Rumored Hard Fork Planned By Chinese Mining Bitcoins

If you are one of those people who believed that the debate regarding the block size of the bitcoin is over then you might be wrong. According to rumors, the Chinese mining pools are planning to perform a hard fork and use 2MB blocks in the process. If this happens, they will be doing the opposite of the purpose of the Bitcoin Core and will end up using Bitcoin Classic.

The debate regarding the block size of the bitcoin was known because it was considered a big issue for almost a year already. Majority of the experts suggested that the block size of the bitcoin should be increased but the problem is that there are many different methods which this can be done. Developers of the Bitcoin Core have developed what they call the Segregated Witness which will serve as a temporary solution to the current block size problem. While Bitcoin Classic has revealed the identity of their new client and it has the capacity to increase the block size by up to 2MB but must be done with hard fork.

According to sources, different Chinese mining pools are in the same boat regarding the decision to hard fork and transform to 2MB in an instant. When this happens, they will also stop using Bitcoin Core and revert back to Bitcoin Classic. This will result to a solution that will end the ever permanent problem of network traffic. According to the operators of the mining pool, using Bitcoin Core means using the default size that have been agreed upon and they have no intention of increasing the current block size to 2MB. BTCC remains to be the only mining pool that remains to be neutral in the plan.

The proposal is called terminator and presents an interesting meaning. In order for the decision of the Chinese bitcoin mining pools to be made into action, there must be collaboration coming from the mining community. It is required that a minimum of 75 per cent of the total hash rate should be in favor of the Terminator plan.

Share Button

Related posts