Roger Ver's Bitcoin.com Mining Pool Pulls Out Of Bitcoin Cash Tax For Development Fund

Bitcoin.com, a mining pool associated with Roger Ver, has announced it has withdrawn its support for the proposed BCH development fund which has been controversial among BCH miners due to insufficient consultation in the community.

Bitcoin.com through a blog post stated that it will withdraw the support of the development fund whose details were released last week by BTC.TOP CEO, Jiang Zhuoer. Bitcoin.com stated that it would not support the proposal as it didn’t want to see chain split or an alteration of the current economics.

The blog also states that such a proposal requires a consensus of many mining pools as possible. The firm also indicated that the opinions of other players like exchanges and businesses should also be considered before such a plan can be implemented.

Roger Ver, Bitcoin.com’s chair had signed last week’s proposal. Others included Haipo Yang of ViaBTC and Antpool/BTC.com’s Jihan Wu. The proposal called for a taxation of 12.5% block reward to be set aside as development fund like the Zcash one. During the launching of the proposal, the group stated that the fund will be used to finance long-term development but members will determine the projects to be funded.

While the proposal received some support, critics have argued that various aspects were underspecified like the ‘Hong Kong corporation’ which is set to coordinate as well as compensate for network development. In addition, critics pointed out at the ‘no-debate’ clause which meant that a miner who doesn’t support a soft fork may have his/her blocks orphaned.

Bitcoin.com explained that withdrawal of its support will offer an opportunity to both the users and developers to discuss and agree on precise funding proposals.

The new developments follows threats of a hard fork by unidentified ‘opposing miner group’ that says it controls about a quarter of the entire network’s mining hashrate. The opposing group said it was unfair for some mining pools to dictate to others to come up with proposals without engaging them.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

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