BitMEX Installs Blockstream’s BTC Satellite Node: Latest Update

BitMEX installs Blockstream’s Bitcoin satellite node which allows running it without the need for an internet connection so let’s read more about it in today’s Bitcoin news.

One of the leading crypto exchanges on the market, BitMEX installs Blockstream’s Bitcoin satellite system which allows verifying Bitcoin’s blockchain through a satellite without having to be connected to the internet. Apart from the idea that one of the biggest exchanges is showing open support for bitcoin, only shows that the features of the biggest cryptocurrency are truly amazing.

In a post published earlier today, BitMex, one of the leading crypto and Bitcoin margin exchanges, announced that it installed a Bitcoin satellite node by Blockstream, and the entire process was successful. The team concluded that installing the node was easy and took them a few hours. What one has to do is to “install the satellite dish, point it in the right direction, connect it to a laptop that runs on Linux and run a custom Blockstream software along with the version of BTC core 0.19.1.

[1/3] Bitcoin Satellite

We have installed the @Blockstream Bitcoin Satellite system, a way to download and verify Bitcoin’s blockchain via satellite, without the need for an internet connection

📡📡📡@adam3us @Excellion https://t.co/4FmA1v1qon pic.twitter.com/AOy3tWjG31

— BitMEX Research (@BitMEXResearch) September 14, 2020

BitMEX revealed that the hardest part was the actual alignment of the dish to the geostationary satellite but they used alignment tools properly and the team spent about 15 minutes after this phase to get it set up correctly. Apart from the supporting network, there were other important qualities of the BTC network such as censorship resistance. One of the most common questions that users ask is “what could happen to Bitcoin if the Internet stops?”

Well now, with a satellite connection that has enough bandwidth, this is the best solution for a problem like no Internet. This is also a way to download and verify Bitcoin’s network via satellite without having to be connected to the internet and the world wide web. BitMEX pointed out that many BTC enthusiasts will find installing and running a system enjoyable and fun but it is unlikely to serve a practical purpose for most of the users.

Similarly to coinbase during its first years in existence, BitMEX has been slow with crypto assets and pairs listing. The company stuck to its goals which were only the BTC perpetual futures contracts which succeeded so that makes sense on why a movement was slow on the listing approvals. But this is starting to change as BitMEX supports Cardano and Chainlink after many requests from the community, with pairs being promoted by many in the crypto industry.