‘Think about the game being played here’: Jimmy Nguyen tells the truth about Bitcoin BCH hash war

Last November 15, during the Bitcoin Cash (BCH) network upgrade, a hash war has been fought with miners voting between two competing implementations of the BCH protocol—Bitcoin SV and Bitcoin ABC.

As expected, Bitcoin ABC took a temporary early lead, thanks to an artificial burst from “rented” hash power subsidized by Roger Ver’s Bitcoin.com, which announced that it would use pool customer hash from the Bitcoin Core (BTC) network onto the BCH chain for 24 hours, as well as from ABC’s main supporter Bitmain Technologies.

The hash war, however, isn’t far from over. Bitcoin SV’s strongest supporters, CoinGeek and nChain, is committed to a long term fight using their legitimate, sustained hash—long after Bitmain can no longer afford to bleed money for rented hash.

On November 17, nChain CEO Jimmy Nguyen appeared on Keyport’s live stream coverage of the Bitcoin BCH hash war to speak the truth, as well as explain to the BCH community the consequences of their willingness to accept a burst of rented hash to quickly decide the hash war. And to those who are out there on social media, cheering for the supposed ABC victory, Nguyen posed this question: Is this the precedent we want to set for the Bitcoin Cash community?

Read the full transcript of Jimmy Nguyen’s Keyport speech below.


Jimmy Nguyen – CEO, nChain Group

Since the Bitcoin Cash (BCH) network upgrade on November 15, a hash war has been fought with miners voting between Bitcoin SV and Bitcoin ABC – two competing implementations of the BCH protocol. nChain and CoinGeek support Bitcoin SV. As we fully expected, Bitcoin ABC appeared to take a temporary early lead by receiving an artificial burst from temporary, “rented” hash power subsidized by Roger Ver’s company Bitcoin.com, which announced it would move its pool customer hash from the rival Bitcoin Core (BTC) network onto the BCH blockchain for just 24 hours, and from ABC’s main supporter Bitmain Technologies. 

Many observers have quick to prematurely call a win for Bitcoin ABC. But the hash war is not over. nChain and CoinGeek continue to fight, mining with our legitimate, sustained hash committed to support the Bitcoin Cash network and the Satoshi Vision. For days before the hard fork, Bitcoin SV had support from over 75% of the network hash.. Knowing they clearly did not have enough support to win, Bitcoin ABC’s backers had to rent and subsidize BTC hash to move onto BCH to use as voting power. When they can no longer to afford to pay massive daily amounts to rent hash for this BCH hash war, we will still be here fighting, and the consistent hash power supporting Bitcoin SV will overtake Bitcoin ABC. That is the inevitable result of this BCH hash war

On November 17, I appeared on Keyport’s live stream coverage of the BCH hash war to provide my views and a statement to the Bitcoin Cash community about “Truth and Consequences” of their willingness to accept a burst of rented hash to quickly decide the hash war. This is a transcript of my speech, edited for clarity.

I’m about to tell you truth and consequences. These are the truth and consequences for the Bitcoin Cash community of what’s happening in this hash war.

So the weekend went exactly as I expected. There was the fork on Thursday, November 15; there was a huge burst of hash that came into the network on the side of Bitcoin ABC that was rented or subsidised— probably from the BTC network, in order to artificially boost the support for Bitcoin ABC far higher than it had ever been in the days and weeks coming up to the hard fork.

Then the Bitcoin ABC supporters decided to declare early victory, because they seemed so far ahead in hash. Then they started going to the exchanges, if not even before the hard fork. (I think they did look before to try and get them to recognise their chain as Bitcoin Cash (BCH).

They added checkpoint—not a surprise, our developers heard about that a week ago.

So everything that happened is exactly as I predicted, and we’re continuing to plug away.

And people are probably wondering why we didn’t bring more hash in to support the Bitcoin SV side of the coin. Let me explain why. We actually had plenty of petahash offered to us; in fact, we actually didn’t have to go ask any miners or mining pools to lend us their hash.

Before and after the BCH Miners Choice Summit on November 2nd that CoinGeek sponsored and which I attended, we had a potential deal for thousands of petahash —to be rented and subsidised by us much like, I’m sure, Bitmain and Roger Ver were doing in some capacity or variation. While I was at that summit, we had thousands more petahash offered to us to rent, by people who just did not like Bitmain, opposed the Bitcoin ABC implementation, or wanted to support us for all kinds of reasons.

I could have walked away from that day with easily ten to fifteen thousand petahash worth of support for Bitcoin SV. And it’s not for lack of money or resources that we decided not to do it because Calvin Ayre, CoinGeek and nChain could have easily afforded to do that for as long as it took during this battle, and we would have blown the Bitcoin ABC side out of the water, at least compared to the hash that they have demonstrated so far in the charts you can see. But I actually had a realization at that moment in Hong Kong about whether that was the right thing to do; and I decided it was not, because of the consequences it would have in the future for the Bitcoin Cash community. And here’s what they are:

The whole reason that such hash was available on the BTC network to move onto BCH is because the people who should have fought Bitcoin Core did not, and splintered off to create the Bitcoin Cash network, and allowed BTC to continue on. That’s perfectly fine. But now they’re borrowing hash, renting it, subsidizing it from the very network they so vehemently oppose—many of them - to try and claim a victory on the BCH network.

I want you to think about the hypocrisy of that, because it’s staggering. I also want you to think about the game that is being played here, if you are able to just move hash for a day or two from the rival network that many of our community do not like, and use that to claim victory. What does it say about what you would do just to win what looks to many people right now like a sporting contest.

In addition, I want people to know that I thought long and hard about what should be the governing model to decide disagreement between rule sets for Bitcoin - because that’s what this is, that’s what’s really being tested in this moment right now. It’s not just about a particular feature set here or there.  It’s about what should be the governing model when there are disagreements.

And think about this: when the Nakamoto Consensus was written in the Bitcoin white paper, there was supposed to only be one Bitcoin network. There was not supposed to be miners on a network running the same hash algorithm that you could pay to rent their hash to come in and vote in a disagreement over rule sets. Instead, the Bitcoin network as we know it, this whole system, it’s magic is in its economic incentives. Miners have incentives to provide the computing power and security of the network; they earn block rewards, they earn transaction fees, they have the investment and monetary interest therefore to make decisions on rule sets that best continue that economic incentive and the security of the network.

But if you are not mining on the network and don’t have your own investment in it, and you are not making money on this network but making it over on BTC, why is it that you should have a vote for the rule set for Bitcoin Cash, particularly when it is hash borrowed from the very network that Bitcoin Cash was designed to split off from?

So the Nakamoto Consensus is being tested for the first time right now, and I want you to really think about that. Obviously, Satoshi Nakamoto could not have envisioned, at the time the white paper was written, that there was going to be some splintered-off network using the same hash algorithm. And with the idea of one CPU equals one vote, or miner hash power equals the vote, it was designed—and I’m sure most logical people can agree with it—to recognise that the people who have an ongoing continuous invested interest in the network are the ones that should vote on a rule set.

But what has happened over this weekend is that the supporters of ABC have been so quick to come forward, and say, after a day or two of hash bursts provided by Roger Ver and his company Bitcoin.com’s move of hash from his customers from BTC over to BCH - and I’m sure move of BTC hash by Bitmain and other sources - after one or two days of bursts, they are so quick to declare, therefore they must be the winner.

But we took an alternate path. And as you can now probably understand why Craig Wright and Calvin Ayre have been so repeatedly vocal about the need for genuine and legitimate sustained hash that supports the network. We made the decision to fight with genuine honest hash.  And that is why, if you notice, over the days leading up to the hard fork., the CoinGeek, SVPool, and BMG pools started gradually increasing the hash they were devoting to the network.

That was done for a reason. It wasn’t just an all-in burst to vote on the day of the hard fork. It was designed to demonstrate continued commitment to sustain this network and a desire to show the world we are going to continue using that hash on this network. It wasn’t a flash in the pan.

And so the situation that has unfolded this weekend is basically akin to saying: I want to have an election in the United States, and I don’t think I have enough votes, so I’m going to go pay people from Canada to come to the US for a day, vote, and leave—even those people who have no interest in the outcome of that election; it does not affect their lives, their livelihood, what pocket of money they get to pay their bills. That is what the people on the ABC side of the fence have just created: the idea that you can do that and that you can do that every time there’s a disagreement over the rule set.

So I really want people to think about what kind of system you want to decide consensus rule disagreements in the future for Bitcoin. Is it who can pay the most for one or two days to rent hash from a competing rival network that you escaped from? Or is it the votes of the miners who are ongoing providers of sustained hash, because they have an ongoing economic interest in the network?

And you saw the numbers in the days before the fork: it was clear the SV side of was demonstrating on a daily basis—for multiple days—far more than majority support from the network.

I believe that should be the governing model for Bitcoin consensus rule decisions. I also want everyone out there in the community to think about the consequences for the future. IF you are so quick to say that ABC should be declared the victor and awarded the BCH ticker symbol, and its consensus rules should govern, you’ve just walked into a bigger problematic box that I knew you would. Because I knew this would all happen; it’s all unfolded on Twitter and online. You’ve just provided the playbook for a big corporation with really big pockets, a state actor of government, anyone who could afford to pay for just one or two days of rented hash, to come over to the BCH network and get its rule set implemented.

Now that may not be nefarious; it could be Google, IBM, or Microsoft, who are very interested in blockchain technology, and they want to shape the Bitcoin Cash network with rules that favor their business model. This may be perfectly legitimate, and some people may support it. But I know many of you out there in the Bitcoin community would say: “well, wait a minute, I don’t want some big corporations just coming to pay, to take over the rule set of my network.” It would not cost that much —20 or 30 million dollars could have bought them a victory in a day or two according to what all the people screaming and cheering for ABC want to see happen.

A state actor could do that easily, that’s a drop in the bucket. And if you continue this path where you say “AHA!” after a day or two with bursts of hash that did not exist before and were just taken from the BTC network, if that is the way to determine the rule set, you have just set up the biggest vulnerability ever to the Bitcoin Cash network:  for someone with a deep pocket to come in and implement whatever rule set they want.

And for those of you who aren’t a big fan of big corporations and government - you know who you are out there in the Bitcoin Cash community - I think you need to sit back and think: what have I just done? Because that’s what I thought, and this is exactly what I knew was going to happen. I sat there in Hong Kong, and I had all these offers of hash that we could have taken, and we could have used it to quickly win. But I had a moment where I had to say: I had a moment to say, is this the precedent we want to set for the Bitcoin Cash community? That anyone who has a deep pocket to pay for hash for a day or two, who doesn’t have to mine the day before - such as a government, a big corporation who could be a zero miner the day before - to just pay enough miners enough money on a hard-fork date to have enough hash to have its rule set take over?

That’s exactly the situation you are creating now for all of those who are out there on social media and online, cheering for a supposed ABC victory. That’s all you think it takes. But that’s not what it should be, and that’s not what it was envisioned to be at a time when the white paper was introduced to the world with the idea that there was just going to be a single Bitcoin network with a single network of miners who all had an economic incentive and interest to mine that network, and therefore make the best decisions for the viability and vibrancy of that network.

I’ll close by saying that that’s the truth I wanted the Bitcoin community to realise and the consequences of the path you’re trying to take. At nChain and on behalf of the CoinGeek people who are somewhere else, I want to say—and if it’s not clear already—we’re very committed with the SV project to really advance the Satoshi Vision. Obviously, some people have a different interpretation of it; that’s okay, but if there’s one thing we’ve been consistent about time and time again—we want the original Bitcoin. We want to see it grow to what it was meant to be. You can disagree with us about what feature set it should be, what block cap size, about anything else. But there is one thing we consistently work on, day in and day out. You don’t have to like Craig, but it’s very clear that is his mission and vision, and it’s ours as well. And that vision has to be enforced by a pure understanding of what Nakamoto Consensus should be: loads of miners who have an economic interest day in and day out—not people who can be mercenaries, who are rented to come in and allow anyone, any corporation or state actor, to take over your network.

To some people out there who are cheering for an ABC victory after a day or two: I want you to think long and hard about what you just did, if that’s the result you want. Because you’re not going to like it—the hypocrisy, I think, is staggering for where Bitcoin Cash came from. . . from Bitcoin Core.

So it’s time for this community to make a choice, to make a choice about how you want disagreements to be decided, and how you want to allow the ruleset for your chain to be governed.

I know what choice I’m going to make, and it’s a choice that supports the Satoshi Vision. I’m going to leave now, because I have a lot of work to do to support that vision.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Bitcoin BCH hash war will be decided by sustained – not temporary, rented – hash power

16 November 2018 - With the Bitcoin BCH network upgrade on November 15, a hash war has begun with miners voting between Bitcoin SV and Bitcoin ABC – two competing implementations of the BCH protocol. As fully expected, Bitcoin ABC appeared to take a temporary lead on the first day by receiving an artificial boost from temporary, “rented” hash power subsidized by Roger Ver’s organization Bitcoin.com, which announced it would use its pool customer hash on BCH for just 24 hours, and from ABC’s main supporter Bitmain Technologies, the Chinese manufacturer of crypto mining rigs. However, Bitcoin SV has strong support from CoinGeek, the largest BCH miner, and nChain, the leading blockchain research & development firm. CoinGeek and nChain have the resources to fight long term with their own sustained hash, long after Bitmain cannot afford to bleed money for rented hash.  Therefore, the BCH hash war will not be decided in 1 or 2 days, but over many days and possibly weeks by on-going miner votes with sustained Proof of Work. Until a dominant chain emerges, cryptocurrency exchanges, wallet and service providers are advised to remain neutral, and to run a Bitcoin SV node to be prepared for the best interests of users.

CoinGeek founder Calvin Ayre expressed his determination to fight the BCH hash war as long as it takes:

“CoinGeek and nChain are in this battle for the long haul. We will mine BCH and fight as long as it takes to protect the original Bitcoin from Bitmain, Jihan Wu, and their Bitcoin ABC development group who all want to change BCH into some alt-coin Wormhole token technology. Roger Ver’s company Bitcoin.com is subsidizing hash for only 24 hours, taken from his own customers. As for Bitmain, to keep up with us in this hash war, Bitmain will have to spend millions of dollars a day from its investors’ money and shareholder assets, while also trying to raise more investor money for its shaky IPO. This will bleed Bitmain’s cash and cryptocurrency reserves, because we are prepared to fight for months and months. If I were a shareholder or investor in Bitmain, I’d be asking why Jihan Wu is spending all your money to control BCH when Bitmain’s business supports multiple cryptocurrencies.”

Bitcoin SV is the new full node implementation for Bitcoin Cash that seeks to restore the original “Satoshi Vision” for Bitcoin and allow it to massively scale. For the November 15 upgrade, Bitcoin SV’s feature set is not compatible with that of competing client Bitcoin ABC. When there is a disagreement between rule sets, the original Bitcoin white paper described the “Nakamoto consensus” method for miners to vote with their computing power (1 CPU = 1 vote) to enforce any rules: “The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it.”

The current hash war is the world’s first test of Nakamoto consensus. After the November 15 upgrade, Bitcoin ABC appeared to temporarily lead with a higher portion of the BCH network’s total hash power. But ABC’s perceived first-day advantage comes from a sudden burst of hash presumably rented from the Bitcoin Core (BTC) network to move over to BCH. By November 14, the day before the hard fork, Bitcoin SV’s support consistently grew for weeks and dominated with a clear 72-78% lead over ABC (18-22%):

[Source: Cash.Coin.Dance, 14 November 2018]

Bitcoin ABC even dropped to tying for 3rd place with Bitcoin Unlimited, another implementation which is compatible (as a configurable option) with both Bitcoin SV and Bitcoin ABC rule sets.

Yet suddenly on the November 15 upgrade date, a huge wave of hash magically came to support Bitcoin ABC. This came from Bitcoin.com’s pool which announced it was boosting its BCH hash for only 24 hours, by moving customer hash from the BTC chain. In addition, Bitcoin ABC is receiving more support from “rented” or subsidized from BTC mining pools controlled by (Antpool.com, BTC.com, ViaBTC) or friendly (BTC.top) to Bitmain. To obtain rented hash, Bitmain must pay to subsidize the difference in lower revenue miners receive on the BCH chain when total hash rate grows, compared to mining on the more profitable BTC network. BTC.top’s CEO Jiang Zhuoer estimates this can cost over 100 million yuan or USD $14 million per day. The rented hash supporting Bitcoin ABC is temporary, and will leave the BCH network when not subsidized. This is a losing proposition for Bitmain; each day a hash war continues, Bitmain must pay millions of dollars to give Bitcoin ABC an artificial advantage. But when Bitmain can no longer afford to pay for it, the rented hash will leave BCH and Bitcoin SV will again dominate by virtue of its long-term, sustained hash support.

In contrast, Bitcoin SV’s support comes from CoinGeek and nChain’s BMG mining groups, which are 100% dedicated to support Bitcoin SV with their genuine hash. SVPool, a personal initiative of nChain Chief Scientist Craig Wright and the newly-formed Mempool also run Bitcoin SV; those pools gather miners supporting the Satoshi Vision and do not pay added subsidies to miners beyond the amount actually earned from participating in their pools.

Ayre explained why sustained hash power should decide:

Bitcoin is about Proof of Work (PoW), not Proof of Rented Hash (PoRH). To decide which chain should be the true Bitcoin BCH, you should pick the longest chain with the most legitimate, sustained Proof of Work invested. It is ridiculous to count transient, rented hash which comes onto BCH artificially for short bursts of time because it is subsidized to do so, but then disappears and does not really sustain Proof of Work on the network. That is like paying a person to show up in a foreign country to vote in a political election, without meeting citizenship requirements to vote. At CoinGeek’s BCH Miners Choice Summit on November 2, we were offered thousands and thousands of petahash to rent for this battle. While we can afford to pay for more rented hash than Bitmain can, we decided to set a better precedent for Bitcoin and fight with honest hash invested to support BCH long term.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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20181116日——随着11月15日比特币现金(BCH)网络升级,矿工们在Bitcoin SV和Bitcoin ABC(两个竞争的比特币现金协议实现方式)之间投票掀起了哈希算力大战。不出意料,Bitcoin ABC在第一天看起来取得了暂时领先,是因为它的人为推动是来自于Roger Ver的公司Bitcoin.com所补贴的临时“租赁”算力(其宣布将在比特币现金上使用其矿池客户算力仅24小时),以及来自于ABC的主要支持者中国加密货币矿机制造商比特大陆(Bitmain Technologies)。然而,Bitcoin SV得到了最大的比特币现金矿业巨头CoinGeek和领先的区块链技术研发公司nChain的大力支持。CoinGeek和nChain有足够的资源用他们自己的持续算力进行持久战,而Bitmain终将因租赁算力而资金枯竭。因此,BCH哈希算力大战不会在12天内决定,而是通过持续的工作量证明所进行的矿工投票在许多天甚至数周内决定。在主导链出现之前,建议加密货币交易所、钱包和服务供应商保持中立,并运行Bitcoin SV节点,以便为保护用户的最佳利益做好准备。

CoinGeek创始人卡尔文·艾尔(Calivin Ayre)表达了他将长期进行比特币现金哈希算力大战的决心:

“CoinGeek和nChain联手参与这场持久战。我们将挖掘比特币现金(BCH)并为原始的比特币而战,保护其免受比特大陆(Bitmain)、吴忌寒(Jihan Wu)以及他们的Bitcoin ABC开发组的影响,因为他们都想将比特币现金(BCH)改为某种代币的虫洞技术。Roger Ver的公司Bitcoin.com正在用取自他自己客户的算力进行补贴,而且仅维持24小时。至于比特大陆(Bitmain),为了跟上我们在这场哈希算力大战中的步伐,将不得不每天从投资者的资金和股东资产中花费数百万美元,同时还试图通过摇摇欲坠的IPO筹集更多的投资者资金。我们已为数月的战斗做好了准备,这将把比特大陆(Bitmain)现金流和加密货币储备拖到枯竭。如果我是比特大陆(Bitmain)的股东或投资人,我会问吴忌寒,如果比特大陆(Bitmain)的业务同时支持多种加密货币,为什么你要把所有的钱花在控制比特币现金(BCH)上。”

Bitcoin SV是全新的比特币现金全节点实现,旨在恢复原始的比特币“中本聪愿景”并允许其大规模扩容。对于11月15日的升级,Bitcoin SV的功能设定与竞争客户端Bitcoin ABC互不兼容。当规则集存在分歧时,最初的比特币白皮书描述了“中本聪共识”方法,指导矿工以其计算能力(1 CPU = 1票)投票来执行任何规则:“多数派决定应由最长的链来表示,因为有最大工作量证明投入其中。”

当前的哈希算力大战是世界上第一次对“中本聪共识”的考验。11月15日升级后,Bitcoin ABC看起来以略高份额的比特币现金网络总算力暂时领先。但ABC第一天的优势来自突然爆发的算力,据推测,其算力可能是从比特币核心钱包Bitcoin Core (BTC) 网络租用转移到比特币现金(BCH)。截至11月14日,也就是硬分叉的前一天,Bitcoin SV的支持持续增长了数周,并以72-78%遥遥领先ABC(18-22%):

[Source: Cash.Coin.Dance, 14 November 2018]

Bitcoin ABC甚至下降到与Bitcoin Unlimited竞争第三名。Bitcoin Unlimited是另一个实现方式,兼容Bitcoin SV及Bitcoin ABC双方规则集(作为一个可配置的选项)。

然而,就在11月15日升级当天,突然有一股支持Bitcoin ABC的哈希算力浪潮神奇出现。这是来自Bitcoin.com的矿池,该矿池宣布其在通过转移比特币(BTC)链上的客户算力来推升其比特币现金(BCH)算力,且仅持续24小时。此外,Bitcoin ABC正在收到的更多支持是来自比特币矿池(Antpool、BTC.com和ViaBTC)或与其关系密切的矿池(BTC.top)的“租赁”或补贴。为了租赁的算力,比特大陆(Bitmain)必须支付补贴收益差额,因为在总哈希算力增加时,与在比特币(BTC)网络上挖矿相比,矿工们在比特币现金(BCH)链上的收益较低。BTC.top的首席执行官江卓尔(Jiang Zhuoer)估计,这可能每天花费超过1亿元人民币或1400万美元。支持Bitcoin ABC的租用哈希算力是暂时的,并且在未获得补贴时将离开比特币现金(BCH)网络。对比特大陆(Bitmain)来说,这是一桩亏本生意;哈希算力大战每天都在继续,比特大陆(Bitmain)必须花费上百万美元为 Bitcoin ABC 创造优势。但当比特大陆(Bitmain)再也不能支付庞大的费用,租来的哈希算力将离开比特币现金(BCH),Bitcoin SV将再次凭借其长期、持续的哈希算力支持,重返主导地位。

相比之下,Bitcoin SV的支持来自CoinGeek和nChain的BMG挖矿团队,它们100%致力于用真正的算力支持Bitcoin SV。由nChain首席科学家克雷格·怀特(Craig Wright)个人倡议的SVPool及新建的Mempool也在运行Bitcoin SV;这些矿池将矿工汇聚起来支持中本聪愿景,并且不向矿工支付超出参与矿池实际收益的额外补贴。


对比特币来说,考虑的是工作量证明(PoW),而不是租赁哈希算力证明(PoRH)。为了决定哪个链应该是真正的比特币现金(BCH),人们应该选择最长的链,其拥有合法持久的工作量证明。计算暂时、租用的哈希算力是非常荒谬的 ,其算力来自于短时间内对BCH的人为操作,因为他们可以得到补贴,但是他们最终都会消失,这并不能真正地维持网络上的工作量证明。这就像付钱给一个不符合公民身份要求的人,让他去外国参加政治选举投票。在11月2日CoinGeek的BCH矿工选择峰会上,有成千上万的petahash愿意为了这场战争供我们租用。虽然我们有能力租用比比特大陆(Bitmain)更多的哈希算力,我们还是决定树立一个更好的榜样,并用诚实的哈希算力作战来长远地支持比特币现金。”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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上周六,Mempool宣布其矿池同时在比特币现金网络以及比特币上对矿工“即时开放”。 对于BCH来说, Mempool将在即将到来的11月15日协议更新后运行Bitcoin SV全节点实现。这一实现方式旨在支持最初的比特币中本聪愿景(Satoshi Vision,简称“SV”)。

该矿池在其公告中写道:“Mempool坚信最初比特币白皮书中描述的中本聪愿景。 “Mempool将参与和专业挖矿组织之间的竞争,与其财库存款人分享池内收益。”

Mempool忠于“矿工选择、矿工为先”的中本聪愿景,让其比特币现金矿工选择以比特币现金(SV)或比特币的形式收取酬金。 该矿池表示,“由于市场中不同加密货币的流动性不同或与其金融基础设施的整合度不同,有些矿工对于使用哪种加密货币有自己的偏好。” 对于即将到来且争议不断的比特币现金硬分叉来说,许多矿工希望支持Bitcoin SV实现,但是担心收到的比特币现金无法立刻变现。 Mempool允许其比特币现金矿池中的矿工选择以比特币的形式收款,而比特币未来在比特币现金哈希算力大战后依旧具有流动性,这样就解决了矿工的担忧,或者也可以选择直接收取比特币现金(SV)代币。

矿工可以使用该矿池简单易用的网站设置页面,选择自己所挖掘的加密货币以及希望以哪种加密货币收款,此外还可以选择奖励模式,即PPLNS“Pay-per-last-N-shares” (根据过去的N个股份來支付收益)或PPS“Pay-per-share ” (每股付费+)。

Mempool矿池的另外一个独一无二的特点是财务存款,可以让矿工兑换自己收到的比特币现金,甚至可以将比特币转换为比特币现金(SV)。 据Mempool表示,未来这将“有助于让矿工收到的回报保持稳定并且分享矿池的收益。”

如果矿工在挖掘一种区块链,但是希望收到另一种加密货币(例如,挖掘的是比特币现金(SV),但是希望收到比特币),那么Mempool财务部门将负责进行支付。 财务部门为每种加密货币单独设立账户,当挖出一个区块时,区块奖励会分发到相应的账户,然后通过相应的账户付款给矿工。

为了计算某个矿工可以收到的数字货币的数量,Mempool根据Poloniex和BitAsiaEx的数据来建立了一个不断浮动的24小时平均价位。 Mempool表示,账户余额只能在收到100次区块确认后才能提取,从而确保矿池不会受到区块链重组的影响。

该矿池还指出:“我们鼓励您持有您认为未来会升值的加密货币。 决定权在您手中。 如果比特币现金成为了世界货币,随着时间的推移如果使用比特币现金的人逐渐增多,对比特币现金的需求也会不断上升。”

Mempool目前正在限时特惠零矿池手续费(只针对单独区块链的独立挖矿)以及零兑换费。 11月15日,整个矿池将主要开采比特币现金(SV)区块链,但是矿工仍然可以通过财务部门将回报兑换为比特币。 未来,矿池手续费和加密货币兑换费将由矿工自身承担并根据其份额分配到相应的财务账户中。然而目前,可以将其作为一种将比特币转换为比特币现金(SV)的简易方法。

此外,Mempool还取消了独自开采一条区块链所收取的费用,并对此解释道:“自发行起,我们应该就能够进行独自开采比特币现金,但是为了独自开采比特币现金并且保持盈利,我们需要增加至少2个哈希算力。 因此,在我们发展壮大之前,我们将使用合作方的矿池,将我们的哈希算力指向该矿池并与其合并。 该合作伙伴的矿池手续费从5%起,带入的算力越多,价格将越便宜。

Mempool使用可一种创新方法来展示矿工抉择的力量,承诺为了实现中本聪愿景,将召集矿工来支持Bitcoin SV 的路线图。

To learn more about the mining pool’s unique features, contact Mempool.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post 新BCH矿池MEMPOOL忠于“矿工选择”,支持BITCOIN SV appeared first on Coingeek.

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New BCH mining pool Mempool stays true to ‘miners choice’ philosophy and supports Bitcoin SV

Bitcoin Cash (BCH) mining pool Mempool is in business.

On Saturday,  Mempool announced the “immediate availability” of its mining pool for miners not just on the Bitcoin BCH network, but also on BTC. For BCH. Mempool will run the Bitcoin SV full node implementation, which is designed to support the original Satoshi Vision (SV) of Bitcoin, in the upcoming November 15 protocol upgrade.

“Mempool believes in the Satoshi Vision that is described in the original Bitcoin whitepaper,” the mining pool said in its announcement. “Mempool will participate in competition between professional miners and share pool fees with its treasury depositors.”

True to the Satoshi Vision’s philosophy of “miners choice, miners first,” Mempool gives its BCH pool miners the choice to get paid either in Bitcoin BCH (SV) or in BTC. According to the mining pool, “Some miners have different preferences on coins based on the coin’s liquidity in the market, or their integration with their financial infrastructure.” During the upcoming contentious hard fork of BCH, many miners wish to support the Bitcoin SV implementation, but may be concerned about earning BCH coins that may not be immediately liquid. Mempool solves that concern by allowing its BCH pool miners to choose to receive payouts in BTC which will remain liquid during the BCH hash war, or alternatively choose to receive BCH (SV) tokens.

Using the settings page in the pool’s easy-to-navigate website, miners can choose which coin they mine, which coin they want to receive for payment, and what payout model they want—either Pay-per-last-N-shares (PPLNS) or Pay-per-share (PPS).

Another unique feature of the Mempool mining pool is the treasury deposit, which allows miners to convert their payouts into BTC, or even swap their BTC to Bitcoin BCH (SV). This, according to Mempool, will “help stabilize the payouts to the miners and share the fees that the pool collects” in the future.

If the miners want to get paid in a coin different than the chain they mined (for example, getting paid BTC even though they mine BCH (SV)), the payout will come from the Mempool treasury. The treasury uses a separate account for each coin, and when a block is mined, the block rewards are distributed to the treasury accounts used to pay the miners.

To calculate the number of coins a miner will receive Mempool uses Poloniex and BitAsiaEx to create a moving price average on a 24-hour period. The account balances can only be withdrawn after 100 block confirmations to ensure that the pool will not be affected by chain reorgs, according to Mempool.

“We encourage you to hold the coin you believe will be more valuable in the future. The decision is in your hands. If BCH becomes cash for the world, it could have more and more people using it over time and become more in demand than BTC,” the mining pool noted.

Mempool is offering a 0% mining fee (for solo mining a chain) and 0% conversion fee for a limited time. On November 15, the whole pool will focus on mining the BCH (SV) chain, although miners can still receive their payouts converted into BTC by the treasury. In the future, the mining pool fee and coin conversion fee will be coming from the miners themselves and shared among the relevant treasury accounts according to their share. For the moment, however, think of it as a way to easily convert BTC into BCH (SV) coins.

Mempool also hashed out the fees for solo mining a chain, explaining, “We will be able to solo mine BCH from the launch, but to solo mine BTC profitably, we need to have at least 2 exahash. So before we grow large enough, we will use a partner pool to point our hash to and combine with theirs. The partner pool fee starts at 5% and goes down the more hash you bring.”

Mempool uses a creative approach to demonstrate the power of miner’s choice, and its own commitment to gathering miners to support Bitcoin SV’s roadmap for the Satoshi Vision.

To learn more about the mining pool’s unique features, contact Mempool.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Will this be a protracted hash-war?

Ideally, it should be quick, clear, and decisive. There’s talk of a long protracted hash-war, and I wanted to illustrate the circumstances in which such a thing can happen and what it would mean for the eco-system.

Dragging this out is in nobody’s interest. But the reality is that there indeed is a chance of this occurring. It may not be likely, but the possibility is there.

There are two ways I see this playing out.

The first scenario is straight forward. Both camps put all their resources up-front and forward, and we wait out to see the winning competing chain. The real trouble with this measure is that there is no definitive block count that settles a winner. But this scenario does make the assumption that whoever takes the lead early, will continue with this mining power and therefore maintain the lead.

The outcome would then look similar to the graph below:

The x axis is intentionally omitted here since the time-line on determinations is rather subjective. But suffice to say that the longer the period, the clearer the winning team of the longest chain becomes.

The possibility of the second scenario, complicates the first however. There have been rumours for example, stating that Bitmain may employ intermittent hash bursts, borrowed or rented from elsewhere (ie. A BTC pool) to ensure their chain stays ahead. I’m not here to comment on the validity of these rumours. They are at this stage, rumours, and until the hashwar is underway, we probably won’t know with certainty. But they do present a dilemma in calculating the victor.

The outcome would look something more like this:

Camp 1 in the above diagram employs an early mining effort with borrowed hash to get ahead and attempt to declare an early victory. The borrowed hash effort ends, and if Camp 2 truly has more dedicated hash, then it would begin to claw its way back to a longer chain. As Camp 2 threatens, it would re-employ the same strategy to remain in front.

This can oscillate indefinitely, and it would be a scenario that nobody would want. For many the oscillating lead would be insufficient in declaring a clear winner, and further, it has the potential to not only affect the wait time on exchanges halting withdrawals, but also, create more uncertainty for merchants, and as well as even more inconsistent block confirmations.

Coingeek is hoping that dedicated hash is used alone to settle the score. To find a victor early on and then move forward with building BCH to be a global currency. It is in part one of the reasons why Calvin Ayre referred to this possibility as market manipulation.

My personal position on this hash battle is that the longest chain should settle things once and for all. We have so much to gain, and ironically, so much to lose. I asked Calvin on his position should ABC win the hash battle, and he responded “If ABC win, then I will follow and constantly work on striving to make future changes for the better.”

I felt this was a very level headed response. If we keep saying BCH is Bitcoin, then hash power decides. The argument that hash power decides BTC is technically Bitcoin is mute simply for the fact that BTC is not even cash. It is a Frankenstein project now designed to be something else entirely different. Roger had the perfect tweet in response to this:

At Coingeek we maintain that BCH is Bitcoin, and we will continue to fight for it to remain Bitcoin.

Eli Afram

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SVPool BCH hash power breaches 8% as mining pool tops 30,000 miners

The growth continues for SVPool, the public mining pool for Bitcoin Cash (BCH).

As of Friday, SVPool already accounts for 8.33% of the Bitcoin BCH global hash power, according to data from Coin Dance. Trailing behind SVPool are Bitcoin.com (6.94%), ViaBTC and BTC.com (5.56%), followed by BTC.top and Waterhole (3.47%), Antpool and Northern Bitcoin (2.08%), P2Pool (1.39%), with Houbi and F2Pool bringing up the rear with 0.69%. CoinGeek still leads the pack with 24.31%, followed by BMG Pool and OKMiner with 12.5% each. Other mining pools account for 9.03% of the BCH hash power.

On a seven-day basis, SVPool is also up to 4.4%. This period of growth comes as the public mining pool onboards over 30,000 miners—less than two weeks after it opened for business.

SVPool is a personal initiative of nChain Chief Scientist Dr. Craig Wright. It operates under the “miners choice, miners first philosophy,” offering zero fees to miners and launching with initial Pay-per-last-N-shares (PPLNS). It plans to add more features and Pay-per-share plus (PPS+) options in the coming weeks.

The public mining pool is managed by CoinGeek Mining and proudly runs the Bitcoin SV full node implementation, which is designed to fulfil the Satoshi Vision for Bitcoin.

Unlike other competing BCH implementations, such as Bitcoin ABC, that seek to experiment with unnecessary technical changes to the Bitcoin protocol, Bitcoin SV’s roadmap will restore the original Satoshi protocol, keep it stable, enable the BCH network to massively scale, and professionalize Bitcoin. The Bitcoin SV implementation will allow global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol.

SVPool is open to all public miners on the Bitcoin BCH network who want to generate more long-term revenue. The mining pool, however, is not just for BCH miners—BTC miners who believe in Bitcoin’s original vision are also invited to begin mining BCH with SVPool.

Interested in learning more about Satoshi Vision, Bitcoin SV and SVPool? Join the gathering of miners at the upcoming CoinGeek Week Miners Day, happening as part of the CoinGeek Week Conference in London at the end of November. The SVPool and CoinGeek Mining team will be on-hand to discuss how you can do your part in making Bitcoin BCH realize its full potential. Secure your seat to the four-day conference today via Eventbrite.

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The choice is simple—yes or no. Do you support Satoshi Vision?

Inside the world’s first hash war

I’d like to start off with my personal view of what Bitcoin is. Bitcoin is sound money for the entire world to use. I believe that the current economic model as designed by Satoshi Nakamoto works, today. The software client will of course require regular development in order to scale to global capacity, but the foundation of its economic design is rock solid. With the removal of the blocksize cap, it has worked flawlessly up until now, and we can steer the ship to success.

The various voices that criticise my stance on “locking down” the protocol are truly unfounded. If I wanted to lock down client and avoid further changes, why would Coingeek be funding things like the Terab project? It’s because Coingeek is committed to looking ahead, and to scaling Bitcoin for the entire world.

This isn’t about control. This is about Coingeek and friends casting their economic vote, in order to protect a vision of Bitcoin that we believe in. That vision, is scalable, workable money for the entire world. The people at Coingeek and myself have worked very hard on this vision. We have poured countless resources and money into sponsorship programs to spread the message of BCH. We have funded, and put money into a variety of projects such as Terab, and Cash Shuffe. We have been donating to charities in an effort of goodwill and BCH promotion. Further, recently, we even announced the winner of a £5 million tokenization project, with a further £1m yet to be awarded to another project in the same area.

All of these ventures and movements by Coingeek have been done in the name of, and for the success of BCH. The tremendous mining power we have been employing lately is a sign of our dedication to building and protecting BCH. The hashrate not only protects the network, but provides Coingeek with an economic voice to vote for or against proposals. It is in this case that we disagree with the fundamental direction of ABC. We do not agree that there needs to be a rushed transactional ordering change in blocks, and we do not agree on the introduction of other opcodes providing that Bitcoin script can attain the same function.

We have stated previously, that we are not in the business of rejecting any change. But we do view Bitcoin as a global solution to money that needs to be viewed and worked with in a more rigorous, and meticulous manner. Major changes that are not urgent, can afford the time for research and sound testing time.

It’s important to note, that above all, Bitcoin SV, does not introduce anything new that Satoshi Nakamoto did not include in his roadmap for Bitcoin. We would like to see the original implementation restored in it’s entirety, first and foremost. It is a key differentiator of roadmaps between ABC, and Bitcoin SV.

I have been invested in Bitcoin for quite a while, and more recently, I have invested heavily in infrastructure to support BCH from the ground up. The countless hours of effort and millions of dollars spent have been with one goal in mind. To make Bitcoin BCH the leading cryptocurrency in the world, and to have it working as global money for the entire world.

We have already had glimpses of BCH’s prowess. Numerous projects are rolling in demonstrating its capability in smart contracts, tokenization, social media, private messaging, and much more. It’s clear that Bitcoin BCH outperforms Ethereum and any other crypto for scalability and workability. BCH is valuable… much more valuable that its current market valuation may suggest. It has an incredible future that needs to be protected.

Bitcoin is not a developer’s playground. In any business, or system, it is the economic incentives that drive progress. Too many times, in crypto communities, it has been the tail wagging the dog. And it’s time we professionalize and make a stand on the direction that we believe in, to ensure the longevity of the currency that we as a community have invested in… Not just in the next few years, but for decades forward. We plan to do all that we can within our means, to make Bitcoin BCH global scale. This is why I support Satoshi Vision, and I invite you join in allegiance for a better money for the world.

If you want to hash out the world’s first hash war with the thought leaders and other members of the Bitcoin BCH community, join the upcoming CoinGeek Week Conference this November. The four-day conference, taking place in London on November 27-30, will kick off with Miners Day—an invitation-only event where miners can discuss latest BCH advancements. Secure your seats to CoinGeek Week today via Eventbrite.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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