BitMEX installs Blockstream’s Bitcoin Satellite System

BitMEX has installed Blockstream's Bitcoin satellite system to run a node without any internet connection.

By · Sep 21, 2020 . 5min read

BitMEX Bitcoin Satellite System news
Photo by Dmitry Demidko on Unsplash

Bitcoin Mercantile Exchange (BitMEX), the leading crypto derivatives exchange, verifies that they have installed the Blockstream Bitcoin Satellite system. It provides a method to download and verify Bitcoin’s (BTC) blockchain through satellite. However, this does not require an Internet connection. Additionally, the BitMEX elucidates that they were capable of setting up the Blockstream Bitcoin Satellite system quickly. The connection does have the bandwidth necessary to hold the node at Bitcoin’s tip.

BitMEX states that they elected to install and utilize the Bitcoin Satellite from their experimentation with Bitcoin (BTC) miners. It is a product provided by Blockstream. Blockstream is a company that helps Bitcoin’s ongoing development. BitMEX elaborated that they obtained the Blockstream Bitcoin Satellite Pro-Kit and Blockstream’s Flat-Panel Antenna. Moreover, it costs around $1,200. 

How to Install Blockstream’s BTC Satellite Node

The exchange insists that the installation process was pretty straightforward. They were able to set it up in about a few hours to complete. BitMEX further explains the process of installing the satellite dish. While installing the satellite dish, point it in the right direction, connect it to a laptop running Linux. Then run some custom Blockstream software and a modified version of Bitcoin Core 0.19.1. It further states that the difficult part was the dish’s alignment to the geostationary satellite. However, it only took around 15 minutes to align after figuring out how to use the alignment tool effectively.

BitMEX encountered many questions as to how would bitcoin operate if the Internet stops. Additionally, it states that the connection has enough bandwidth. This is an ideal solution to the problem. It’s a method to download and verify Bitcoin’s network through a satellite without connecting to the world wide web. BitMEX further noted that this system does have the potential to enhance the Bitcoin network’s censorship resistance features and protect against some forms of eclipse attacks. Its existence is probably a positive development.

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