Bitcoin Cash News Today – Headlines for February 3

  • Bitcoin Cash Miner Revises Taxes
  • Community remains skeptical of new mining rewards proposal
  • If approved the new rewards model would last six months

Bitcoin Cash News Today – according to reports, Jiang Zhuoer of BTC.TOP has revised his position on the issue of miner’s donation. BTC.TOP is the operator of a strong mining pool in Bitcoin Cash’s ecosystem. Recall that Zhuoer earlier said miners would become orphaned from the BCH Blockchain if they fail to donate at least 12.5% of their mining rewards. He said these rewards would support the building of infrastructure for the Bitcoin Cash ecosystem.

The Mining Tax Proposal Misunderstood

Since Zhuoer’s initial announcement, he has updated and even reviewed some parts of his position on the miners’ donation controversy. He has described the situation as a cultural misunderstanding. Despite claims that Zhuoer had no interest in discussing his proposal, the BCH mining operator talked about the aspects of the proposal that are certain.

During the last seven days, Zhuoer’s pool has captured about 28.1% of the block rewards on the network. Other pools, like AntPool, BTC.com, ViaBTC, and Bitcoin.com, make up 23.2% and all four pools showed support for the initial proposal.

It isn’t clear whether these mining pools sponsor Zhuoer’s recent recommendation. Although, he plans to establish a foundation, known as the BCH Miner Fund. Meanwhile, the new BCH Miner Fund that Zhuoer is planning to establish will operate in a trial phase for an indefinite time. The new Fund will distribute money based on donor wishes in proportion to whatever they donate. For miners who aren’t interested in supporting the BCH project or BCH Miner Fund, Zhuoer recommended that they transfer their coinbase to BCH Black Hold addresses to destroy their tokens.”

Community Remains Skeptical of the Mining Proposal

To secure the right number of votes to activate his plan, Zhuoer has recommended that miners mine at a loss to chase anonymous miners who only think of making money. He proposes keeping BCH mining profits less than Bitcoin’s mining profits to make independent miners shift their attention. This, among other things, has been widely criticized in the community.

In Bitcoin Cash’s subreddit, one user talked about their concerns about Zhuoer’s recent recommendations. Zhuoer added that he couldn’t convince his company, to accept intentional losses. To circumvent this, Zhuoer has offered some personal hardware to launch another mining pool known as D.TOP.

Finally, the bulk of the BCH community are skeptical of the proposal for mining rewards. Although Zhuoer remarked that the new reward scheme would last six months if it is approved. Meanwhile, only a few are convinced that the changes proposed would be effected.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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