CoinGeek, nChain Group launch "Miners Choice" initiative for Bitcoin Cash miners

Wednesday 6 June 2018 00:54 CET | News

CoinGeek and nChain Group have announced a “Miner’s Choice” initiative for Bitcoin Cash (BCH) miners to have the choice to individually lower their fees and transaction values.

CoinGeek and nChain’s mining companies plan to adjust settings in the software running on their BCH mining units to make two changes. First, to remove the current minimum “dust limit” of 546 Satoshi. This will makes it is possible for users to send as little as 1 Satoshi via a BCH transaction. Any miner can accept a 1 Satoshi transaction amount, and it should be included in a valid block that all other miners will accept.

Second, to accept some free (zero mining fee) transactions in each block they mine. CoinGeek and nChain believe that miners should be able to accept free transactions, rather than requiring users to pay a minimum of 1 Satoshi per byte. In addition, if miners choose to accept some transactions with zero mining fee, this further encourages more Bitcoin Cash transaction usage.

CoinGeek and nChain believe in miner choice, and a healthy competitive marketplace for miners. They invite other miners to join them in this “Miner’s Choice” initiative to ignite growth of Bitcoin Cash usage. CoinGeek will announce more plans for “Miner’s Choice” in the coming weeks and months.

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Keywords: CoinGeek, nChain Group, Bitcoin Cash, Bitcoin mining, Satoshi
Countries: World