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Slush Pool to Enable BIP 101 Mining in Support of Bitcoin XT


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The debate about the bitcoin block size continues. The bitcoin community is yet to reach a consensus about the implementation of BIP101, also known as Bitcoin XT and BIP 100 which was proposed by Jeff Garzik. Bitcoin XT is a bitcoin blockchain fork that intends to increase the blockchain block size from the present 1 MB to 8 MB and double the block size every two years. Bitcoin XT is an initiative by two bitcoin core members – Gavin Andresen and Mike Hearn.

The bitcoin network is growing exponentially since the past couple of years. As the number of bitcoin transactions increase, the blockchain in its current block size of 1 MB will not be able to handle large amounts of data arising out of these transactions. In order to overcome this issue and prevent certain death of the bitcoin system due to piling bitcoin transactions, the block size needs to be increased. Bitcoin XT is one such protocol that intends to do the same. However, in order to adopt any new change, the whole bitcoin network has to reach a consensus. In case of Bitcoin XT, the bitcoin community has not been able to reach a consensus. While many bitcoin companies and individuals have already expressed their support to BIP 101, there are many bitcoin mining pools which are opposed to BIP 101.

In order for the BIP 101 to be implemented, their support is necessary as well and that too sooner the better. However, many businesses have slowly come forward to declare their acceptance of BIP 101. Recently Slush Pool, a Czechoslovakian bitcoin mining pool has extended its support for the second time. The mining pool with a collective hashing power of 6 percent was the first one to allow miners to vote for BIP 101. But, the mining pool became a target of mass DDoS attack after announcing its support to Bitcoin XT. Now, the mining pool intends to reactivate BIP 101 mining. Once it is reactivated, miners on Slush Pool will again be able to vote for adoption of Bitcoin XT.

I see, I think and I do... passionate about digital currency, start-ups and social good. I believe that if you mix them right, you can change the world. Find me @gautham_n on twitter or /gautham,nm on facebook


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