BTCChina, KNCMiner, 21 Inc. Supporting Jeff Garzik’s block size scaling solution, BIP 100

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BTCChina, KNCMiner, 21 Inc. Supporting Jeff Garzik's block size scaling solution, BIP 100

Looks like Jeff Garzik’s block size scaling solution is getting massive support from various stakeholders in the Bitcoin industry as not just BTCChina has declared its support to it but also mining firm 21 Inc. and transaction processor KNCMiner too have come up in the support. This has also put the block size debate to interesting mode as everyone is looking for support.

Nonetheless, it has come to notice that mining firm 21 Inc, which accounts for over 7% of the current Bitcoin hashrate says that it is supporting BIP 100. With the support coming from 21 Inc., Garzik’s proposal now has 58.6% of the network’s hashing power behind it which is going to determine a lot of thing in the run to the block size debate.

Additionally, one of the leading transaction processors, KNCMiner has come in the support of the idea presented by Jeff Garzik. Now, the company claims that it is tagging its blocks in support of BIP 100. However, the company informs that it would support both BIP 100 or BIP 101 as they would “propel Bitcoin for all”.

BTCChina Backing Jeff Garzik’s Block Size Scaling Solution

Though the support has come from KNCMiner and 21 Inc. it was BTCChina which came first to public to support Jeff Garzik’s block size scaling solution. It gave BIP 100 a majority of the network’s hashing power. Nonetheless, with the addition of the Chinese Bitcoin firm, the proposal now has support from the top three ‘blockmakers.’

Interestingly, the three blockmakers account for over 50% of the network’s hashrate. Even Bobby Lee of BTCChina admits that the company’s structure gave it the ability that few others have and added that they are in the unique position of seeing this from several sides, a mining pool, a wallet service, and an exchange.

Therefore, according to him they must come forward with a sound perspective, and not just vote quickly for the sake of asking the industry to move on. In the declaration to support BIP 100 BTCChina says it has experienced firsthand the problems of high orphan rates and the related risks of the blockchain forking.

Therefore, according to the firm its perspective is that the Internet today, in China and also globally, is not yet ready for unrestrained, automatic increases of the block size.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com