Majority of Miners “Planning” Shift to Bitcoin Unlimited, Says ViaBTC’s Founder
Bitmain, HaoBTC, BW, GBMiners and F2Pool are planning to mine through Bitcoin Unlimited, according to Haipo Yang, ViaBTC’s founder and former Tencent employee, China’s Facebook/Twitter, where he worked in mainly Linux-based C/C++ development. In combination, together with bitcoin.com, they account for around 60% of the network’s hashrate, making it almost a supermajority in favor of Bitcoin Unlimited, the grassroots long term solution to on-chain scalability decision making. A representative from Bitmain stated in response to my request for confirmation or denial of ViaBTC’s statement that....
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ViaBTC has mined its first official Bitcoin Unlimited block after confirming it allocated its entire hashing power to mining on the platform. ViaBTC’s First Bitcoin Unlimited Block. ViaBTC is the fifth-largest mining pool in the world by hashrate distribution. It announced it had officially mined its first Bitcoin Unlimited block on October 10, with a....
ViaBTC's cloud mining offering may strengthen the position of Bitcoin Unlimited in the cryptocurrency industry. A Bitcoin mining pool which supports Bitcoin Unlimited has lately been criticised for offering cloud mining services. ViaBTC, as the company is called, has lately announced that it will allow more people to join its Bitcoin mining pool in return for small investments in its mining equipments. On the other hand, ardent Bitcoin Core fans, who have already shown their displeasure with the Bitcoin Unlimited proposal, have turned themselves against such services. ViaBTC claims that it....
A few weeks ago, the relatively new India-based bitcoin mining pool GBMiners decided to switch their software from Bitcoin Core to Bitcoin Unlimited. Bitcoin Unlimited is software that creates an alternative protocol and network based on Bitcoin, if a majority of miners decide to implement a new method for increasing Bitcoin’s current blocksize limit. Whether Bitcoin Unlimited would initiate a Bitcoin hard fork or effectively constitute the creation of an altcoin depends on what people decide to refer to as Bitcoin after the new chain is activated. Bitcoin Magazine reached out to GBMiners....
The crux of the problem with Bitcoin Unlimited is that the economic majority is making the decisions, including the decision of who gets to be a part of the economic majority (by increasing the cost of participation). Ever since Bitcoin Unlimited gained traction, there has been substantial debate regarding this solution. If all network nodes would be able to select their block size, an interesting future is created. However, this idea poses a set of new problems that need to be addressed in the future. Some people even speculate Bitcoin Unlimited would eventually lead to centralization.....
ViaBTC, the Bitcoin network’s second largest mining pool, has recently announced that the group is interested in increasing the Bitcoin block size and the Bitcoin Unlimited proposal. The statement of ViaBTC on social media immediately gained massive exposure in online Bitcoin communities, as many Bitcoin users responded positively to the group’s intentions to work with Bitcoin Unlimited with some developers voluntarily offering help to deploy Bitcoin Unlimited in ViaBTC’s network. Approximately 24 hours after the announcement of ViaBTC was released to the public, the market share of the....