Antpool, the world’s largest Bitcoin [BTC] mining pool operated by Bitmain and led by Jihan Wu has recently started to burn 12% of Bitcoin Cash [BCH] which was earned by the mining pool as transaction fees. The mining fees are being sent to a black hole address.
Antpool announced that the main reason behind the coin burn is the increasing popularity and demand for the coin. They believe that the coin is on the verge of becoming a ‘widely used public blockchain’ because of the hard fork which is scheduled on May 15th and November 15th.
The May 15th hard fork is going to re-enable OP codes and OP returns which in turn will enable more useful applications. The increase in the block size is going to prevent the risk of network congestion.
According to Antpool, this upgrade is going to lead to a significant growth in the on-chain transaction volume. The mining pool says that the crypto economy is not just about BCH or the money but about Freedom of Speech and Freedom of Association.
In addition, they are urging the BCH community to embrace all the application deployed on the platform and consider fee-paying transaction as a customer even if the transaction is not related to transfer of money. They have claimed that this move was voluntarily done and are calling out other miners to do the same.
Antpool further adds:
“The Bitcoin Cash [BCH] community’s continued passion is very critical for fostering the growth of the BCH ecosystem. Maximalism is a dangerous idealism which supposes that only one cryptocurrency should exist and flourish and that all the other tokens are ‘scams’ or ‘altcoins’. The community benefits by welcoming the deployment of additional tokens on the BCH blockchain. If we have an arrangement of sharing growth in front of the tipping point of on-chain transaction explosion.”
The announcement made by the mining pool has sprouted a lot of buzz in the crypto-space with some people believing that this was a good decision and some people believing that it was a wrong move and the BTC community propagating that this move has proven that BCH is not BTC.
Bilderberg Von Killbaby, a futures trader says:
“This is not Satoshi’s original vision. BCH proving yet again they are not the real Bitcoin but merely a pretender. BTW it is not possible to prove the black hole address is a real black hole address. Knowing their history of deception, they probably hold the private key from it.”
Thibaut Rey, a BCH enthusiast says:
“They are calling for other miners to do the same. Holding lots of coins like they have been for the past couple months hasn’t helped BCH recover it’s price. So they are now trying to reduce the supply to increase the price.”
Bruno Fehr, a BTC enthusiast says:
“When there is no demand for the existing supply, coins need to be burned to increase its value. However, miners need to cover these costs? CSW and Roger Ver should burn part of their stocks, together they control a large chunk!”
Veseljko Stojak, an entrepreneur & BTC enthusiast says:
“It’s so bizarre when one mining pool issues blurry statement and talks about “freedom of speech” (what the hell does that have to do with a business of running asics chips?) Clearly – organization ruled by people motivated by well known BCH ideological and political agenda.”
Bitcoin Cash | The Original, a Twitterati says:
“Jihan Wu I’m glad you showed the flock BCH can be used in every way. Sependl, hodl, burning. Keep up the thrive to make bitcoin the world currency.”
Leon Blockchain, another Twitterati says:
“Do you want to become a central bank?Well, you already act like them…bullshitting around reasons monetary policy changes, giving non sense reasons for doing whatever is interesting for them, in this case for you, reducing supply to artificially increase price”
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