Major Mining Pools Make a Stand Against Bitcoin XT Fork, Support for BIP 100 Grows


It has been little over a week since Mike Hearn and Gavin Andresen included Bitcoin Improvement Proposal 101 (BIP 101) into the alternative Bitcoin implementation Bitcoin XT. BIP 101 is designed to create a hard fork in the blockchain to allow for blocks of up to 8 megabytes, doubling every two years.

Despite a major uproar on forums, chat rooms and in the media, not to mention a significant drop in bitcoin’s exchange rate, support among miners is minimal. Bitcoin XT will need 75 percent of newly mined Bitcoin blocks to trigger a maximum block-size increase, but only some 1 percent of new blocks so far included such a message – all mined by Slush Pool.

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Moreover, it seems unlikely that the 75 percent threshold will be reached any time soon. A significant chunk of mining pools have taken a fierce stand against Bitcoin XT, while others are very hesitant to make such a switch.

Furthermore, a rapidly growing amount of hash power is now publicly backing BIP 100, the proposal by Jeff Garzik that grants miners the right to vote

Read more ... source: TheBitcoinNews