Author: Jonathan Toomim 2016-02-07 17:10:39
Published on: 2016-02-07T17:10:39+00:00
The debate surrounding the threshold for a block size increase in Bitcoin has centered around whether to require 75% or 95% of miners to signal their support. While some argue that a 75% threshold would give "veto power" to a single large miner or mining pool, others contend that a 20% minority could still sabotage an upgrade by voting in favor of it and then refusing to mine on the new chain. However, regardless of the threshold chosen, both chains would have equal difficulty in mining blocks during the adjustment period. If a fork does occur, one branch would have 2MB blocks every 18 minutes while the other would have 1MB blocks every 22 minutes. The former branch would be able to handle more transaction volume, resulting in a higher market value for newly minted coins. This feedback loop would incentivize miners to switch to the more profitable 2MB branch, making it the dominant chain.
Updated on: 2023-06-11T03:42:58.184914+00:00