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Record bitcoin payment of $1 million spent on new mining hardware

October 30, 2013 in Bitcoin, Digital Currency, Investing, News, Virtual currency

James Niccolai, IDG News Service@jniccolai Oct 29, 2013 (http://www.pcworld.com)

Bitpay, a company that lets businesses accept payments in the Bitcoin virtual currency, has just processed its first $1 million transaction.

The money was spent on new bitcoin mining hardware sold by Butterfly Labs, a company in Kansas City that makes specialized computers used to unlock new bitcoins and help manage the bitcoin network, Bitpay said on Tuesday.

The order was only a down payment on a forthcoming order, which will be worth more than the million dollars just spent, said Jeff Ownby, a spokesman for Butterfly Labs.

It was placed by a U.S. corporation that’s an existing Butterfly customer, Ownby said. Butterfly will disclose the customer’s identity in the next day or so, he said, but Butterfly appeared to have been caught off guard by Bitpay’s announcement and wasn’t prepared to do so yet.

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