Chinese Mining Pools Propose Alternative 8 MB Block Size

Five of China’s biggest mining pools — AntPool, F2Pool, BTCChina, BW Mining, and Huobi — have agreed to raise the block size limit to 8 MB. In a statement sent to CoinTelegraph and posted today on the Bitcoin subreddit, they collectively rejected Bitcoin core developer Gavin Andresen’s proposal to raise the limit from 1 MB to 20 MB, and instead presented a compromise.

The mining pools came to the agreement at the National Conference Center in Beijing last Thursday. As they jointly account for some 55% to 60% of all hashing power on the Bitcoin network, it may now be increasingly unlikely that a consensus among the global Bitcoin community can be found on a block size increase to 20 MB.

The statement released by the Chinese mining pools reads:

“After undergoing deep consideration and discussion, the five pools agree that while the block size does need to be increased, a compromise should be made to increase the network max block size to 8 megabytes. […] We believe that this is a realistic short term adjustment that remains fair to all miners and node operators worldwide.”

In an article last week, we covered Chinese exchange’s stances against the

Read more ... source: Cointelegraph