By Brian Tompkins-Baker, Business Insider article BHP, the world’s largest mining company, has launched its own cryptocurrency, BTC, to provide a faster, cheaper way to mine bitcoin and other cryptocurrencies.
The company said in a blog post on Monday that it will make BTC available for “all users of BitPay, BitShares, and BitMEX,” to “make the bitcoin mining experience as simple as possible for our customers.”
The announcement comes as BHP is preparing to release its first mining hardware, the Alpha, later this month.BHP has been one of the largest miners of bitcoin, a digital currency that has gained popularity in recent months.BHPs Alpha mining hardware is set to be released this month, according to a tweet from the company.
The mining company’s announcement follows the announcement earlier this week that the company is partnering with China’s Baidu to launch its own cloud mining platform, the Baiduu Cloud Mining.
The announcement of BTC comes as other major mining companies have launched their own cryptocurrencies, including China’s Alibaba, which recently unveiled its own bitcoin mining company.
Bitcoin is not backed by any central bank, and does not rely on mining to create any value.