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Bitcoin Cash Miners Discuss Funding Development With Mining Rewards

Yesterday, representatives from all mining pools from Bitcoin Cash, the bitcoin hard fork, gathered to discuss a way of funding the development of community projects using mining rewards. This discussion was held at the Coingeek conference in Hong Kong, according to an article first published on Bitcoin.com
Bitcoin Cash is a hard fork of bitcoin, that is, a modification of the code of bitcoin that was programmed with other functions. Mining bitcoin cash, or any other mineable coin, give rewards to the miners for operating in the network, in the form of the same cryptocurrency. Every unit of information mined it’s called a block. Blocks rewards are completed mostly by mining pools, groups of miners that distribute rewards equally between them. The proposal is that for every block mined, a percentage would be used to finance bitcoin cash development or interesting grassroots projects of the community.
Most pool representatives were present and supported the proposal of this initiative. ViaBTC, Bitcoin.com, BTC.top, Antpool pledged their support. A voting system for miners to give their opinion about the initiatives proposed was also discussed. A kind of voting signal would have to be distributed unto all pool members, and if the project is then approved by a determined number of miners, then a percentage of the rewards would be allocated to support it. About the specific percentage wasn’t accorded, but most proponents think that a rate between one and five percent would be sufficient for funding most projects.
This would be the first time that cryptocurrency representatives propose to use its own mining rewards for community projects or to keep funding their own development. But this is not the first time that Bitcoin Cash mining rewards have made it to the headlines. Antpool, the biggest bitcoin mining pool, has been “burning” its block rewards since earlier this month when it was announced that they were sending a percentage of its rewards to a void address, effectively reducing the availability of Bitcoin Cash in the market.

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