Advertisement

cryptoware banner

How The Bitcoin Mining Ecosystem Could Be Worse Off From a Developer Tax

How The Bitcoin Mining Ecosystem Could Be Worse Off From a Developer Tax
  • One of the biggest forks of bitcoin is bitcoin cash.
  • This week bitcoin cash has been the talk of the town because of a proposal presented for the upcoming network upgrade set to be done in May this year.
  • One specific highlight was that the proposal was supported by BTC.Top

One of the biggest forks of bitcoin is bitcoin cash. This is easily one of the most famous and notorious protocols that came from the leading cryptocurrency. This week bitcoin cash has been the talk of the town because of a proposal presented for the upcoming network upgrade set to be done in May this year. The announcement was made by one of the biggest mining pools, BTC.Top. They stated that 12.5 per cent of bitcoin cash’s coinbase block reward would be directed into a fund in order to support the infrastructure of bitcoin cash.

One specific highlight was that the proposal was supported by BTC.Top, Antpool, BTC.Com, ViaBTC, and Bitcoin.com. 

The official blog went on to state:

“This funding will last for 6 months, and it will provide significant and much needed support to the Bitcoin Cash ecosystem […] A Hong Kong corporation has been set up to legally accept and disperse funds. The funds would be used to pay for development contributions to full node implementations as well as other critical infrastructure.”

There have been many prominent figures who have given their opinion on the negative effects on the bitcoin cash miner ecosystem. One influencer, Hasu published a blog on the effect that it would have on bitcoin core and bitcoin SV. 

Part of the blog post read the following:

“While one could think that this change is purely the business of the BCH community, the effects are more far-reaching because BCH shares its mining algorithm, SHA256, with BTC and BSV […] all SHA256 miners are equally subject to this tax if it becomes a reality, and what options users and miners have at their disposal.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

You can share this post!

Advertisement