- It’s been a bit hectic in the community for bitcoin cash these past few weeks.
- Controversy, arguments and debates are just some of the keywords that you would use to describe January for the network.
- Going off this is the managing director of the Litecoin Foundation, Charlie Lee has said…
It’s been a bit hectic in the community for bitcoin cash these past few weeks. Controversy, arguments and debates are just some of the keywords that you would use to describe January for the network. The network has highlighted a delay in producing a block for more than five hours. Going off this is the managing director of the Litecoin Foundation, Charlie Lee who has said:
“I think they are using an improved version of the original EDA [Emergency Difficulty Adjustment], where you can mine for a lot and then leave it until the difficulty adjusts. So miners are still taking advantage of that and making more money than just mining normally.”
Long blocks times isn’t an uncommon event in the bitcoin network or even in cryptocurrencies in general. A five-hour downtime has led to many in the community highlighting the miner migration factor. This means miners that move from one network in an attempt to diversify the operations of what they do.
On top of this, another round of the news hit the bitcoin cash network, which was the contentious development fund proposed by mining pool BTC.TOP and the CEO of such pool, Jiang Zhuoer. This proposal called for 12.5% share of the block reward which was to be redirected to a new fund to help to be dedicated to the development of the ecosystem for BCH.
The proposal was extremely controversial and has received a lot of backlash following the announcement. Soon after the bitcoin.com mining pool released a blog post to say that it would no longer be supporting the proposal or any plans for the future unless there is an agreement within the ecosystem and regarded the chain split as one of the biggest worries for the future. Lee went on to talk about the problematic nature of the proposal as he went on to add:
“The main concern for me is the guy saying that he has a lot of hash rate and you can effectively mine at a loss and make Bitcoin Cash mining unpopular for everyone else. So people who do not agree with this plan will just go mine Bitcoin for profit and not mine BCH. Basically, he has, like, full control over the BCH mining network, which is kind of scary.”
Lee’s comments were mainly directed towards the CEO and his statements where the mining pool execs stated that he personally held over space and “personally held 3500 P hash power”. The legal system for BCH seems to be on a bit of a tightrope at the minute. At the start of 2020, the cryptocurrency has seen an increase in price which has been brilliant for many investors. Will this continue? Only time will tell.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!