BitMEX Researchers Unveil Supporters of Bitcoin Development

BitMEX Researchers Unveil Supporters of Bitcoin Development

The research unit of crypto exchange BitMEX has unveiled the developers of the Bitcoin’s open-source network.

According to a recent report by BitMEX Research, both Blockstream and Lightning Labs were behind the development of Bitcoin Core software.

Meanwhile, Chaincode Labs, a Bitcoin research and development center, was the key financial supporter of the software.

“We conclude that the situation is more healthy than it has been in the past, with respect to the availability of finance, transparency, and the degree of distribution among financial backers,” the report reads.

BitMEX research unit used publicly accessible data and information from the individuals participated in developing what they claim the best open-source Bitcoin software.

According to the report, both Blockstream and Lightning Labs sought the help of eight developers to work on Bitcon. Meanwhile, Square Crypto employed seven, and Digital Currency Initiative (DCI) had six, as did Chaincode and Purse.

Source: BitMEX Research

“We looked at the Bitcoin Core project and identified the top 33 contributors by all-time number of commits and then attempted to establish the current funding source for each developer,” the report added.

The researchers listed the top 33 developers by the amount of contributions, and then tried to determine the main source of funding for each developer.

According to the chart, Chaincode Labs is the largest financial supporter of Bitcoin software.

“… progress can also be made in the distribution of funding and Chaincode Labs is now the clear leader in terms of developer funding for Bitcoin Core. On the other hand, funding is far more distributed than it has been in the past, certainly compared to the 2012 to 2014 period when there was only one significant funder, The Bitcoin Foundation,” the report concluded.

Halving approaching

Cryptolydian reported yesterday that the upcoming halving could result in a sort of coup among miners.

The study showed that the mining network is divided into layers, based on the cost of electricity as the electricity dominates nearly 95 percent of the mining costs.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.