Project XBTC has launched an initial coin offering to fund a BTC mining operation signaling Bitcoin Unlimited support.

The ICO seeks to issue 21 million XBTC tokens, accepting Ethereum Classic currency and targeting a funding goal of 12 million ETC. “60% of ETC funds generated in selling XBTC will be used to increase the hashrate of the project,” reads the ICO site, “which will be expected to reach 100–120P Petahash and generate 67 Bitcoin per day.”

Bitcoin Unlimited provides a configurable option for Bitcoin miners, allowing them to increase the maximum block size limit beyond the current one megabyte cap. The Unlimited client currently competes against Bitcoin Core’s proposal for implementing the Segregated Witness soft-fork to increase the number of transactions included in each block.

Among the most vocal opponents of Bitcoin Unlimited is Samson Mow, the chief operating officer of Chinese cryptocurrency exchange BTC China. The Bitcoin Core proponent has shown support for Ethereum Classic on several occasions, hosting a BTC + ETC Summit in Shanghai and pledging to introduce ETC trading, not ETH trading, to BTCC at some time in the future.

“If the brilliant ‘BU Economists’ weren’t #politicking, they’d acknowledge #SegWit would lower fees today & they would push for activation,” Mow commented via Twitter. “You can only say ‘tx are expensive & blocks full’ while stalling block size increase & lighting for so long until people see through the bs.”

According to Cryptocoin News, Ethereum Classic mining entrepreneur Chandler Guo is behind the initiative, though this information did not appear on the ICO website at the time of the launch, nor on Guo’s own Twitter account. Ethereum Classic China reported his involvement the moment the site went live.

Guo’s 91pool currently controls 12% of ETC mining power, according to ETChain.com. Previously the entrepreneur launched an ICO funding a Chinese cryptocurrency exchange, named ETCwin. The fundraiser took in 1,769 BTC, today valued at over $1.7 million USD. Project XBTC promises to keep 40% of the ETC that is raised under control of management for six months, in place of selling the tokens on the market.

Exchange X — XBTC ICO