Second-Largest Bitcoin Cash Mining Pool Agrees to Process Zero-Fee Transactions
On the 7th June 2018, Thursday, CoinGeek who devised the plan along with nChain, had made the announcement that Bitcoin.com along with ViaBTC have made the decision to support the ‘Miner’s Choice initiative’.
What is Miner’s choice initiative?
The data from CoinDance mentions the following –
- ViaBTC is not only the largest out of the other 3 mining operations, but overall, it is also the second largest Bitcoin cash mining pool.
- It has 12.7 percent of the overall hash-rate.
- On the other hand, Bitcoin.com, is owned by a former Bitcoin evangelist- Roger Ver.
- com has a hash-rate of about 7.7 percent.
- CoinGeek has a hash-rate of 6.9 percent.
- The size of the nChain’s mining operation was not available.
As per the announcement made on Thursday, two of the mining pools – Bitcoin.com as well as ViaBTC have joined ‘Miner’s Choice Initiative’, which basically means that through this initiative, the miners tend to remove the dust limit themselves.
To take a step forward, both the mining pools have agreed to begin a processing with absolutely no fee transactions, i.e. Zero-Fee Transactions.
Dust Limit and fee-
According to CCN’s report, the following is noted-
- With this proposal, the spur mass adoption of the Bitcoin cash could be achieved by allowing the users to make small transactions such as 1 satoshi or 0.00000001 BCH, which is roughly $0.00001).
- The above goal could be achieved by removing the ‘dust limit’ of about 546 Satoshi.
- The proposal also tends to urge the miners to give out Zero-Fee transactions as the processing in every individual block.
- This would increase a certain amount of spam in the BCH network. The mandatory fee as well as dust limit which were added to the plan’s Bitcoin clients and the Bitcoin Cash, was purely added due to this reason.
- The proposal’s backers believe it would also make the Bitcoin cash a cryptocurrency choice for various businesses which tend to implement Micro-transactions.
- Proponents also conclude that it would hasten the development of ‘Colored Coins’ which are nothing but the BCH- based tokens.
- With colored coins, the users would be able to send at up to No-cost. As mentioned earlier, this can be done using 1 satoshi BCH transactions with Zero-Fees.
- The proposal would due to this wide range of transactions, miners would be able to create a very competitive free marketplace. This would thus benefit the entire ecosystem.
Hence, with this new addition to the initiative’s support, ‘Miner’s choice’ initiative now has support from more than a quarter of the entire Bitcoin cash hash-rate.
This gives an evident indication that very soon, there could be very significant changes to the BCH network. Although the long-term effects still remain a doubt and one can only wait for what the future holds.