Chinese Bitcoin Miners Support Increasing Blockchain Limit
The need to increase the blockchain limit has been an ongoing debate these days, as the current size limits the network's capacity to verify transactions. At the moment, the protocol restricts the size to 1MB for every block mined on the network, making it too long to complete. The lack of central authority to make this kind of decision for the bitcoin industry has been one of the biggest reasons why this debate hasn't progressed, although some groups have started discussions. Some have even proposed increasing the block size to 20MB while a cartel of Chinese bitcoin miners say that 8MB....
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Bitcoin Classic is the latest attempt to increase Bitcoin’s block size limit via a hard fork initiated by miners running an alternative to Bitcoin Core, but it appears that the relatively new software client may already be on its last legs. According to various sources familiar with a meeting in Beijing on March 30, supporters of an increase to the Bitcoin block size limit were unable to convince the Chinese mining community to implement BIP (Bitcoin Improvement Proposal) 109 without support from Bitcoin Core contributors. It was the intention of some participants to convince the Chinese....
Two of China's biggestbitcoin exchanges - BTCChina and Huobi - have criticized Bitcoin Core developer Gavin Andresen's proposal to raise the block size limit to 20 megabytes by next year. Speaking to CoinTelegraph, both BTCChina as well as Huobi indicated that they believe any increase in Bitcoin's block size limit should be approached conservatively. While both exchanges recognize that the current one megabyte block size limit is probably too small for Bitcoin to reach mainstream adoption, they are skeptical of Andresen's proposal. BTCChina and Huobi shared concerns that a jump to 20....
As this debate on BitcoinTalk demonstrates, the current rhubarb regarding increasing the block size limit in Bitcoin has been ongoing since at least 2013 in a public manner... as well as a heated one. The discussion between the Bitcoin core developers goes on for 26 pages. The most recent post is April 2013. It starts with Peter Todd, who still to this day opposes increasing the block size limit in the manner being proposed via Bitcoin-XT. I fear very few people understand the perverse incentives miners have with regard to blocks large enough that not all of the network can process them,....
Five of China's biggest mining pools — AntPool, F2Pool, BTCChina, BW Mining, and Huobi — have mutually agreed to a raise of the block size limit to 8 MB. In a statement sent to CoinTelegraph and posted today on the Bitcoin subreddit, they collectively rejected Bitcoin core developer Gavin Andresen's proposal to raise the limit from 1 MB to 20 MB, and instead presented a compromise. The mining pools came to the agreement at the National Conference Center in Beijing last Thursday. As they jointly account for some 55% to 60% of all hashing power on the Bitcoin network, it may now be....
BTC-e has opened up USD/CNH, BTC/CNH, and LTC/CNH markets today. Withlooming PBOC action that would end Chinese Bitcoin exchange's access to domestic bank accounts, Chinese traders are undoubtedly looking for new exchanges to trade on. Along with Chinese RMB (CNH to BTC-e) trading comes RMB deposits, which are handled through an international bank. An international bank means that Chinese traders wishing to convert fiat to crypto through this route will be subject to the Chinese $50,000 annual limit. In fact, people are starting to realize that the PBOC's still shrouded notice to regional....