AntPool will destroy 12% of BCH transaction fees to strengthen the internal economy of the entire blockchain network

Bitmain’s AntPool announced on Friday that it will destroy 12% of all mined Bitcoin Cash blockchain transaction fees. By sending these fees to a “destruction address,” these funds will become invalid.

It is said that Bitmain regards this move as a way to make the Bitcoin Cash network economy more healthy. They believe that the Bitcoin Cash public blockchain is at a critical point of being widely used, and destroying some network transaction fees will help strengthen the internal economy of the entire blockchain network, thereby helping investors profit from the growth of the value of Bitcoin Cash.

Bitmain said in a statement:

“While many active users are using Bitcoin Cash and it is important to the ecosystem, investors who hold Bitcoin Cash are also essential to maintaining a strong Bitcoin Cash economy. Without investors who hold Bitcoin Cash, the value of Bitcoin Cash transactions will lose support. We believe that investors who hold Bitcoin Cash should also benefit from the growth of Bitcoin Cash because they also have an irreplaceable place in the Bitcoin Cash ecosystem. The transaction fees earned by miners are of great significance to the growth of the Bitcoin Cash ecosystem. If a portion of the fees are destroyed, it means that miners are sharing the income with the entire Bitcoin Cash network.”

Bitmain believes that by reducing the total supply of Bitcoin Cash in circulation to reduce the selling pressure of Bitcoin Cash, it will become more valuable. Previously, some Bitcoin Cash advocates, including Bitmain CEO Jihan Wu, believed that Satoshi Nakamoto's view on cryptocurrency should be that it should be a currency first, not a value reserve.

In the past 24 hours, Bitmain mined more than 10% of Bitcoin blocks, and in the past week, AntPool accounted for 7.3% of Bitcoin Cash blocks mined. In addition, Bitmain has called on other mining pools to follow their example and destroy 12% of the transaction fees of Bitcoin Cash blocks mined by their own mining pools - hoping that this will become an economic policy on the Bitcoin Cash network.

Ant Pool: https://antpool.com/