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GBMiners, the largest bitcoin mining pool operator in India, said the company has not withdrawn. the SegWit2x agreement (NYA).
Earlier this week, CCN reported that Litecoin's creator and former CEO of Coinbase, Charlie Lee, revealed that GBMiners had stopped reporting the planned SegWit2x bifurcation for November.
On October 28, the GBMiners team explained that its mining pool had briefly stopped reporting SegWit2x because it had tested some improvements. The team said:
"We are testing [a] some upgrades, we have not withdrawn from NYA."
Importance of GBMiners
After all, GBMiners accounts for only a small percentage of global bitcoin hashrate at around 2.5%. Other major mining basins like F2Pool, which accounts for a staggering 14% of bitcoin hashrate, have come out of the SegWIt2x chord.
Therefore, if GBMiners withdraws from the SegWit2x agreement or stays in agreement it does not have a tremendous impact on both SegWit2x supporters or users of the bitcoin blockchain of origin.
It is more important for the global bitcoin community to speculate on the options of major mining pools like Antpool, BitFury and BTCC, as only these three pools, apart from F2Pool and Slush, can actually threaten the rigid fork proposal SegWit2x.
At the end of August, Bobby Lee and Bitfury, CEO of BTCC, said in an interview that they intended to remain strong proponents of the fork SegWit2x in November. Lee declared :
"We are strong supporters of the New York Accord (Segwit2X), we support bitcoin scaling and do it responsibly, and we hope that the fork part of Segwit2X will also be maintained."
BitFury CEO Valery Vavilov added:
"The original agreement for SegWit2x has not changed."
What will happen to SegWit2x?
Bitcoin Cash (BCH) was forked in August with minimal support from the community and minors. Although the project was only supported by ViaBTC and Bitmain – even Bitmain was caught off guard with the announcement of ViaBTC to sue Bitcoin Cash – he ended up forking and creating a new cryptocurrency in BCH.
Therefore, even though several mining pools like F2Pool are withdrawing from the SegWit2x agreement, the remaining miners such as BitFury and BTCC would probably lead the proposal and the executive on November 16, as expected .
After the completion of the hard fork, given the decline in support from industry, community and miners, there is a high probability that the SegWit2x blockchain will become the minority channel and is listed as B2X or BC1, depending on independent trading and portfolio platforms. Xapo and Blockchain chose to list SegWit2x as BC1, while Bitfinex, Coinbase and Bittrex unveiled their intention to name the B2X cryptocurrency.
It is also important to note that the hash power of the pools that have been removed from the agreement of the miners were chosen to support some chain massively increased over the last week.
The F2Pool hash increased from 9% to 14% after removal of the support for the SegWit2x rigid fork. # Bitcoin pic.twitter.com/6Jnb5uaeXb
– Joseph Young (@iamjosephyoung) October 27, 2017
Image from Shutterstock to photo