Bitmain Will Burn 12% of the Commissions Received From Mining of Bitcoin Cash

in crypto •  6 years ago 

The Bitmain company, producer of cryptocurrency miners and the operator of a mining pool, declared that it will destroy a part of the commissions which are charged by her for mining of Bitcoin Cash blocks to maintain economic health of this network.

The mining pool of AntPool of the Bitmain company announced it on Friday, April 20, having specified that it will burn 12% of all commissions received from mining of Bitcoin Cash blocks by sending for "burning addresses" from where them nobody will be able to remove and spend.


Bitmain claims that Bitcoin Cash "is at a critical stage and has to become widely used public blockchain" and that burning of a part of the commissions of network will strengthen her internal economy and will help investors "to get profit on growth of BCH".


Also it is said in the statement:


The fact that one users actively spend BCH is important for an ecosystem, and others store them, and it conforms to the main requirements for maintenance of strong economy. Without such keepers the exchange rate of BCH would lose considerable support. We consider that they also have to benefit by BCH growth, they constantly make a contribution to Bitcoin Cash ecosystem. The transactions commissions received by miners is an important indicator of growth of an ecosystem of BCH and if their part is burned, then it means that as a result miners share income with all network BCH.

Bitmain believes that reduction of total amount of stocks of Bitcoin Cash can reduce pressure upon the coin price that finally will make her more valuable.


The supporters of Bitcoin Cash supporting such decision among whom and CEO Bitmain is Jihan Wu, consider that Satoshi Nakamoto saw in cryptocurrencies first of all the currency which is in circulation, but not a store of value.


7,3% of all blocks got by AntPool are mined for the last week, and 10% from them — in the last 24 hours.


Bitmain has urged other pools to follow the example of AntPool — to burn 12% of the commissions for the got blocks that as a result can become economic policy of all network Bitcoin Cash.

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This will certainly help foster payment processing power on the network. This might be the first time we see Bitmain act altruistically when it comes to cryptos!

you are right, usually Bitmain everything does only for money