BitPay Shatters Record for Bitcoin Payment Processing

Orlando, FL (PRWEB) June 26, 2012

During the past 24 hours, BitPay Inc ( has set a new record for internet payment processing with the new bitcoin digital currency. The majority of the sales were generated by Butterfly Labs, a merchant in Kansas City, with the much-anticipated release of their new ASIC cryptographic processors.

BitPay was chosen by Butterfly Labs ( to be the exclusive online payment processor for this new product line, beating out PayPal and Dwolla for the exclusive rights for internet payment processing.

“We chose BitPay because our customers want to pay us quickly from all corners of the world, and the BitPay service is the most efficient and lowest-risk way to collect cross-border internet payments,” says Nasser Gh Moeini, the CTO at Butterfly Labs.

The orders and payments arrived from 17 different countries, including Belgium, Russia, Finland, Poland, and the Phillippines. From launch time at 6:45 pm ET on Saturday, within 24 hours BitPay processed over $ 250,000 worth of bitcoin payments, shattering its previous record of $ 31,000 in a single day.

“Our payment service is unique in the marketplace. Using BitPay, an internet merchant can accept a payment from any country on the planet, instantly, with zero risk of fraud,” states Anthony Gallippi, the co-founder and CEO of BitPay, Inc. “No other payment processor can do this. American Express cannot do this, PayPal cannot do this, Mastercard cannot do this. BitPay can.”

The amount of credit card fraud is staggering, estimated at $ 190 billion per year, according to a recent article in Forbes. The majority of this fraud occurs in situations where the credit card is not physically present, such as internet payments. By using bitcoin in a payment processing service, BitPay can eliminate this multi-billion dollar fraud problem and process risk-free internet payments, from any country.

Since August of 2011, shortly after its launch, BitPay has been the world leader in payment processing for the new Bitcoin currency. Over 600 merchants are currently using BitPay’s services, to sell all types of products, ranging from computers, to internet access, to video games, and even some homemade baklava.

Bitcoin ( is the new open-source digital currency that is available for any person or business to use. With Bitcoin, money can be sent like an email, anytime, anywhere, for little or no cost. BitPay’s offering of e-commerce tools are available for internet businesses of all skill levels, and their Payment Gateway API can be used to automatically route bitcoin orders through their system.

“When companies decide to accept bitcoin as a form of payment, if they do it themselves, they expose themselves to the accounting uncertainties, security risks, and volatility risks related to bitcoin,” states Gallippi. “By using our service, all of those issues are taken off the merchant’s shoulders. We guarantee the exchange rate and the security. We pay a direct deposit into the merchants bank account every day, and we also keep full records of the exchange rates for their accounting purposes. BitPay is a tremendous value to any small business.”

BitPay’s merchant services are only one anchor in the global bitcoin economy. There are approximately 12 currency exchanges around the world, where consumers and businesses can buy and sell bitcoins in exchange for their local currency. There are also about 10 different bitcoin digital wallet programs, which let users access and use bitcoins from their computer or mobile device. Because the technology is open source, new services are being created every week, like the new Bitcoin Card out of Austria.

Bitcoin is a revolutionary idea in monetary technology, and is not tied to the legacy systems of the past 50 years. Bitcoin “bypasses the existing railroad tracks of the entrenched legacy players like VISA and Mastercard” writes Jon Matonis for Forbes.

It has been mentioned several times that Bitcoin is the single-biggest opportunity for innovation and job creation since the invention of the internet. With the services offered by BitPay to make it easy for businesses to take advantage of this new technology, the future for e-commerce looks extremely strong.

About BitPay

BitPay is the world leader in bitcoin payment processing, and offers many tools for small businesses to collect payments quickly and easily, without risk of fraud. BitPay was formed in May 2011 and is headquartered in Orlando, with an office in Atlanta.

Bitcoin is a new digital currency which is revolutionizing commerce, much like the internet revolutionized information. Bitcoins are available in every country, and can be sent peer-to-peer between any two people in the world, just like sending an email.

CEX.IO Upgrades Bitcoin Cloud Mining Hardware And Halves Costs

CEX.IO Upgrades Bitcoin Cloud Mining Hardware And Halves Costs
London-based Bitcoin exchange and cloud mining services provider, announced on Tuesday that they were lowering the maintenance cost from $ 0.18 to $ 0.105 for 1 GHS per month. This reduction in maintenance cost comes after the company …
Read more on CryptoCoinsNews

Interview With KeyCoin – The Coin That's Also an Operating System
KeyCoin is today's Random Coin of the Day for its extensive development, including a full on customized version of TailsOS, the Linux distribution where Tor protects all communication. The team also has trading tools and an encrypted messaging system …
Read more on CryptoCoinsNews

Interview with Dogie, Master Miner and Trusted Tester For All Manufacturers
Dogie is the preeminent master miner. Manufacturers of crypto currency mining equipment send him their units for reviews and pre-production testing. His skills and hard work have helped countless in the mining community learn as well as grow. I go to …
Read more on CryptoCoinsNews

BitBeat: For Bitcoin, Good (PayPal) and Bad (Butterfly Labs) in One Day

Image by davispuh
Butterfly Labs 25 GH/s Bitcoin Miner
BitForce Little Single SC

BitBeat: For Bitcoin, Good (PayPal) and Bad (Butterfly Labs) in One Day
In the wake of the forced shut-down of Butterfly Labs by the FTC, we were reminded of this chart that was sent to us by Steve Hanke, a professor of economics at Johns Hopkins. Professor Hanke constructed a number of charts around bitcoin (which you can …
Read more on Wall Street Journal (blog)

Digging for answers: The “strong smell” of fraud from one Bitcoin miner maker
In fact, it's getting worse after it came to light that Butterfly Labs' largest shareholder—a man who is a company co-founder, current "Innovation Officer," and member of the board of directors—pled guilty in 2010 to one count of mail fraud (PDF) for …
Read more on Ars Technica

Latest BlackArrow Bitcoin News

k Spent on Mining Hardware: Who Will Deliver the Goods?
After ordering in November and expecting delivery in February, shipping has now been delayed till May 1st due to power consumption issues with Black Arrow's 28nm ASIC chip. To compensate for the delay, however, the company offered free cloud hashing …
Read more on CoinDesk

Bitcoin Creator Satoshi Nakamoto Has Email Account Hacked
secure email Theymos, a veteran in the Bitcoin community, posted a thread on Bitcointalk a few hours ago stating that he received an email from an old email address known to belong to Satoshi Nakamoto: Theymos said that the e-mail …
Read more on CryptoCoinsNews

Butterfly Labs Announces 28nm ASIC Bitcoin Mining Processor

Overland Park, KS (PRWEB) August 21, 2013

Butterfly Labs (BF Labs Inc.), the Kansas based leader in Bitcoin mining technology has announced its 2nd generation ASIC Bitcoin processor – the 4th bitcoin processor in its history. The new chip has been in quiet development for the last six months.

As the first company to introduce a 2nd generation ASIC chip, Butterfly Labs has leveraged its proven design to set an all new high mark in performance for the Bitcoin mining industry.

“We’ve learned a great deal with our first ASIC. After an initial delay, that processor has been shipping in volume for the past few months and is now powering the majority of the Bitcoin network. For this 28nm version, we were able to use our test bench data to make major optimizations in both speed and efficiency that would otherwise not be possible with a first generation design.” remarked Butterfly Lab’s chief ASIC engineer John Cheng. “Our deep involvement with the engineering team from Global Foundries has further allowed us to maximize our design for their advanced 28 nanometer process.”

The first product using the new technology was also announced today. The ‘Monarch’ is a PCIe card optimized for large scale mining in data centers. Each device will process 600 GH/s @ 350 w of power consumption. The product is being offered at $ 4,680 US Dollars. This would make it the most powerful & cost effective bitcoin mining card offered by any company in the industry. Initial deliveries of the Monarch are slated to begin in December 2013.

The company is allowing existing customers to transfer any still undelivered back orders to the new higher speed technology, but they note that it would increase the wait time by several months and don’t recommend it.

According to Jeff Ownby, Butterfly Labs VP of Marketing, “If employed today, each device would mine approximately 6 bitcoins every 24 hours. At the time of this writing, that’s over $ 600 per day. However, it’s important to point out that mining difficulty & bitcoin prices change with great volatility. We can only guarantee the performance specifications of our hardware, not the market value of mining with it.”

Butterfly Labs will immediately accept placement in the queue through pre-orders.

To learn more about Butterfly Labs products, visit

BF Labs, Inc. Processes $1 Million Bitcoin Merchant Transaction for Institutional Bitcoin Mining Hardware Purchase

Overland Park, KS (PRWEB) October 31, 2013

Butterfly Labs (BF Labs Inc.), the Kansas-based leader in Bitcoin Mining technology, has announced that it has processed a payment of One Million dollars in Bitcoin through Bitpay – the largest single transaction ever executed by a Bitcoin payment processor.

These funds represent a down-payment on a multi-million dollar order from HashTrade, a sister company of one of Butterfly Labs’ largest existing customers. The multi-PetaHash order is for Butterfly’s innovative 28nm Monarch card, and these initial funds will be used to enable production of products which the company will begin delivering in December 2013.

“We’re pleased to be the preferred hardware supplier for HashTrade,” said Jeff Ownby, VP of Marketing for Butterfly Labs. “Our Monarch cards have been designed for easy deployment in large scale Bitcoin mining operations. The PCI form factor allows operators great flexibility using only common, off the shelf cases & power supplies. In high performance mode, significant performance beyond published figures can be realized. Then, should power conservation be the greater operational need, cards can be run in their efficiency mode with an almost halving of power consumption per unit of work performed.”

This is a major endorsement of Butterfly Labs’ technology and ability to deliver, from one of the industry’s most significant players.”Butterfly’s technology is robust and reliable and our relationship is very strong,” said Greg Bachrach, Co-Founder and CEO of HashTrade. “Having worked with their equipment now for some time, we are confident of Butterfly Labs’ ability to deliver based on their multi-generational experience designing, producing and delivering high performance mining equipment. Because of this we feel that Butterfly Labs is one of the only institutional hardware vendors uniquely positioned to deliver exactly what they advertise.”

About Butterfly Labs

Butterfly Labs (BF Labs, Inc) is a Kansas-based manufacturer of hardware used for securing online transactions in the Bitcoin and other networks. Visit


Jeff Ownby



About Hashtrade

HashTrade is a premier data processing organization enabling all individuals to benefit from mining Bitcoins without having to purchase or operate any hardware. HashTrade will soon be offering hashing contracts to the public so anyone interested in profiting from Bitcoin mining will be able to do so in a simple and friendly way. Visit

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit


Jan Jahosky



Latest Spondooliestech News

Thoughts on The Future of Bitcoin From Genesis-Mining's CEO Marco Streng
Genesis-Mining has a partnership with the world's largest ASIC manufacturer; Spondoolies Tech. For more information please visit: Company Name: Genesis-Mining Contact Person: Paulo Fiorio Email: …
Read more on (press release)

Only Companies with Strongest Engineering Teams Will Survive 'Mining Arms
Founded in 2013 by a group of Israeli high-tech veterans, and with the inventor of Bitcoin's Proof-of-Work system, Adam Back, serving as the company's Chief Cryptography Officer, Spondoolies-Tech “is all about cryptocurrency.” Named after the Spondylus …
Read more on CoinTelegraph

1 2