Skip to content →

Tag: mining

Does ViaBTC have veto power over Segwit activation?

ViaBTC mining power distribution

Segregated Witness or Bitcoin Core release 13.1 has been released! This update promises to end a 2 year civil war within Bitcoin’s community over scaling, which unresolved,  poses a systemic risk to the network.

To the investor, the war has almost certainly had a bearish influence on bitcoin price. But before we can celebrate, Segwit only turns on when a minimum 95% of the last 2016 blocks have been mined with the Segwit code.

Now most people are jumping to the conclusion that any mining pool with more than 5% of the network’s mining power will have veto power to block Segwit from activating. It just so happens that the mining pool ViaBTC, who are fans of Bitcoin Unlimited, are opposing to Segwit. They control 6.7% of hashing power at the time of writing (Source: blockchain.info).

Continue reading Does ViaBTC have veto power over Segwit activation?

I have a lot of brain-farts on crypto-currency. For more farting, follow me on Twitter @dangermouse117

BTC Tips: 1KrYzd8y6gnJekibZpb4ixif4nJYbaaZct

One Comment