Mining Pools Voice Support for BIP 100, Shun Bitcoin XT

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining pools have, as expected, demonstrated their opposition to Bitcoin XT through their ‘tagging’ of mined blocks.

Miners have begun expressing their views through tagging amid fierce debate on Bitcoin’s block size. The issue escalated when core developers Gavin Andresen and Mike Hearn spearheaded the creation of Bitcoin XT, a potential fork from the original Bitcoin Core. Implemented as BIP (Bitcoin Improvement Proposal) 101, it would increase the block size limit from 1 MB to 8 MB early next year, and double the limit every two years thereafter. 75% of the Bitcoin mining network’s hashing power would have to agree to the change for it to take effect.

Thus far, only one mining pool, Slush, representing roughly 1% of the total Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term, has come out in favor of BIP 101. And even they have since stopped broadcasting this view in their mined blocks. According to data on Blocktrail, the other 99% favor other approaches.

40.7% prefer the status quo (1 MB blocks). 35.5% have voted for BIP 100, a proposal by core developer Jeff Garzik that calls for a dynamic block size change as calculated by miners. He argues that the iteration “improves bitcoin’s governance by removing a hardcoded policy control from the software.” He opposes the hard increases proposed by BIP 101, citing the concerns of China-based miners who may be at a disadvantage relative to their Western counterparts. An environment that allows all to equally participate in mining is a more fair and decentralized approach, he argues.

Also, the size of miner fees is inversely proportional to block size. Larger blocks allow more room for transactions to get processed sooner without having to pay for priority.

The remaining 23.9% of hashing power expressed support for an increase to 8 MB, but not via BIP 101.

In contrast, several of the leading Bitcoin wallet and service providers have come out in strong support for BIP 101. 15% of Bitcoin nodes now support Bitcoin XT.

Essentially, the question boils down to the interests of miners versus the transacting participants who are effectively hiring them.