Bitcoin Cash Miner Revises Mining Tax, Community Still Skeptical

On Feb. 1, 2020, Jiang Zhuoer of BTC.TOP, the operator of a powerful mining pool in the Bitcoin Cash ecosystem, revised his stance on the controversial miners’ donation. He had earlier said that miners would be orphaned from the blockchain if they did not donate 12.5% of their block rewards. These rewards would go toward building infrastructure for Bitcoin Cash. “A Cultural Misunderstanding” Since his initial announcement, Zhuoer has updated and revised portions of his stance on the controversial miners’ donation. This is primarily due to what he has described…

Zcash Community Approves New Mining Reward Distribution Scheme

A recent poll revealed community support for Zcash mining reward changes, which will take effect in November 2020.  With the Zcash Founder’s Reward terminating in November, the privacy asset’s mining situation has come into question, a blog post from one of the project’s supporters, Electric Coin Company, or ECC, said on Jan. 28.  Community votes in new specs Using a bevy of avenues, including Telegram and Twitter, the Zcash foundation questioned the coin’s community on mining payouts going forward, the blog post read.  Taking effect in November during the coin’s…

Fearing Revolt, Roger Ver’s Bitcoin.com Backs Down From Proposed BCH Mining Tax

According to a statement earlier today, Jan. 28, Roger Ver’s Bitcoin.com is backing down from the 12.5% mining tax on Bitcoin Cash they proposed along with other major BCH mining pools owing to the community’s overwhelming negative response to the proposal.  Bitcoin.com’s position Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development. Now Bitcoin.com has rejected the proposed mining tax unless serious alterations are made:   “As it stands now, Bitcoin.com will not go through with supporting any plan…

Roger Ver’s Mining Pool Pulls Support for Bitcoin Cash Dev Fund Over Chain Split Threat

Mining pool Bitcoin.com will not now support the controversial bitcoin cash development fund proposal without broader agreement from the community. In a blog post published earlier on Tuesday, Bitcoin.com said it would no longer back the existing plan for a dev fund unveiled last week by the CEO of mining pool BTC.TOP, Jiang Zhuoer. “Bitcoin.com will not risk a chain split or a change to the underlying economics,” reads the Bitcoin.com blog post. “Any proposal will need to have as many people of economic weight on-board as possible, including businesses,…

Iranian Authorities Have Issued 1,000 Licenses for Cryptocurrency Mining

Iran’s Ministry of Industries, Mining and Trade has issued over 1,000 cryptocurrency mining licenses to domestic operations. According to a report published on Jan. 24 by Iran’s Banking and Economic System Reference Media (IBENA), a member of the Information and Communications Technology (ICT) Guild Organization’s blockchain commission, Amir Hossein Saeedi Nai, informed the public of the number of licenses issued. He explained that before launching a mining operation in the country, entrepreneurs must apply for a license, adding that the government has issued over 1,000 permits so far, and several…

Major Bitcoin Cash Pools Force 12.5% Mining Tax on Community

Leading Bitcoin Cash (BCH) personalities, including Bitmain CEO Jihan Wu and Bitcoin.com CEO Roger Ver, proposed on Jan. 22 an “infrastructure funding plan” that would see miners donate 12.5 percent of all block rewards to a Hong Kong entity. Many in the community turned harsh critics of the proposal. The fund would be used to promote Bitcoin Cash development, which the miners argue is a “far better solution” than having independent “corporate donors,” such as the Blockstream company for Bitcoin (BTC). The initial funding would be activated in May 2020…

Mining Pools Collude to Fund Bitcoin Cash Infrastructure

Jhiang Zhuoer, CEO of BTC.TOP, a major BCH mining pool, has revealed that top miners have agreed on a proposal to divert 12.5% of the network’s block rewards to infrastructure development. A Controversial Take on Development Funding  Bitcoin Cash is about to embark on yet another string of contentious decisions as the top mining pools push for development funding to come out of miner block rewards.  Had the mining pools decided to donate a share of block rewards, there likely would have been no controversy.  However, by threatening to orphan…

Argo Blockchain Sees Mining Revenue Rise Tenfold in 2019

Publicly-listed mining company Argo Blockchain had a tenfold increase in revenue for 2019 over the previous year, ProactiveInvestors reports on Jan. 20. Its shares bounced as the company plans further expansion in the upcoming year. Argo Blockchain PLC is a company operating mining rigs for profit, as well as providing Mining-as-a-Service (MaaS) to institutional investors who are “looking to hold specific coins but do not want to procure via exchanges.” Based in London and listed on the London Stock Exchange (LSE), its mining capacity is reportedly based in Quebec, leveraging…

London-Listed Argo Blockchain Reports 10-Fold Increase in Bitcoin Mining Revenue in 2019

Bitcoin mining form Argo Blockchain says it took 10 times more revenue in 2019 than in the previous year. In a press release posted on the London Stock Exchange website on Monday, Argo said, for its first full year of operations, it generated £8.5 million (just over $11 million) in revenue, compared with £760,000 ($985,720) in 2018. The firm listed on the main Market of the London Stock Exchange in August 2018. The figures are unaudited, with the firm expecting to file audited earnings in April. According to the announcement,…

Is Central Asia the New Safe Haven for Crypto Mining Amid Iran-US Crisis?

Recently, the cryptocurrency mining community has been shaken with rumors of Chinese miners leaving Iran — where crypto mining is authorized as an industrial activity — for Central Asia. The move has ostensibly been taken in an attempt to find a new safe haven amid the tensions between the United States and Iran, as well as rising oil and energy prices. Iran’s attraction for crypto mining operations lies in subsidized electricity rates — as of July, 0.7 cent per kilowatt-hour (kWh), — which had purportedly even prompted miners from mining…