Bitcoin's 'Segwit2x' Scaling Proposal: Miners Offer Optimistic Outlook
"The number means something. Hash power means something." As explained by Xiangfu Liu, co-founder of bitcoin mining chip maker Canaan, there are few things more sacred in bitcoin than the idea that the strength of a blockchain is the computing power dedicated to securing its ledger. But while bitcoin's miners remain united in this daily pursuit, their opinions on a new scaling proposal seem decidedly mixed. Known as 'Segwit2x', the proposal, spearheaded by bitcoin investment conglomerate Digital Currency Group, aims to move forward with two changes to the bitcoin network: an optimization called Segregated Witness (SegWit) and an increase to the hardcoded parameter limiting the size of its transaction blocks. Notable about the effort is its claim it draws support from more than 80% of bitcoin's computing power. Mining industry participants including Bitcoin.com, Bitfury, Bitmain, BTCC, F2Pool and ViaBTC all signed an agreement supporting the solution, alongside roughly 50 industry startups.
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