December 4, 2020

Cryptheory

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Controversial step: Mining Bitcoin Cash will be “taxed” for the benefit of developers

2 min read
Controversial step: Mining Bitcoin Cash will be "taxed" for the benefit of developers

It will be a hard K.O. hit for Bitcoin Cash that will sink the entire project, or just a necessary part of the cryptocurrency progress that came into being after Bitcoin Forum in 2017?

 

Bitcoin Cash’s biggest miners decided to announce a plan to finance the further development of this cryptocurrency in the form of a “12.5% ​​tax” (the official name is “subsidy plan”) on newly mined BCH. This share will go to developers who have the resources to use it to improve the entire ecosystem.

 

Informed about it on the portal medium.com Jiang Zhuoer from company BTC.TOP, which is currently the largest mining pool of the fourth most valuable cryptocurrency on the market in terms of market capitalization.

 

The 12.5% ​​“tax” for all Bitcoin Cash miners should be activated within the softfork on May 15, 2020 and be active for six months. During this period, sufficient resources should be made available to continue the development of the project.

 

Smaller miners, who will have the greatest impact on this Bitcoin Cash mining intervention, do not have many options. If they decide not to pay the tax, larger pools can push them out of the game by ignoring their blocks.

 

Critics argue that the big miners pointed to the centralization of the entire Bitcoin Cash, which is apparently in the hands of a few mining pools.

 

The subsidy plan will support the BTC.TOP, Antpool, BTC.com, ViaBTC and Bitcoin.com mining pools, which are agreed to be the right step towards accelerating Bitcoin Cash ahead of the expected bull market in 2021 and 2022.

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