Home Infrastructure Funding Plan for Bitcoin Cash (IFP) North American, European Bitcoin Cash Miner Group Forms to Oppose 12.5% Dev...

North American, European Bitcoin Cash Miner Group Forms to Oppose 12.5% Dev Funding Plan

TL;DR: In response to the recently announced Infrastructure Funding Plan for Bitcoin Cash (IFP), anonymous participants claimed to have formed a North American and European miners group in opposition. Arguing for the importance of development funding while insisting the IFP is flawed, they’re issuing an ultimatum which includes launching “a competing BCH pool to offer a voice to miners that disagree with the proposal” with a threat “to create our own chain after the fork” should their terms not be accepted. 

Anonymous North American, European Bitcoin Cash Miner Group Forms

Insisting “we have our back against the wall” and fearing “retaliation from the four signatories of the” IFP as to why the protesters remain anonymous, a group of miners from North America and Europe claimed they “will start withdrawing our support for the signatory pools and move to other pools for the time being. We will in the short term launch a competing BCH pool to offer a voice to miners that disagree with the proposal,” the miner group stressed.

Bitcoin Cash

To apparently show a willingness to consider the main issue raised by the IFP, the new “Opposing Mining Group” also alluded to donating “1% of our income to development teams while offering a voice to our miners on how to donate it” during their protest actions. Only days ago, influential mining pool operation BTC.TOP and its founder, Jiang Zhuoer, proposed a soft fork to orphan blocks of miners who chose to not accept a temporary, six month 12.5% redirection of the Bitcoin Cash coinbase block reward. Some $6,000,000 was projected to be raised by the IFP and distributed to developers in an as-yet-detailed arrangement through a Hong Kong-based corporation.

“Assuming the proposal is not withdrawn,” the anonymous miner group concluded, “or modified to be acceptable, we will continue to mine up to the hard fork, which will create our own chain after the fork due to the consensus rule change introduced by the signatories. We definitely plan to obtain more hashrate than the signatories can muster. The market will need to decide in the days following the fork,” asking IFP backers “see the light and remove their ‘non-debate’ clause.”

We will Represent 2.5 exahash/s Come May 2020

The signatories are Zhuoer, Jihan Wu of Bitmain, Haipo Yang of ViaBTC, and Roger Ver of Bitcoin.com. Only Zhuoer and Ver have released public statements, including points of clarification by Ver’s company on the growing controversy. The “non-debate clause” was in the IFP’s initial draft and later removed. Zhuoer has since participated in a lengthy subreddit AMA, and Ver has openly praised what he’s characterized as “vigorous” debate within the Bitcoin Cash community without recourse to censorship. Neither Wu nor Yang have made public statements as of publication.

Bitcoin Cash
Graphic insert by the opposing mining group

“We are a group of North American and European miners representing,” the group revealed, “at this point in time, 1.6 exahash/s. We will represent 2.5 exahash/s come May 2020 due to expansion amongst our companies,” numbers surely meaningful to the mining pools involved (the group was also careful to distinguish between pools and miners, arguing mining pools “are not miners”). “We are all customers of the signatory pools,” the opposition group explained. “No one in our group [is] actually using other pools as we preferred to support BCH proponents. It is totally unfair and unethical that our mining pools [use] our hashrate, after charging us a very significant fee to use their services, to force us into a tax.” IFP proponents have mostly argued the 12.5% redirection is not a tax but a service fee.

May is a significant month for a variety of reasons in the peer-to-peer electronic cash ecosystem. For Bitcoin Cash that means a scheduled upgrade combined with the IFP’s proposed start date, May 15th, 2020. It’s also around the time of BTC’s so-called Halvening of the block reward, a point the opposition group seized upon with regard to BCH’s own Halvening likely occurring weeks prior, causing the anonymous group to “worry about the viability of the currency.” Cryptocurrency speculative markets, if used as any kind of indication in digesting the IFP and its critics, appear at least temporarily bullish on the prospects of the Bitcoin Cash community’s ability in arriving at some sort of eventual agreement prior to the May deadline.

David Bond

CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.

DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.