Following a months-long debate on how best to scale the bitcoin network to accommodate a greater number of transactions, bitcoin mining firms are voicing their support for a newly introduced proposal called Bitcoin Classic.
Though a new entrant to the debate, Bitcoin Classic so far has the support of bitcoin developers including former Bitcoin Core maintainer Gavin Andresen, Bloq CEO Jeff Garzik and Ledger Journal editor Peter Rizun, among others. If adopted, Bitcoin Classic would increase the size of blocks on the bitcoin blockchain to 2MB, up from 1MB today.
The proposal has created controversy in the industry for running counter to the recommendations of the Bitcoin Core developers, the network's main development team, which has introduced a road map that advocates for a change that would not directly increase block size, but boost transaction capacity four-fold.
However, bitcoin mining firms believe that the solution to the scaling debate must come in the form of a direct increase to the network's block size limit, and that Bitcoin Classic offers a more immediate solution to the perception problem that bitcoin as a whole is not doing enough to accommodate new users.
To date, miners including BitFury, Bitmain and Genesis Mining are among seven groups that the Bitcoin Classic initiative has said have pledged support to the project.
At The North American Bitcoin Conference (TNABC) this week, all three groups were vocal in their enthusiasm, putting forth the argument that Bitcoin Classic is the fastest way to achieve a solution that moves the open-source project forward.
Speaking on a panel session, BitFury CIO Alex Petrov explained:
Right now, the Bitcoin Core team is slowly introducing a solution, and it’s a really complicated solution, and it's been a half a year and they are still in tests. Bitcoin Classic is a fast answer
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