After 4400% Surge, Bitcoin’s Fate Hinges on Huge Chinese Miners

Wu Jihan still remembers a enthusiasm he felt after training about bitcoin in 2011.

A self-described mechanism geek uninformed out of China’s tip university, Wu dripping adult all he could about a digital currency’s puzzling owner and a users’ ambitions to renovate a tellurian financial system. Within a year, he quit his pursuit during a private equity organisation to launch a bitcoin startup. Today, his association is one of a world’s biggest players in bitcoin mining, a computing routine that creates exchange with a cryptocurrency possible.

Wu Jihan

Yet for Wu, and a rest of bitcoin’s online community, feelings of enthusiasm have been transposed by confinement over what could be a biggest jump to a cryptocurrency’s expansion given a presentation in 2009. Because of a pre-programmed top on a volume of information bitcoin’s network is authorised to process, a stream complement for verifying payments needs to boost a limit capacity, or transaction times will balloon and criticise bitcoin’s 4,475 percent allege over a past 5 years.

In theory, there’s a elementary fix: With some coding tweaks, exchange could continue apace. But a problem is that any change



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