Bitcoin Unlimited receives support from Indian mining pool GBminers, with support exceeding 12%

In the early morning of December 15, the Indian Bitcoin mining pool GBminers (accounting for about 3.5% of the total network computing power) transferred its computing power to Bitcoin Unlimited. Together with the support of viabtc (6.8%) and bitcoin.com (2%) mining pools, the current computing power support rate of the BU plan is about 12.3％。

Is the Bitcoin community really so stubborn and divided that it would rather risk a hard fork than find a solution to the blocksize that everyone agrees on? While the blockchain hasn’t technically forked yet, it seems like it’s only a matter of time before a hard fork is inevitable. For anyone actively involved in the Bitcoin project, this is a pretty big deal, and a lot of money could be at stake. Bitcoin Unlimited is the focal point at the center of this storm, the result of community arguments and divisions. Will we repeat the tragedy of Ethereum? Really, it’s up to you.

Bitcoin Unlimited puts the community in control

Bitcoin Unlimited (BU) was developed at the height of the block size debate. It is a well-thought-out and promising initiative. BU allows node operators to choose their own block size limit, rather than imposing a fixed block size limit. It removes centralized management of Bitcoin in the process by moving the block size limit from the protocol layer to the transport layer.

But that’s not all — here’s what’s really interesting: The default settings allow node operators to operate on the existing network, without changing the existing blockchain. The 1MB block size limit will only be triggered if a user decides to create or accept a larger block, which hasn’t happened so far. And the really clever part is that BU allows users to accept blocks larger than the maximum size they choose, as long as they get a certain number of blocks in the chain. In other words, you can raise or lower the block size limit as much as you want, depending on your processing power. As the Bitcoin project matures and larger block sizes start to appear, the community will raise the limit to stay competitive. Basically, it’s a majority consensus on block size.

The evolution of the Satoshi client?

Those who have supported Bitcoin for a while will remember that the network initially had a soft limit of just 250kb. As hardware and capacity requirements increased, this was raised to 500kb, then again to 750kb, and finally to the 1MB we have today. With this in mind, it’s not a stretch of the imagination to say that our friend Satoshi did not intend to enforce a 1MB block size – that’s what he said publicly.

Leaving aside the Bitcoin Core-only cultists — the fundamentalists, if you will — there is a compelling argument that BU is the natural evolution of Satoshi’s client, not a challenger. It inherits the ethical and ideological values ​​that have always characterized the Bitcoin project, and it pushes the Bitcoin network toward its true future: with its users.

Hard Fork, Hard Times?

The split has already begun. BU has attracted a lot of support in a short period of time, especially from the large mining pool ViaBTC. They control 7% of the computing power on the entire network and have strong power to influence other mining pools. According to multiple sources, the split has already begun. So it is only a matter of time before a block larger than 1MB appears, and the blockchain will be divided into two incompatible versions. So what then?

For some investors, a violent split could be disastrous. Millions of dollars in assets could lose value in the event of such a split. Among cryptocurrencies, Bitcoin has long enjoyed its position as the strongest and most robust, but this could truly level the playing field. Will Bitcoin retain its crypto crown? Or are we about to witness a betrayal? Tough times and hard choices lie ahead, and the best advice I can offer is to buckle up. If we make it, I’ll see you on the other side.

This article represents the author’s personal opinion and is not a recommendation to buy or sell Bitcoin.