Buterin himself worry:

I continue to be worried about the fact that these wrapped BTC bridges are trusted…..

I hope that they can all *at least* move to a decently sized multisig

— vitalik.eth (@VitalikButerin) August 17, 2020

Moreover, it is important not to forget that Block.one has invested 180 MW in a company, Northern Data, and therefore has enough power to mine both bitcoin and Ethereum.

Considering that 1 Megawatt corresponds to about 1 Petahash per second, PH/s, then we are talking about 180 Ph/s that could be used to mine the two crypto assets, either in identical portion, or with a higher percentage for one of the two.

There are no more details on how this could happen. Surely it could bring ETH directly on the EOS blockchain, also because using the same basic software it is always possible to transfer Ether also on the main blockchain thanks to interoperability.

Now all that remains is to wait for more details from the development team and see how the whole system will be integrated and whether the main EOS blockchain or a new one built for the occasion will be used.

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