Competing Bitcoin Cash Mining Pool Averted ‘For the Time Being’

Bitcoin Cash Community Mining

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 26, 2023 06:55 EDT

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A pool of anonymous Bitcoin Cash (BCH) miners decided not to start the competing pool “for the time being” and will continue to support the BCH pools after supporters of the controversial proposal clarified their ideas.

The group believes that Bitcoin.com, an operator of a BCH mining pool, will convince other signatories to “severely amend” the proposal.

“We would also like to thank the community to be able to have such a civilized discussion over this issue,” the European and North American miners added.

At pixel time (12:14 PM UTC), BCH trades at c. USD 368 and is down 0.5% in a day and up 7% in a week.

As reported, BTC.TOP’s CEO Jiang Zhuoer offered to direct 12.5% of mining rewards to support the BCH infrastructure over a six-month period. Zhuoer’s post included a threat to orphan the noncomplying BCH blocks (those blocks would no longer be included in the BCH blockchain, leaving a miner without the reward).

Meanwhile, Bitcoin.com, who also signed the proposal, later clarified that the proposal is not a tax, but “a service fee for the miners,” as well as a temporary and reversible plan – one still in development, with many questions waiting for the community to discuss them. The majority of the funds will not come through as an additional cost for existing BCH miners – much of it will be paid for by Bitcoin miners and through the minor decrease in hash rate on BCH, it says.

“It is a discussion at this point, so people should be free to discuss it however they would like,” Roger Ver, CEO of Bitcoin.com, told Cryptonews.com, adding that “most of the BCH supporting miners mine BTC most of the time.” As to how he came to be a signatory on this proposal, he said: “I agreed to start the discussion for this proposal. Discussing and doing are two different things.”

Meanwhile, the anonymous group of miners previously threatened that should the proposal go through as is, the group would launch a competing BCH pool, voluntarily donating 1% of income to development teams. “We will continue to mine up to the hard fork, which will create our own chain after the fork due to the consensus rule change introduced by the signatories,” said the miners before changing their minds.