Antpool Announces Burning 12% Of BCH Network Fees

in cryptocurrency •  9 months ago

Antpool has begun burning 12% tx fees sending them to a “black hole  address” voluntarily for the good of the BCH economy, News Bitcoin reported

Antpool one of the oldest mining pools in the cryptocurrency ecosystem and is operated by the company Bitmain Technologies announced  on April 20th that the public may have recently noticed a fraction of  Bitcoin Cash being sent to an unspendable address every time Antpool  mines a block 

The mining pool mentioned Memo and other decentralized applications  being built on the BCH chain. Further, the group mentions the upcoming hard fork taking  place on May 15 which aims to increase the block size to 32MB.  Additionally, Antpool says that “more and more useful applications will  be enabled on BCH” because of the enlarged OP_RETURN spaces, and  re-enabled OP_codes. Antpool explains that it understands that BCH will  be a cryptocurrency that will be widely used and spent but holding  investors are also critical to the economy. 

 “Some Bitcoin Cash investors may have noticed that Antpool has recently  begun burning BCH by sending mining fees to a black hole address with  each block mined — Twelve percent of the transaction fees earned by the  mining pool are burnt — This is voluntary and we want to explain why  this burning might be good for BCH as a whole,” Antpool states. “While  having active users spending BCH is very important for the ecosystem,  having investors who hold BCH is also a fundamental requirement for  maintaining a strong economy — Without these holders, BCH’s exchange  value loses significant support.” 

 “We believe that they too should profit from the growth of BCH by  their continued stake in the Bitcoin Cash ecosystem — The transaction  fees earned by miners are an important growth indicator of the BCH  ecosystem, and if a portion of the fees are burnt, it is effectively  miners sharing revenue with the entire BCH network.” 

The burning announcement also denounced cryptocurrency ‘maximalism’ and  stated that type of idealism is “dangerous.” This is because Antpool  believes the community benefits from the advancement of application  tokens which will bring forth an arrangement that pushes the growth of  an “on-chain transaction explosion.” Antpool further expressed that  other mining pools should join in on burning a percent of Bitcoin Cash  tx fees. 

 “We call for other miners to join us in burning 12% of the transaction fees collected,” the pool expressed. 

Bitcoin is currently trading at [FIAT: $8,935.03] while Bitcoin Cash is trading at [FIAT: $1,413.40] according to Coin Market Cap at the time of this report. 

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this just confirms to us that cryptos are an elaborate ponzi scheme, ultimately.