There is a challenge to the Bitcoin mining pool fundamentals to succeed in the future getting ahead, with two more mining pools announcing the processing fee of transactions to be zero.
The announcements are a support to the ‘Miner’s Choice’ initiative by Nchain and Coingeek which are aiming for lowering the mining fees and transaction values.
Both the mining pools that started the initiation stated officially-
“Users will have more choice about how much (if anything) they wish to pay for sending a BCH transaction, depending on the speed they want. If a user wants an instant transaction, the user can choose from a range of small fees made offered by miners. But if a user is willing to wait perhaps 30-40 minutes for a transaction to be added to a block, the user can elect zero fees.”
The two new mining pools following this initiative are ViaBTC and Bitcoin.com.
According to Coindance’s Data, ViaBTC is the second largest Bitcoin Cash mining pool overall with 12.7% of the BCH hashrate. Bitcoin.com has 7.7% and is owned by popular Bitcoin Cash promoter, Roger Ver.
Bitcoin Cash is thus stepping up with the initiative removing the minimum dust limit of 546 Satoshi as well as zero mining fee transactions in their blocks.
Hence will allow users to send transactions as low as 1 Satoshi, which was initially the case with Bitcoin but now adopted by Bitcoin Cash to ensure network abuse does not take place. Also, transactions will be free to confirm in each block.
The Miner’s Choice now has support from more than a quarter of the total Bitcoin Cash hashrate, and hence long-term is looking to be very helpful.
Hence if Bitcoin is the cryptocurrency of choice for businesses seeking large transactions, Bitcoin Cash will be the one businesses opt for regarding microtransactions.
The self-proclaimed Satoshi Nakamoto, Craig Wright, who is a Bitcoin Cash enthusiast tweeted to his followers recommending the Miner’s Choice.
Miners should start thinking about no dust limit and some zero fee txs to spur adoption faster.
Single satoshi tokens.
Plan for the long term
— Dr Craig S Wright (@ProfFaustus) June 4, 2018
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