Bitcoin Foundation receives $65,000 from BitClub

Announcements | May 17, 2016 By:

The Bitcoin Foundation said that it received 146 BTC ($65,000) from BitClub after half of the proceeds from bitcoin transaction was sent as a fee, given by the recipient mining pool.

On 27th April, BitClub received the fee as part of block 409,008 on the network. The transaction drew notable industry attention and media coverage, given that the average transaction fee at the time was 31 satoshis, or less than $0.01.

“The Bitcoin Foundation funding will be used for existing projects as well as new initiatives that will foster community dialogue and encourage an efficient development process of bitcoin technology,” said Bitcoin Foundation executive director Bruce Fenton.

The Bitcoin Foundation is an American nonprofit corporation. It was founded in September 2012 with the stated mission to “standardize, protect and promote the use of Bitcoin cryptographic money for the benefit of users worldwide. BitClub is a bitcoin mining pool.