Bitcoin.com to raise base mining payout to 120%

Bitcoin.com is happy to announce we are raising the base mining pool payout from 110% to 120%. We made this decision as a result of the unnecessary high fees due to the current block size limit, which has been supported by the Blockstream and Core teams. It is our hope that this issue is resolved soon. Until then, we will do everything to offset the disincentivizing effects of high fees.

Also read: Bitcoin ETN Crosses $100 Million After Unprecedented Demand From Investors, Partners With Xapo

History of Bitcoin.com’s Pool and Bitcoin Unlimited

Last September we launched our mining pool. It was the first in the world to singularly support Bitcoin Unlimited. We started our pool to help reduce massive congestion on the network. Currently, transaction speeds are still weighed down by high fees, and we wanted to start a pool that provided miners with stronger reward incentives in this environment.

We still believe Bitcoin Unlimited and an immediate hard fork is the best resolution to the current quagmire. Our Chief Technical officer, Emil Oldenburg, explains this saying, “I really wish transaction accelerators weren’t necessary. We need to remove the block size from the consensus code like Bitcoin Unlimited has done and let the blocks be as big as necessary. This will lead to a healthier and more innovative discussion on blockchain and transaction optimizations. We can’t fix the congestion by building a transaction accelerator; we must raise the block size limit.”

Until the ecosystem comes to a consensus on the current scaling dilemma, Bitcoin.com will continue to do everything to promote increased block sizes. It is our hope that Blockstream and Core’s half-measures are not accepted and their desire to control the network is checked, lest bitcoin neutrality is hamstrung and the ecosystem suffers as a result of incompetence, poor judgement, and hunger for power.

For more information about Bitcoin.com’s Mining Pool, there is an official discussion thread located in our forum here, and people can also email us at pool@bitcoin.com for questions and support. Get started now at pool.bitcoin.com.

Images courtesy of Bitcoin.com and Shutterstock

Have you seen our new widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool, and you can customize by size and color. The widgets include price-only, price and graph, price and news and forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power.