Tagminers

How Does Bitcoin Reach a Decision?

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Some 70% of miners have now made a decision on whether to support segregated witnesses (segwit) or Bitcoin Unlimited, a proposal which simply increases the blocksize as set by nodes and miners. It’s not clear what the other 30% of miners are waiting for, but it will be interesting to see what they do decide once they get around to exercising their duty. If all go for segwit, it would give the...

Litecoin Reaches Agreement on Segwit Upgrade, Price Rises

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Blockchain

The litecoin miners and developers have reached an agreement to activate segregated witnesses (segwit) and to increase litecoin’s blocksize of 1MB once its blocks are over 50% of the currency’s capacity. The agreement is signed by Charlie Lee, Litecoin’s founder, F2Pool, BW, Bitmain, LTC1BTC, Huobi, OKCoin and others. It, however, states that it is not binding on the litecoin network: “We want to...

F2Pool Starts Signaling for Segwit in Bitcoin

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In a surprising move, F2Pool, which has around 9% network hardware share, began signaling for segregated witnesses (segwit), a controversial proposal that aims to increase capacity while facilitating layer two protocols such as the Lightning Network and sidechains. Unlike in litecoin, where the market rallied after F2Pool began signaling segwit, there was no price reaction in bitcoin, which may...

Litecoin Price Falls: Segwit Down, UASF on the Table

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Litecoin fell by some 20% earlier today after segwit’s network share decreased to around 63% following rumors that Antpool was to bring in new hash-power to maintain segwit below its activation threshold of 75%. This follows a confusing series of events where Charlie Lee said BW was not going to signal for segwit, BW said they had not yet decided, Wang Chun, co-founder of F2Pool, said he was re...

1Hash Bitcoin Pool Comes out against Bitcoin Unlimited

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While it briefly appeared that Bitcoin Unlimited might actually activate, the chances now seem slim as a relatively new bitcoin pool, which has suddenly shot to around 8% network share, appears to be very much against Bitcoin Unlimited. 1Hash publicly posted on China’s version of twitter where they stated, according to a very rough translation, that “BU has violated the BTC consensus agreement.”...

Bitcoin Unlimited at Almost 40%, Chandler Guo to Join

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The network hashrate share of bitcoin unlimited now stands at 37.6% over the longer time frame of 1,000 blocks. It is expected to further increase as Chandler Guo, a well-known bitcoin miner in the Chinese community, publicly stated: i jump to #BitcoinUnlimted today! pic.twitter.com/0oPDlXhgFL — Chandler Guo (@ChandlerGuo) March 21, 2017 That is likely to increase the hashrate to 43%...

Bitcoin Industry Colluded, Says Miner

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After almost two years of debate and seemingly nothing left to be said on the topic of bitcoin scalability, miners continue to not make a concrete decision with transaction backlogs now becoming common. BW.com, a mining pool with around 7% of the network’s hashrate, signals for 8MB blocks, but has never mined with any client which increases maxblocksize. Bitmain’s co-founder, Micree Zhan, stated...

F2Pool, Litecoin’s Biggest Pool, Will Upgrade to Segwit

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Wang Chun, F2Pool’s co-founder, told CCN that he is planning to upgrade his Litecoin pool to segregated witnesses (segwit), but “it won't happen in the next couple of weeks.” He further told CCN that his bitcoin pool, which currently controls around 14% of the network’s hashrate, won’t upgrade to segwit “anytime soon.” Chun stated: We'll do it on Litecoin first and then make an evaluation if it...

No Primary Litecoin Pool Will Upgrade to Segwit, Says LTC1BTC's Founder

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Jiang Zhuoer, founder of LTC1BTC, a Litecoin pool that currently controls around 12% of the network, told CCN in an interview that his pool won’t upgrade to softfork segwit, nor will any primary Litecoin pool, adding that he has contacted them. Litecoin is meant to begin the Segwit softfork activation process in just under two days, but miners can already signal their support, with only two pools...

Bitcoin Core Dev Recommends a 70% Reduction in Transaction Capacity after $250 Million Backlog

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bitcoin Cash

Luke-jr, developer of the Bitcoin Core client and Blockstream contractor, has recommended in a developers’ mailing list Bitcoin Improvement Proposal announcement an instant 70% reduction of bitcoin’s transaction capacity to 300kb, followed by a yearly increase of around 17%, reaching the current transaction capacity of 1MB in 2024. Thereafter, it is intended to continue increasing by 17%...

Is Bitcoin Unlimited Headed for Activation?

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During summer 2016, many thought the bitcoin scalability debate was over. Blockstream won, said a miner. Coinbase, after spending more than a year vocally asking for increased capacity, threw in the towel and hedged with ETH. Circle, seeing the changed environment, announced, very suddenly and unexpectately, that they were ending bitcoin purchasing. At the Blockchain Money Conference in London...

Bitcoin Fee Estimates Have Increased By 1,013% in USD Terms

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bitcoin

Bitcoin fees have skyrocketed this year, increasing by 557% from 14 to 78 satoshis per byte, which translates to an eye-watering 1,013% increase in dollar terms in just one year, according to research by Jameson Lopp, engineer at BitGo. That still translates to just 22 cents for an ordinary transaction of around 400 bytes in size, with peak time fees ranging from around 30 cents to 50 cents or...

Bitcoin Miner HaoBTC Launches a Hashrate Exchange

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HaoBTC, one of the biggest miners with around 110 Petahash, controlling slightly more than 4% of bitcoin’s network, has launched a new hashrate exchange where you can buy or sell part of Bitcoin’s mining network with a minimum purchase of 1 Terahash. According to Xiong "Tyler" Yue, Vice President of HaoBTC, they have already sold 10 Petahash in just five days, with the company stating they are...

Shenzhen Bitcoin Meetup Hosts the Bitcoin Unlimited Team

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Editor's note: The previous headline was incorrectly titled to state miners were holding the event. Virgilio Lizardo, Head of International for Bitbank Group, has stated the event was held in his own personal capacity and not on behalf of his employer. Content further edited for clarity. Support for Bitcoin Unlimited is gathering pace in China where a meeting took place in Shenzhen, Beijing and...

Majority of Miners “Planning” Shift to Bitcoin Unlimited, Says ViaBTC’s Founder

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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...

The Bitcoin Network Breaks Down as Demand Surges

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Almost one million bitcoins, worth more than half a billion dollars, are currently stuck in no man’s land as the network struggles to meet rising demand from China. At one point, 70,000 transactions were stuck, unleashing a mountain of complaints from worried bitcoin users who took to bitcoin’s main communication channels of r/btc and r/bitcoin to ask why their transaction does not confirm. Among...

Blockstream Won, Says Bitcoin Miner in Blocksize Debate

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Disclaimer: The views expressed in the article are solely that of the author and do not represent those of, nor should they be attributed to CCN. A mood of resignation prevails across the bitcoin space as a viciously years-long debate that has taken the reputation of so many and the time and focus of all, seemingly, comes to an end. Eric Mu of HaoBTC, one of the most influential, if not the...

Researchers Claim Bitcoin’s Blockchain Can Be Secured Even if 51% of Miners Are Malicious

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Bitcoin price

One of the fundamental assumptions of blockchains, whether public or private, is that 51% of actors, especially miners, are honest. Logically, the more actors there are, the more the assumption stands. However, numerous bitcoin developers, including Gregory Maxwell, Peter Todd, Luke-Jr and others, have stated that bitcoin mining is centralized in two or three individuals. The invention of ASICs...

Miners to Attack Ethereum Classic after Poloniex's Listing

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Editor's Note: Article has been updated with comments from a BW representative. Chandler Guo, a well-known and respected figure in the Chinese digital currency community stated that he, assisted by other miners, will 51% attack Ethereum Classic as soon as possible. View post on imgur.com Speaking to CCN, Chandler stated that they would isolate any block so that transactions cannot be confirmed...

Almost 60% of Ethereum Miners Have Upgraded to Support the Hardfork

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After more than a month of raging debate, Ethereum’s community has reached a conclusive decision. Ethereum will Hardfork. Some tense hours yesterday raised the prospect of a protracted fight, but, Ethpool cleared any doubt by announcing they are to support the hardfork: “[A]ccording to our voting policy stated in the announcement, we will support the hard fork.” Dwarfpool, Etherpool/Etherminer...

Miners Vote Overwhelmingly in Support of Ethereum's Hardfork

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In just three days, Ethereum is to undertake the first of its kind hardfork in the digital currency space. With Geth, Parity and Mist all having a hardfork release, all eyes are now on the miners. Ethpool/Ethermine was the first to open the decision to miners with more than 81% voting in support of the hardfork on both pools. Dwarfpool, currently the biggest ethereum miner, followed, with more...

Bitcoin Miners to Hardfork According to Circulating Rumors

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Bitcoin miners

The blocksize debate has been brought to the forefront once more as a number of Bitcoin developers, including Gregory Maxwell, CTO of Blockstream and Mark Friedenbach, Core Tech Engineer at Blockstream, came out against the Hong Kong Consensus, arguably the most important document in Bitcoin’s history since the whitepaper. According to what may be a leak of an alleged meeting between pools and...

Bitcoin Miners Might Be Giving Bitcoin A Bad Image

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I'm just not a big fan of  "miners" No, not the miners themselves but the word itself may be a negative as bitcoin strives for popularity. The word throws us for a loop by taking us back to the days of gold mining and gold coins. So, naturally, bitcoin must be mined like gold but this clearly is a bad word choice.  The word means physical work, like when they dug gold out of the ground and...