The Bitcoin Cash community is working to make the smaller sibling of Bitcoin more attractive to the crypto market through protocol upgrades and aggressive marketing. Two major Bitcoin Cash mining pools have now agreed to an initiative to eliminate transaction fees entirely.
Bitcoin Cash drew attention with its recent block size increase from 8 MB to 32 MB. In addition, Antpool carried out a coin burn in mid-May intended to reduce circulating supply and artificially support Bitcoin Cash’s value, although the effects were marginal.
To further improve adoption and appeal to the broader crypto community, a new miners’ initiative called “Miner’s Choice” proposes that mining pools remove transaction fees completely.
Reported participants in the initiative include Coingeek, nChain, ViaBTC and Bitcoin.com. The distribution of mining pools in the Bitcoin Cash network at the time of writing is shown below:
The Miner’s Choice proposal calls for two configuration changes in mining software:
- Remove the current “dust limit” of 564 satoshis, allowing transactions that send as little as one satoshi.
- Accept zero mining fees for transactions included in mined blocks.
Initially, miners would accept a fixed number of fee-free transactions per mined block.
Coingeek says these measures will encourage growth and usage of Bitcoin Cash (paraphrased):
Removing the dust limit will accelerate Bitcoin Cash adoption. If transactions can send as little as one satoshi, the BCH blockchain can be used for many more purposes and create additional options for users. Micropayments can shrink to a single-satoshi payout with zero (or very small) fees.
Craig Wright, chief scientist at nChain, also supports the plan, arguing it will help Bitcoin Cash remain competitive over the long term.
Miners should start thinking about no dust limit and some zero fee txs to spur adoption faster. Single satoshi tokens. Plan for the long term
— Dr Craig S Wright (@ProfFaustus) 4 June 2018
It remains unclear how quickly the plan will be implemented. Still, Coingeek reports that four large mining pools representing more than a quarter of Bitcoin Cash’s hashrate have voiced support.
At the time of writing, the price of Bitcoin Cash stood at €931.97, showing a slight 24-hour decline of -4.17 percent. With a market capitalization close to €16 billion, Bitcoin Cash ranks among the largest cryptocurrencies by market cap.
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