The BCH infrastructure fund saga continues this week and more. Here’s your weekly mining update:
As we reported last week, a group of Bitcoin Cash (BCH) miners announced their intention to launch a mandatory developer fund that distributes 12.5% of BCH coinbase rewards to devs. You can read our in-depth writeup here.
This week, we saw an opposition mining group declare and then retract plans to launch a competing BCH pool for like-minded miners who are against the mandatory donation.
Mining was front-and-center this week with a major announcement that sparked some intense debate.
A cartel comprised of the four largest Bitcoin Cash (BCH) mining pools has announced a mandatory donation distributing 12.5% of the coinbase reward to BCH developers over the course of six months. While this type of dev funding strategy is not new, the controversy stems from the mandatory nature of the proposal where the signatories have committed to orphan blocks produced by miners who don’t wish to participate.
It is unclear whether this proposal will be revised in light of the criticisms against it, but we will continue to follow this story closely and provide updates.
Coindesk dropped a comprehensive writeup on the intrigue and maneuvuerings at Bitmain, where BitMain CEO Jihan Wu ousted his long time co-founder and co-CEO Micree Zhan.
Never a dull week in cryptocurrency mining.
1) Twitter user @btcking555, who has been right about Bitmain rumours in the past, is reporting that Bitmain is under investigation by the US Department of Justice for selling mining equipment to the Bitclub Ponzi scheme.
2) Bitcoin hashrate has been on a tear. Spurred on by the recent price increase and further deployment of next gen ASIC hardware, difficulty has hit an all time high of 14.78 trillion, and hashrate is sitting at around 110 exahashes. As reported by Coindesk, Bitcoin’s share of POW rewards across all cryptocurrencies sits at 80%.
3) Uzbekistan reportedly looks to create the first nation state sponsored mining pool.