• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bitcoin Miners Take Sides after Increased Backlogs, Rising Fees

Gautham by Gautham
4 years ago
in Cryptocurrency news
Reading Time: 2min read
micropayment
Advertisement

The Bitcoin community is getting impatient of Bitcoin Core. Thanks to delayed transactions and increasing Bitcoin miner fees. The digital currency has been suffering from mempool backlogs for some time now. Bitcoin transactions in many cases are taking as long as 24 hours to receive confirmations in the current scenario. These unresolved issues, which has been around for years now has got Bitcoin miners thinking about moving from Core to Unlimited.

The Bitcoin community has been debating about the block size and scalability issues for a while now. Many proposals (BIPs) like Bitcoin XT, Bitcoin Unlimited (at one time) and others have been shot down due to lack of consensus among the community members. With no relief in sight, Bitcoin Unlimited has slowly emerged as miners’ favorite. Bitcoin Unlimited, proposed by the “Bitcoin Jesus” Roger Ver has gained support from some of the popular Bitcoin miners. Recently, the world’s largest mining pool — AntPool announced its decision to support Bitcoin Unlimited.

Wu Jihan, the co-founder of BitMain — the largest Bitcoin mining hardware manufacturer and AntPool — largest mining pool was quoted in leading news outlets saying,

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“We will switch our entire pool to Bitcoin Unlimited. We can’t tell how the hard fork will play out. We will only know by the time we get there.”

The decision of AntPool to join Bitcoin Unlimited takes the Bitcoin network one step closer to a hard fork. AntPool currently commands over 15% of the total hashing power, and its move will significantly impact the Bitcoin Core. Seeing the leading miner move to Bitcoin Unlimited, other mining pools (smaller or bigger) may also decide to follow suit. If it does happen, then Bitcoin Unlimited will gain the required 60%-70% support, activating a hard fork.

While some believe that increasing the block size is an answer to scaling the Bitcoin blockchain, Core developers disagree. They have introduced SegWit, a scalability solution, which is yet to gain enough traction among the community.

However, going by what happened with Ethereum, when it was hard-forked, even the Bitcoin Unlimited fork could result in two different versions of Bitcoin. Among the two which one will gain more followers is something, only time will decide. Meanwhile, if the scalability solution is not implemented soon, it is only a matter of time before Bitcoin loses out to some other altcoin.

Ref: Bloomberg | Image: NewsBTC
Tags: Antpoolbitcoinbitcoin minersBitcoin NewsBitmainMempoolNews
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

Cardano vs. Polkadot vs. Ethereum, Which Project Will Emerge The Winner?

Cardano vs. Polkadot vs. Ethereum, Which Project Will Emerge The Winner?

8 hours ago
Cardano ADA ADAUSDT

Why The Crypto Market Could Face A Crackdown, says Cardano’s Inventor

10 hours ago
bitcoin crash 50 70

Despite Deep Plunge, Bitcoin Exchange Reserves Keep Dwindling

12 hours ago
NFTs IBM Blockchain

How IBM Will Turn Patents In NFTs With Its Blockchain

12 hours ago
Ripple XRP XRPL

How XRP Labs’ “Hooks” Could Unlock A New World For The XRPL

13 hours ago
OpenOcean – Aggregating the Full Liquidity Across All Cryptocurrency Markets

OpenOcean – Aggregating the Full Liquidity Across All Cryptocurrency Markets

14 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Fly to the Moon and Win One of Three Tesla Cars with New Bitcasino Game, Live Crash

April 19, 2021

Cryptocurrency Exchange Gate.io Celebrates 8th Anniversary

April 20, 2021

eToro Adds Chainlink and Uniswap Amid Investor Surge For Crypto

April 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.