5 Chinese mining pools propose 8MB block size

[hl5460]

F2pool.com、BW.com、BTCChina、Huobi.com、Antpool.com are ready to embrace 8MB blocks.
Details: http://www.8btc.com/blocksize-increase-2

[hl5460]

English version
http://www.reddit.com/r/Bitcoin/comments/3a0n4m/why_upgrade_to_8mb_but_not_20mb/

[Amph]

this is good, i was worried that they will eventually end up refusing everything and stay with their own fork of 1MB, apparently they do care about bitcoin a bit, besides their revenue from mining activity

from what i can grasp of one of the comments, it seeems that the total chinese miners contorl 60% of the network, is this correct?

[LiteCoinGuy]

8MB and then an automatic increase over time would be the best solution.

[Spjuth]

this is good, i was worried that they will eventually end up refusing everything and stay with their own fork of 1MB, apparently they do care about bitcoin a bit, besides their revenue from mining activity

from what i can grasp of one of the comments, it seeems that the total chinese miners contorl 60% of the network, is this correct?

Just AntPool, F2Pool and BW.COM control almost 50% just those three.
https://blockchain.info/pools?timespan=4days

[innocent93]

At least this stops that silly 20mb idea.

[el kaka22]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

[YoonYeonghwa]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

It will be terrible for runing bitcoin XT! No matter how large of our hard drive, we will run out of our free space soon! This will become the top issues after implementing 8M blocksize.

[Agestorzrxx]

Why is 8M rather than other size?
We still don't know how big size of the block. The most important thing is we should solve this problem forever. We can't do it again after several years later for the same reason.

[TKeenan]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

Dude - you can buy a 2TB drive for almost nothing.  By the time the blockchain gets to 2TB - you'll be able to buy a 200TB for next to nothing.  Drive space isn't the problem.

[98problems]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

Dude - you can buy a 2TB drive for almost nothing.  By the time the blockchain gets to 2TB - you'll be able to buy a 200TB for next to nothing.  Drive space isn't the problem.

i really doubt that, i mean the storage space will not grow so fast every time and it might be a problem in future, of course now 2 tb is not too much, but after a few years the situation might be the same

[Amph]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

Dude - you can buy a 2TB drive for almost nothing.  By the time the blockchain gets to 2TB - you'll be able to buy a 200TB for next to nothing.  Drive space isn't the problem.

i really doubt that, i mean the storage space will not grow so fast every time and it might be a problem in future, of course now 2 tb is not too much, but after a few years the situation might be the same

well you're not aware of moore law then, why the performances should remain the same in the upcoming years, there is no reason, they will double, continuosly

we are already in the time where you can afford a cheap ssd with 512, not even mechanical

[Oscilson]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

Dude - you can buy a 2TB drive for almost nothing.  By the time the blockchain gets to 2TB - you'll be able to buy a 200TB for next to nothing.  Drive space isn't the problem.

You have to store the data in a ordinary hard disk, not SSD.

[ranochigo]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

Dude - you can buy a 2TB drive for almost nothing.  By the time the blockchain gets to 2TB - you'll be able to buy a 200TB for next to nothing.  Drive space isn't the problem.

You have to store the data in a ordinary hard disk, not SSD.

I see no difference in storing in a SSD or hard disk. They pretty much do the same function and speed isn't too much of a issue for nodes. A decent hard disk would do. In my country, a 2 TB one would cost $100USD. It should be cheaper at other countries. Blockchain pruning is in the works now so it can potentially solve some problems too. For now, most people don't really use Bitcoin Core due to their ISP limitations, a SPV node can do the job just fine for an average joe.

[gentlemand]

i really doubt that, i mean the storage space will not grow so fast every time and it might be a problem in future, of course now 2 tb is not too much, but after a few years the situation might be the same

It's not storage that's the problem, it's bandwidth. You can always plug in more storage and it will always be cheap enough. Increasing bandwidth is out of the average person's hands and probably always will be. Around here you might get your local hardware updated every couple of decades.

[iram66680]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

Dude - you can buy a 2TB drive for almost nothing.  By the time the blockchain gets to 2TB - you'll be able to buy a 200TB for next to nothing.  Drive space isn't the problem.

i really doubt that, i mean the storage space will not grow so fast every time and it might be a problem in future, of course now 2 tb is not too much, but after a few years the situation might be the same

well you're not aware of moore law then, why the performances should remain the same in the upcoming years, there is no reason, they will double, continuosly

we are already in the time where you can afford a cheap ssd with 512, not even mechanical

A 512GB SSD can potentially cost up to $200. There's no doubt that there aren't people who buy SSD specially for the hosting of node. Bandwidth is still a problematic issue for most people who want to host a node. Only when the cap in many countries gets increased to 1-3TB a month, then it would be much more reasonable.

[ebliever]

Keep in mind a max block size increase does not mean all blocks will be maximum size. Very few (if any) will, especially in the short term. So the 1 GB/day growth calculation is not reality.

Eventually, even with growing HD storage space, I expect that major cryptos are going to have to adopt some form of sidechain technology. That should open up all the transaction storage space we need.

[Alley]

Blocks won't instantly be 8mb large.  Just like blocks now arnt 1mb large.  That's just the limit.

[Digit-0]

8MB and then an automatic increase over time would be the best solution.

agree with that, also is always good that big pools agree with the 8mb block size too.

Why is 8M rather than other size?
We still don't know how big size of the block. The most important thing is we should solve this problem forever. We can't do it again after several years later for the same reason.

well not a bad idea, thats why the automatic increase over time will be a pretty good solution i think.

[spazzdla]

I will follow Bitmain.  Bitmain you have my support.