Roger Ver’s Bitcoin.com is backing down from the 12.5% mining tax on Bitcoin Cash
Roger Ver’s Bitcoin.com, has withdrawn support for a proposal that will coerce miners transfer 12.5% of the Bitcoin Cash block reward to a development fund.
Roger Ver’s Bitcoin.com. Image via coindoo
In a blog post published earlier on Tuesday, Bitcoin.com said it would no longer return to the current plan for a dev fund revealed last week by the CEO of mining group BTC.TOP, Jiang Zhuoer.
Last week, the characters of Bitcoin Cash (BCH) proposed a 12.5% tax on mining rewards that could be financed to develop the network. At the time, the team said it could fund long-term development and give ecosystem members a role in deciding which projects were funded.
Critics point out that there are many unspecified aspects of the proposal – such as the “Hong Kong Group” that would coordinate and pay for network development, although the proposal was met with some support.
Bitcoin.com calls for transparency, flexibility and unity. Bitcoin.com suggests that the lack of an ecosystem agreement risks a split in the chain, although they seem to be looking for ways to finance further development.
The mining proposal
The initial proposal driven by a cartel of miners accounted for 54% of the network’s identified hash rate, or 34% of the total hashrate.
Jian Zhuoer, CEO of BTC.Top , the largest Bitcoin Cash mining group công announced the proposal on January 22. His mining team alone controls 25% of the identified hashrate. Other members of the cartel include Jihan Wu, CEO of Bitmain and operator AntPool and BTC.com and Haipo Yang of ViaBTC. Roger Ver’s Bitcoin.com is also part of the plan. Bitcoin.com represents less than 2% of the known hashrate, meaning the cartel still controls 32% of the network.
Hard fork threat
Bitcoin.com said it would be a “great opportunity” for users to speak out what they need and for developers to make clear funding proposals by withdrawing support.
An anonymous “opposition mining group,” who claims to control about a quarter of the network’s total hashrate, threatened Monday with a bitcoin hard fork itself.
The mining team said it would transfer the hashrate from the signing groups and “launch a competing BCH pool to give voice to miners who disagree with the proposal”.
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