Craig Wright’s SVPool Bitcoin Cash (BCH) Mining Pool Opens to the Public
SVPool, a mining pool targeted at Bitcoin Cash miners, has been inaugurated to the public after nearly two weeks of private activity. The pool’s invitation-only beta brought in numerous customers, and the pool mined its first BCH block on October 10th.
It has already gained 3.1% of BCH mining activity, from now anyone will be able to join the pool.
The pool is dependign on its own node implementation called Bitcoin SV in an attempt to prevent a hard fork planned by a leading developer, Bitcoin ABC. Bitcoin ABC produces node implementation software that is that currently dominant across BCH mining pools. The group’s dominance would allow it to fork Bitcoin Cash next month with divisive new changes.
SVPool opposes these changes, and Bitcoin SV will introduce entirely different changes to Bitcoin Cash if it is widely adopted by miners. Notably, Bitcoin SV will improve Bitcoin Cash’s scalability by continually increasing maximum block sizes, allowing more transaction data to be stored in each block.
Hundreds of miners and mining groups have already pre-registered for SVPool. Demonstrating truly global interest, the pre-registrants come from the United States, China, United Kingdom, Canada, Australia, India, Spain, South Africa, Brazil, Germany, South Korea, Japan, Malaysia, and many other countries.
The pool’s creater Dr. Wright said: “For too long, developer groups have repeatedly tried changing Bitcoin. The original Satoshi protocol for Bitcoin … has everything BCH needs to massively scale, support tokenization, smart contracts and other advanced features, and become the only global public blockchain.”
Bitcoin SV's roadmap is easy to understand: restore the original Satoshi protocol, keep it stable, enable the BCH network to massively scale, and professionalize Bitcoin. Aimed at business users, the SV implementation will allow global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol.
As of now, it seems that Bitcoin SV will chip away at Bitcoin ABC’s dominance rather than dismiss it single-handedly. Nevertheless, SVPool has several selling points that will offer direct benefits to users, like SVPool will not initially take mining fees from users.