CoinGeek and nChain Group announce a “Miner’s Choice” initiative for BCH miners to have choice to individually lower their own minimums for mining fees and transaction values that can be sent on the blockchain.
CoinGeek and nChain’s mining firms plan to adjust settings in the software running on their BCH mining units to make two changes:
(1) Remove the current minimum “dust limit” of 546 Satoshi. This will makes it is possible for users to send as little as 1 Satoshi (one hundred millionth of a single Bitcoin Cash coin) via a BCH transaction. Any miner can accept a 1 Satoshi transaction amount, and it should be included in a valid block that all other miners will accept.
(2) Accept some free (zero mining fee) transactions in each block they mine. CoinGeek and nChain believe that miners should be able to accept free transactions, rather than requiring users to pay a minimum of 1 Satoshi per byte. Their mining firms will each designate a number of free transactions they will accept in each mined block.
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Significantly, if miners choose to accept some transactions with zero mining fee, this further encourages more Bitcoin Cash transaction usage. If free transactions are possible, miners will have freedom to set more fee level ranges, from zero to small amounts. Users will have more choice about how much (if anything) they wish to pay for sending a BCH transaction, depending on the speed they want. This fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth.
Editor’s Note: CoinGeek is the Calvin Ayre-owned media site and bitcoin mining firm, and nChain is the global leader in research and development of blockchain technologies. nChain’s mining business is BMG Operations.