Bitcoin mining firm BitNile (NILE) plans to set up a bitcoin-based marketplace in the first half of next year to reduce the complexity of transacting in bitcoin.Read MoreCoinDesk
Bitcoin mining firm BitNile (NILE) plans to set up a bitcoin-based marketplace in the first half of next year aiming to reduce the complexity of transacting in bitcoin.
BitNile intends for the marketplace to be a multi-vendor e-commerce platform, available via a mobile or web application that can provide multiple services including payment processing, according to an announcement on Thursday.
The Last Vegas-based firm’s aim is to make transacting in bitcoin more attractive both by making it convenient and by offering lower transaction fees than in traditional e-commerce.
BitNile may also be looking to diversify its business away from bitcoin mining, given the squeeze the industry has experienced in recent months with bitcoin’s depressed price combined with high energy costs cutting into mining firms’ margins.
The grim outlook was compounded further earlier this week when the Bitcoin network’s mining difficulty surged to an all-time high, meaning it has never been harder for miners to extract new bitcoin.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin is holding on to its weekend gains as oil trades lower. ETFs lost over…
Bitcoin and ether order books are deeper than before the crash, while altcoin liquidity keeps…
One year after a flash crash wiped out billions in leveraged crypto bets, traders have…
CoinDesk analysis finds 10 unusually large trading days in 2026, raising questions about how investors…
Bitcoin Magazine Bitcoin Life Insurer Meanwhile Raises $37.5M as Wealthy Families Look to Pass On…
Bitcoin Magazine Here’s How Not To Screw up Your Bitcoin Privacy Just one transaction can…