Topic: [2016-01-26]Chinese Mining Pools Worried About Immature Segregated Witness (Read 244 times)

The dabbling about the Bitcoin block size debate has gone on for far too long, and the Chinese mining pool operators seem to agree with that sentiment.


As if the Bitcoin community was not sick and tired of the ongoing block size debate just yet, it looks like the Chinese miners have come to a consensus of their own. The plan is to reject any forking of Bitcoin that does not gain 90% consensus or more while still favoring a 2 MB block size increase. During a recent meeting between mining pool operators, various security concerns associated with Segregated Witness were raised. It looks like Bitcoin Classic is winning this “race”.


Chinese Mining Pool Operators Unite

The dabbling about the Bitcoin block size debate has gone on for far too long, and the Chinese mining pool operators seem to agree with that sentiment. As more time progresses without a clear decision and plan for the future of Bitcoin, the popular digital currency is looking some of its legitimacy that took years to build up.

January 23rd was the date on which representations from nearly all Chinese Bitcoin mining pools came together and exchanged their thoughts. In the end, it comes down to two simple requirements: the block size must be increased to 2 MB, and the solution – or fork – needs to gain support equal to at least 90% of Bitcoin’s mining capacity.

Both Bitcoin Core and Bitcoin Classic have different proposals on the table to achieve the 2MB block size increase, and both options have their own merits. Getting to a consensus of 90% or more could be a struggle for either solution, though, as the mining camp seems to be divided on that front. However, it seems like the decision has already been made – albeit not officially – but more on that in a bit.

Regardless of how people want to look at the current Bitcoin block size debate, it has become clear this is more of a political issue, rather than a technical concern. The community cannot come to a consensus, as the camps are quite divided around the world. By enforcing a 90% of mining capacity consensus – or better – the Chinese mining pool operators have taken a step that will prevent the creation of a fractured Bitcoin ecosystem in the future.


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