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While having active users spending BCH is very important for the ecosystem, having investors who hold BCH is also a fundamental requirement for maintaining a strong economy. We believe that they too should profit from the growth of BCH by their continued stake in the Bitcoin Cash ecosystem.
The transaction fees earned by miners are an important growth indicator of the BCH ecosystem, and if a portion of the fees are burnt, it is effectively miners sharing revenue with the entire BCH network. Outside of the BCH community, the efforts are being seen as an unjust attempt at manipulating the market. This is not the first time that Bitmain is being accused of unfairly using its influence to temper with the market.
Bitmain was involved in another controversy last month, when it became clear that its upcoming Antminer X3 ASIC mining rig specifically designed for privacy-oriented like Monero and Bytecoin might be useless by the time it starts shipping.
Indeed, a few weeks later Monero tweaked its Proof-of-Work protocol, effectively rendering the machines unsuitable for XMR mining. That said, the miners should still be compatible with other CryptoNight-based coins that is unless they update their hashing algorithms too. The attempts of Antpool to manipulate the market in this way are not be taken lightly. They highlight an important shortcoming of blockchain technology that has been a cause of worry since the beginning of cryptocurrencies.
While blockchain tech was designed to resist centralization and put control back into the hands of the masses, decentralized networks can still be dominated by large industry players that control the majority hash rate.
Published April 24, — April 24, — Antpool explains on its website: The efforts of Antpool appear to have made a positive impact on the BCH market. Neer Varshney April 24, —