ViaBTC Now Offers Cloud Mining Contracts

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by Tatsiana Yablonskaya · 3 min read
ViaBTC Now Offers Cloud Mining Contracts

The offering of ViaBTC can strengthen the position of Bitcoin Unlimited against Bitcoin Core.

ViaBTC, a bitcoin mining pool that supports Bitcoin Unlimited, has unveiled that it is welcoming more people to join its mining pool in return for small investments in its mining equipments.

According to ViaBTC’s announcement, it has set up a 2.4 PH/s data center running on Bitmain’s AntMiner S9 mining equipment. Individual miners or companies can join the Bitcoin Unlimited mining community via purchase of the total hashing power of ViaBTC’s cloud mining infrastructure. They will get a part of the mining rewards as a return on investment.

ViaBTC underlined that the redemption of miners and change of mining pool is not possible for contract holders. The company takes this measure to ensure the interests of the mining pool are protected.

Experts expect that the sale of ViaBTC cloud mining contacts will result in the increased support for Bitcoin Unlimited, strengthening its position against Bitcoin Core.

The offering of ViaBTC has met some criticism from the Bitcoin Core followers who called the ViaBTC‘s cloud mining service a scam.  They speak against such services and demonstrate dissatisfaction with the Bitcoin Unlimited proposal.

The Bitcoin community is now at the verge of the most important decision in bitcoin’s history. There are two possible ways of further development of the cryptocurrency – Segwit, a centralized capacity increase from 1MB to around 1.7MB, or Bitcoin Unlimited, a decentralized mechanism for on-chain scalability decision making. Thus, bitcoin miners are thrown into the dilemma.

Haipo Yang, ViaBTC’s founder, says: “The battle between Bitcoin Unlimited and Segregated Witness is not a scaling battle, it’s actually a battle about Bitcoin’s future path. The Bitcoin Unlimited path advocates following Satoshi Nakamoto’s original development path, and guarantees Bitcoin retains its open and transparent ledger property, allowing more people to use Bitcoin, and allowing Bitcoin to become a globally used and accepted currency. The Segregated Witness path will turn Bitcoin into something that can only be used by a few, that is easily displaced by another cryptocurrency, with no way to realize its vision of becoming a fully anonymous system. It seems more likely that the BU path will help Bitcoin develop into a trillion dollar market, and Segregated Witness will cause Bitcoin to turn into something like Tor: limited to a few grey area use cases, and incapable of achieving mainstream acceptance.”

Bitcoin Unlimited was launched just before Bitcoin Classic last year. Initially, the bitcoin network had a soft limit of 250kb transaction space per block. The interest in bitcoin began to grow and finally the capacity limit was reached. Miners, without any centralized coordination, simply increased it to 500kb, repeating it again when they increased it to 750kb and then 1MB.

Bitcoin News, Cryptocurrency news, News
Tatsiana Yablonskaya

Taking strong interest in blockchain, cryptocurrencies, and IoT, Tatsiana Yablonskaya got deep understanding of the emerging techs believing in their potential to drive the future.

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