ViaBTC Sees 50% Drop in Hashpower After Supporting Bitcoin Unlimited

[Chronobank]

ViaBTC, one of the largest mining pools in the world, experienced a 50% drop in its hashpower after allocating all of its resources in mining Bitcoin Unlimited blocks.

Bitcoin Unlimited is an alternative project with which miners can decide the size of the blocks they wish to mine. ViaBTC for instance, is mining 2 MB blocks through Bitcoin Unlimited, while the Bitcoin.com mining pool is opting for a 16 MB blocksize.

The team behind ViaBTC decided to move its entire mining pool to Bitcoin Unlimited due to their belief that the current capacity of the Bitcoin network significantly restricts the potential number of people that could be using the digital currency.

As a result, the team has begun to run Bitcoin Unlimited on mainnet, mining its first Bitcoin block on October 10, 2016.

https://cointelegraph.com/news/viabtc-sees-50-drop-in-hashpower-after-supporting-bitcoin-unlimited

[Jet Cash]

Good - lets hope they see sense, and opt to support the sensible way to move Bitcoin forward.

[pedrog]

Hope they're prepared for the DDoS attacks, blockstream minions don't take lightly this kind of opposition.

[xdrpx]

When there's a 50% drop in hashpower does it mean that no miners are connecting to that pool (if it's a pooled based mining) to share their mining power to earn Bitcoins from a share? Fortunately if that's the case, then I'm asusming ViaBTC would possible have less chances of earning Bitcoins. Also if mining happens on Bitcoin unlimited which is a hard fork of Bitcoin, basically they're mining some other currency other than Bitcoin like Bitcoin 2? Could someone kindly clarify this for me.

[Kprawn]

Bitcoin Unlimited .... wtf, is that still going? I thought those clowns got the message that everyone wants to follow Bitcoin Core. There

has to be someone pissing against the wind.  ... Almost everyone seem to think SegWit and LN is the answer to the scaling problems,

and then you get a bunch of people, who always wants to swim against the current.  ...What are they going to mine?

[RocketSingh]

ViaBTC hashrate stagnates as the rest of the network continues to grow, thereby diminishing the percentage of network hashrate that they embody.

[coinoclock]

so is this some kind of a fork or are they on the same chain? i'm confused a bit. plz explain.

[Wind_FURY]

Bitcoin Unlimited .... wtf, is that still going? I thought those clowns got the message that everyone wants to follow Bitcoin Core. There

has to be someone pissing against the wind.   ... Almost everyone seem to think SegWit and LN is the answer to the scaling problems,

and then you get a bunch of people, who always wants to swim against the current.   ...What are they going to mine?

It is in their right to support the version of Bitcoin they want. Roger Ver and his allies are not really giving up with their campaign for larger blocks yet so everyone should expect for this to go on. I personally support the Bitcoin core developers and off chain transactions like the Lightning Network system but let us also accept that such solutions will also have its own set of problems to overcome.

[HostFat]

https://twitter.com/ViaBTC/status/785593303722930176

So many stupid people who don't understand how the bitcoin works at all! Check https://www.viabtc.com/ still 168P same as before.

[dumbfbrankings]

Hey look! Most of them came back!



Lolno... lrn 2 variance.

[Kakmakr]

I guess Cointelegraph made a hash of this one. ^smile^

These pools are private entities and they can support whatever they want to. They are not there to support a specific cause, but rather to make a profit. The protocol was written to reward miners for their hashing power, and these miners are doing just that. They apply their hashing power, where they think the most profits are to be made.

The biggest competition is definitely not on the Bitcoin Unlimited side at the moment. ^heh^