Foundry Digital, the world’s leading Bitcoin mining operator, has announced that it will allow customers to mine how the pool should display on the BIP-110.
The Rochester, New York-based firm said on Friday in an email to miners that they will be able to vote using the hashrate – literally computing power – to vote for or against the proposal.
BIP-110, or Bitcoin Improvement Proposal 110, and thoughts the goal of temporarily blocking spam on the blockchain. If it passes, a soft fork – a retrograde rule change – could go into effect, stopping the flow of unfunded data online.
“As miners, it’s important to have a voice and participate in the management of the network,” he said. Foundry he said in his announcement.
“It’s one of the most controversial ideas in Bitcoin right now, and miners work with it if they launch it,” the company added.
Also known as a “minimum data soft fork,” this concept limits the amount of non-financial data that a product can carry.
His rules limit maximum new outputs up to 34 bytes, restore the 83-byte limit on OP_RETURN outputs, and reject pushing data above 256 bytes.
The respondents say that a soft fork would allow Bitcoin to function as a peer-to-peer currency.
But the critics, including Founder of Strategy Michael Saylor and Blockstream co-founder Adam Back, argue that they turn the policy debate into a change of agreement that could hinder payment services.
The Foundry method
Under Foundry’s policy, each vote is weighted according to the account’s 10-day hashrate in the pool between July 6 and July 15. Foundry said it will display based on the majority of votes with hashrate during the display, which it hopes will pass in early August at block 961,632.
The position of the company is no. It said that until the “Yes” votes exceed 51% of the voting hashrate, Foundry shows “No” with all its blocks. Crossing the bar changes the pool to “Yes” and all of its blocks.
The Foundry controls one-third of the network’s hashrate, a share that makes its position crucial to the results. Researchers at BGeometrics to be known Foundry and Antpool solutions that can turn daily signals into profitable ones. The official acceptance window near the 961,632 block, which is expected in early August, will force the demand before the opening period closes.
Accounts that do not respond are counted as “No” votes. Foundry said owners can change their vote while the window is still open, and that individual votes will remain private, although aggregated results may be shared.
