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Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks

10/11/2018 by Idelto Editor

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks

On Saturday, Nov. 10, the operation BMG mining pool mined multiple 32 MB blocks on the Bitcoin Cash (BCH) network. The first block at height 556034 was the biggest block ever mined on the BCH chain and the process confirmed over 166,000 transactions. A couple of hours later, BMG pool mined 4 more 32 MB blocks confirming another 166K of pending transactions each. 

Also read: Growing Number of Crypto Companies Operating From Belarus

BMG Pool Mines the First 32 MB Block Confirming Over 166,000 BCH Transactions

Bitcoin Cash supporters have a milestone to celebrate today, as miners have put the 32 MB block size limit to the test. At approximately 7:45 a.m. EST, BMG mining processed block 556034 which was approximately 31997.624 kB (31.99 MB) in size. The block surpassed the previous largest block ever mined on the BCH chain, which was block 546423 processed by BMG pool and was 23.15 MB in size. That specific block, on Sept. 4, processed only 97,318 transactions and many observers noticed how long it took to propagate. 

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
BMG pool started mining 32 MB blocks at block height 556034 and followed with three more maximum sized blocks.

After the block was mined, a good portion of BCH proponents took to social media and forums to tell the world about the first mega-block. Most of the BCH community was thrilled to see the 32 MB block size limit put to the test, while discussing the subject and sharing analytical data. For instance, one metric people enjoyed was the fact that block 556034 confirmed more transactions than half a day’s worth of BTC transactions on an average day. Thanks to the large block mined by BMG and the previously processed blocks, the BCH chain has confirmed roughly 1.3 million transactions over the last 24 hours.

The Mysterious Hashrate Spike and Five 32 MB Blocks 

The large blocks come just days before the contentious hard fork planned for Nov. 15, where two BCH development teams have not agreed on consensus changes. The first 32 MB block wasn’t a perfect achievement, however, for some community members who observed the network react. It seems some BCH nodes from 4 different implementations dropped off the network temporarily, with the largest set of dropped nodes stemming from Bitcoin Unlimited (BU) hosts. Although, BU and other BCH clients had issued new releases over the last few days and many of the BU nodes that dropped were mostly running 1.4 and earlier.

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
A good number of BU nodes running 1.4 and earlier dropped when the 32 MB block was processed. Other BCH full node clients also saw some nodes fall off the network. The nodes improved for the following 32 MB blocks processed on Saturday. 

The analytical website Cashnodes.io, shows a consistent pattern of BU 1.3.0.1 and 1.4 nodes had dropped and many version 1.5 BU Cash users said their nodes ran properly.

“My BU Cash 1.5.0.1 and Electron X node showed increased CPU usage during the many transactions, but ran fine otherwise,” explained a BCH proponent on Reddit who runs a BU Cash node. Another interesting piece of data that stemmed from the mega-block fiesta was the BCH and BTC hashrate shift. According to Fork.lol statistics, the 3-hour stacked averages for the relative BCH hashrate in the percentage of totals had climbed significantly, eating into the SHA256 BTC-based hashrate.

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
The mysterious BCH hashrate spike on Saturday, Nov. 10, 2018, after the first 32 MB block. After the five blocks were processed the variance is different on the Fork.lol data site, but still shows a significant hashrate spike during this period of time. Other statistical websites show a similar hashrate spike.  
Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
At the time of writing, BMG processed five 32 MB blocks in total.

Following the block mined at 7:45 a.m. EST, another 32 MB block was processed by BMG pool at approximately 9:45 a.m. EST. Block 556045 contained approximately 166,882 transactions, which were confirmed in one fell swoop. The first and then the second large block mined had caused some fervent excitement throughout the BCH community, to say the least. Not long after the second block, a third 32 MB was mined, clearing 166,799 transactions. The mining pool did not stop there and a fourth block was processed at the maximum block size available. This Bitcoin Cash block at height 556048 contained 166,337 transactions in total. Lastly, block 556049 was the fifth 32 MB block mined by BMG pool (166,664 transactions), which was followed by Coingeek miners undertaking a 15 MB block.   

Overall, many observers from the entire cryptocurrency community were fascinated by the large blocks mined by BMG pool and more information will likely stem from analysts researching the five blocks’ data over the course of the weekend. It seems very likely that the BCH community may even see more big blocks mined in the near future.

What do you think about the 32 MB block mined on Saturday by the mining pool BMG? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Jamie Redman, Coin Dance Cash, and Fork.lol.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks appeared first on Bitcoin News.

Filed Under: 32 MB, 32 MB Block, ABC, BCH, big blocks, Bitcoin Cash, Block Propagation, BMG Pool, BTC, bu, English, Fork, Mining, N-Featured, News, News Bitcoin, SV, transactions, XT

BCH Ecosystem Grows With May 4X Hard Fork Less Than Two Weeks Away

04/05/2018 by Idelto Editor

BCH Ecosystem Grows With May 4X Hard Fork Less Than Two Weeks Away

This week there’s a lot going on within the Bitcoin Cash (BCH) ecosystem as markets have been on fire and infrastructure continues to grow. Over the past six months, the price of BCH is up over 139 percent, and the price has jumped 13 percent higher over the last seven days. At the moment the value of BCH hovers just above the $1,500 USD price region, and traders have been swapping over $1.2Bn worth of bitcoin cash over the last 24-hours.

Also Read: Australia Cracks Down on Misleading and Deceptive Initial Coin Offerings

BCH Markets Up Over 139% Over the Past Six Months

Bitcoin cash markets have been on a roll for a few weeks now as the cryptocurrency continues to see gains. At the moment, it’s less than two weeks until the upcoming May 15 hard fork, which will up the block size to 32 MB, and re-enable some OP_Codes as well. This week lots of action has been taking place across both BCH markets and the increase of BCH infrastructure as well. Presently the BCH chain is over 7,500 blocks ahead of the Bitcoin Core (BTC) chain. Additionally, BCH is operating at 15.21 percent of BTC’s difficulty and it is 3 percent more profitable to mine BCH today. Market action shows the top five exchanges today swapping the most BCH are Okex, Bitfinex, Upbit, Houbi, and Bithumb.

BCH Ecosystem Grows With May 4X Hard Fork Less Than Two Weeks Away

BTC is the most traded currency swapped for BCH on May 3rd capturing 39 percent of all trades. This is followed by tether (USDT 22%), USD (18%), Korean won (16.2%) and the euro (1.5%). The Korean won has made a noticeable increase with BCH pairs over the past week, and volumes from Bithumb and Upbit reflect these metrics. Currently, there are 17,107,588 BCH in circulation which holds a market valuation of over $25Bn USD.

Growing BCH Infrastructure and Positive Community Sentiment

BCH infrastructure and support has increased significantly as multiple project and announcement were made this week. Blockchain Wallet announced that BCH balances are now visible in iOS mobile wallets. This week the platform Memo got some upgrades and has been seeing a bunch of traction. Following this, a new social media app that works similarly to Memo was launched yesterday called Blockpress. News.Bitcoin.com took Blockpress out for a test flight and talked with its developer yesterday.

BCH Ecosystem Grows With May 4X Hard Fork Less Than Two Weeks Away

A bunch of automobiles branding the bitcoin cash symbol were found across the globe this week, with a cool BCH Jeepney in the Philippines. Moreover, BCH is trending in mentions on the social media platform 4chan as well. BRD wallet released its ‘Augustus’ version which now fully supports bitcoin cash and in-wallet trades. Lastly, Bitpay developers upgraded the firm’s Bitcore-lib-cash protocol which adds support for the May 15 hard fork for new OP_Codes, updated carrier size, and bigger blocks.

BCH Ecosystem Grows With May 4X Hard Fork Less Than Two Weeks Away

Overall Bitcoin Cash proponents are excited about the future of the BCH economy and its growing development environment. The hard fork is getting close and supporters are also looking forward to the next upgrade which should add more robust features to the BCH network. Right now the 32 MB block size, the increased default datacarriersize, and re-enabled Satoshi OP_Codes are just three things pending activation. Alongside this, the construction of UTXO commitments, changing the Difficulty Adjustment Algorithm (DAA) so it improves BCH block times while also adding a PID control algorithm, enabling binary contracts, and the block propagation protocol Graphene is currently under development.

What do you think about the bitcoin cash ecosystem’s growth these past few weeks? Let us know your thoughts on this subject in the comments below.


Images via Reddit, Pixabay, and Satoshi Pulse. 


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post BCH Ecosystem Grows With May 4X Hard Fork Less Than Two Weeks Away appeared first on Bitcoin News.

Filed Under: 32 MB, BCH, Bitcoin BCH, BitPay, Blockchain Wallet, Blockpress, BRD Wallet, English, Gains, Markets and Prices, May 15, Memo, N-Markets and Prices, News Bitcoin, OP_Codes, Percentages, Satoshi Pulse, trade volume, Trades, Upgrade, UTXO

Antpool Begins Burning BCH Network Fees Increasing Digital Scarcity

22/04/2018 by Idelto Editor

Antpool Begins Burning BCH Network Fees Increasing Digital Scarcity

On Friday, April 20th the mining operation Antpool explained that the public may have recently noticed a fraction of bitcoin cash being sent to an unspendable address every time Antpool mines a block. Antpool says that it is burning the funds sent to the “black hole address” voluntarily for the good of the BCH economy.

Also Read: Indian Exchange Takes Central Bank to Court Over Bank Ban

Mining Operation Antpool Burns 12% of BCH Network Fees Found in Mined Blocks

Antpool is one of the oldest mining pools in the cryptocurrency ecosystem and is operated by the company Bitmain Technologies. Just recently it was discovered that the mining pool was sending bitcoin cash (BCH) to an unspendable address utilizing a process known as “burning.” Burning means the coins sent to the address can never be spent again and some people believe this process increases digital scarcity. Antpool states this Friday that BCH is nearing a “tipping point of becoming a widely used public blockchain,” and the decentralized currency has a “wave of innovation” forthcoming.

Antpool Begins Burning BCH Network Fees Increasing Digital Scarcity
“Antpool has recently begun burning BCH by sending mining fees to a black hole address with each block mined,” the mining operation states on Friday, April 20, 2018.

The mining pool mentions the latest Memo application and the many other platforms being built on the BCH chain. Further, the organization mentions the upcoming hard fork taking place on May 15 which aims to increase the block size to 32MB. Additionally, Antpool says that “more and more useful applications will be enabled on BCH” because of the enlarged OP_RETURN spaces, and re-enabled OP_codes. Antpool explains that it understands that BCH will be a cryptocurrency that will be widely used and spent but holding investors are also critical to the economy.          

“Some bitcoin cash investors may have noticed that Antpool has recently begun burning BCH by sending mining fees to a black hole address with each block mined — Twelve percent of the transaction fees earned by the mining pool are burnt — This is voluntary and we want to explain why this burning might be good for BCH as a whole,” Antpool states. “While having active users spending BCH is very important for the ecosystem, having investors who hold BCH is also a fundamental requirement for maintaining a strong economy — Without these holders, BCH’s exchange value loses significant support.”

We believe that they too should profit from the growth of BCH by their continued stake in the Bitcoin Cash ecosystem — The transaction fees earned by miners are an important growth indicator of the BCH ecosystem, and if a portion of the fees are burnt, it is effectively miners sharing revenue with the entire BCH network.

Antpool Denounces Maximalism and Asks Other Mining Pools to Join the Burning Sessions

Antpool also details that the BCH ecosystem and community needs to keep its current passion going. The burning announcement also denounces cryptocurrency ‘maximalism’ and says that type of idealism is “dangerous” thinking. This is because Antpool believes the community benefits from the advancement of application tokens which will bring forth an arrangement that pushes the growth of an “on-chain transaction explosion.” Furthermore, Antpool is asking for other mining pools to join in on the bitcoin cash burning session.  

“We call for other miners to join us in burning 12% of the transaction fees collected,” the pool concludes.

What do you think about Antpool sending 12% of its mined BCH fees to an unspendable black hole address? Let us know what you think about this subject in the comments below.


Images via Shutterstock, Pixabay, and Bitcoin Cash and Antpool logos. 


Need to calculate your bitcoin holdings? Check our tools section.

The post Antpool Begins Burning BCH Network Fees Increasing Digital Scarcity appeared first on Bitcoin News.

Filed Under: 32 MB, Antminer, Antpool, applications, BCH, Bitmain, Black Hole, Burn Address, Burning, Burning Fees, Economics, English, Hodlers, holding, Innovation, meme, Memo, N-Featured, News Bitcoin, Op Space, OP-Codes, public blockchain, spending, Unspendable Addresses

Upgrade Time: Bitcoin Cash Plans a 32 MB Hard Fork

06/04/2018 by Idelto Editor

Upgrade Time: Bitcoin Cash Plans a 32 MB Hard Fork

This week the Bitcoin ABC developers officially announced the much anticipated Bitcoin Cash network hard fork on May 15. In addition to the statement from the development team, the codebase for the client Bitcoin ABC 0.17.0 has also been made available with the newly added consensus rules.

Also read: New Karate Combat League Arena Features Bitcoin Symbol

Bitcoin Cash Forks Again This Spring

Upgrade Time: Bitcoin Cash Plans a 32 MB Hard ForkBitcoin cash is forking again on May 15, 2018, and the protocol’s consensus rules will change going forward. The fork was expected as the Bitcoin ABC lead developer Amaury Séchet announced intentions to fork a few months ago. Further, Séchet explained that it would be easier to fork after the new year and detailed some of the reasons why the fork would take place. Now, this week the ABC development team has released version 0.17.0 which contains the code to change the Bitcoin Cash network’s consensus rules.   

The scheduled activation time will be on May 15 but there is no specific block height for this hard fork. Much like the birth of BCH, and the last fork in November consensus rules will change based on the “Median Time Past” (MTP) method. So on Tuesday, May 15 at 12:00:00 UTC, 2018 when the MTP takes place with the most recent 11 blocks equal to or greater than 1,526,400,000, the very next block will activate the hard fork.

A 32 Megabyte Block Size Increase and Op-Code Additions

The development team explains that anyone running an ABC node should immediately upgrade to the 0.17.0 release or other compatible software. As far as other clients are concerned, ABC developers state they cannot speak on behalf of these other implementation teams, but ABC has communicated with them. “Bitcoin ABC is currently testing both the new rules and their activation — a testnet should be available soon,” explains Bitcoin ABC. The latest announcement also details the important changes within the new software:

The most notable change is the increase of the maximum block size to 32 MB — There are also several bitcoin script operation codes (op-codes) being added or reactivated.  

No Hard Fork Fears

The developers also detail that they are in the midst of talking with major exchanges and wallet providers concerning the May 15th upgrade. The team emphasizes that the community can help by contacting infrastructure providers to make the process go more smoothly. The last Bitcoin Cash network upgrade back in November of 2017 had zero complications, and the Difficulty Algorithm Adjustment (DAA) consensus changes have kept the mining difficulty consistent. It’s safe to say the BCH community, in general, doesn’t seem to be afraid of hard forks. Proponents are looking forward to a 32 MB block size increase and op-code additions that could bring ethereum-like characteristics to the BCH network.

What do you think about the Bitcoin Cash network upgrade slated for May 15? Let us know what you think about this subject in the comments below.


Images via Shutterstock, and Bitcoin ABC.


Want to create your own secure cold storage paper wallet? Check our tools section. We also have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Upgrade Time: Bitcoin Cash Plans a 32 MB Hard Fork appeared first on Bitcoin News.

Filed Under: 32 MB, Amaury Séchet, Bitcoin ABC, Block Size, Changes, Clients, community, Consensus, DAA, difficulty, English, Ethereum, Implementations, May 15, N-Featured, News Bitcoin, November, Op Code, Software, testnet, Upgrade, Wallets

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