China is one of the largest contributors to the bitcoin network. In terms of transactions, a significantly large portion of bitcoin transactions happen in Chinese Yuan. According to last year’s statistics, about 80% of bitcoin transactions happened in Chinese yuan.
There is an ongoing debate about adoption of Bitcoin XT and BIP 101 proposed by Gavin Andresen and Mike Hearn. BIP 101 or Bitcoin Improvement Proposal 101 proposes increase of block size to 8 MB and doubling it every 2 years. However, many mining pools and other members of bitcoin community have opposed this move. It has received a fair share of support too, by few big players in bitcoin industry like BitPay.
Another alternative, BIP 100 proposed by Jeff Garzik has lately been receiving a lot of support especially from the mining pools. BIP 100 allows miners to vote for increase in block size. Recently, one of the biggest Chinese bitcoin mining pool, BTCChina expressed its support to BIP 100.
With BTCChina supporting BIP 100, it now has the backing of the top three mining pools who will be dedicating a part of their network hashing power to it. While