Antpool Burnt 12% of BCH Network Fees!!
Antpool is one of the oldest mining pools in the cryptocurrency ecosystem. And, Bitman Technologies is the company responsible for the operation of the mining pool. In the recent times, the mining pool was sending bitcoin cash (BCH) to an unspendable address. And, on April 20, the mining operation finally explained this discovered transfer of bitcoin cash to an unspendable address.
As per the explanation which was given by Antpool, ‘Burning’ is the process in which this Bitcoin Cash (BCH) has been utilised. Burning actually means that the coins sent to the address can never be spent again. Furthermore, Antloop says that this burning of funds sent to the ‘black hole address’ is for the good of the BCH economy. However, some people have a belief that burning increases digital scarcity.
In addition, the mining pool explained that Bitcoin Cash is at the surmount of becoming a widely used public blockchain. While a wave of innovation is forthcoming in the decentralised currency. The mining pool also mentioned about the latest Memo application along with various other platforms being built on BCH chain. It also acknowledged the upcoming hard fork which aims to increase the block size to 32 MB. This hard fork is arriving on May 15, 2018. Additionally, it says that in the near future various other applications will be enabled based on BCH.
Further, Antpool explained that it knows that BCH will be used widely and spent but the holding investors are critical to the economy. As a result, Antpool is burning the funds for bitcoin cash. Apart from this, Antpool stated that ’12 percent of the transaction fees earned by the mining is burnt.’
The Burning Is Good For BCH!!
As per the statements released by Antpool, the burning procedure might turn out as a good for the BCH. Antpool explained this in the following way:
While we have active users who are spending BCH, having investors who hold it is also a fundamental requirement. And, without them, the BCH’s exchange value loses its significant support. Thus, the mining pool explained that the BCH ecosystem and community needs to keep the current passion going on.
Finally, the pool concluded by saying that they want the other miners to join them in burning the 12 percent transaction fees.