In May, Bitcoin Magazine reported that lead Bitcoin developer Gavin Andresen is persuaded that the best solution to the limited Bitcoin transactions rate – the Bitcoin network can currently process only a few transactions per second — is to increase the maximum block size.
Andresen argued that if the proposed solution is not urgently implemented the Bitcoin network will become oversaturated, and developed code for a proposed Bitcoin hard fork that would allow any block with a timestamp on or after March 1, 2016 to be up to 20 megabytes.
However, not everyone agrees that Andresen’s proposal is the best path forward. The MIT Technology Review published a review, titled “Leaderless Bitcoin Struggles to Make Its Most Crucial Decision,” of the pros and cons of the proposed hard fork.
Recently several of the larger mining pools, amounting to around 60 percent of the total mining capacity, have agreed to a compromise: The maximum block size would be increased to 8 megabytes instead of 20. NewsBTC reported that, even though the 8 megabyte block size is smaller than the initially 20 megabyte block size proposed, Andresen is happy about the proposal and there seems to be a