LONDON, October 22, 2018 /PRNewswire/ --
The wait is over - public Bitcoin BCH mining pool SVPool, managed by CoinGeek Mining is now open for business.
Effective today, SVPool is open to all public miners on the Bitcoin BCH network. The public BCH mining pool is a personal initiative of nChain Chief Scientist Dr. Craig S. Wright. SVPool (meaning Satoshi Vision Pool) is for BCH miners who support the original Satoshi Nakamoto vision for Bitcoin and want to generate more long-term revenue. BTC miners who believe in Bitcoin's original vision are also invited to begin mining BCH with SVPool.
SVPool will initially offer zero fees to miners, and launches with initial Pay-per-last-N-shares (PPLNS). It plans to add more features and Pay-per-share plus (PPS+) options in November.
At press time, hundreds of miners and mining groups have already pre-registered for SVPool. Demonstrating truly global interest, the pre-registrants come from the United States, China, United Kingdom, Canada, Australia, India, Spain, South Africa, Brazil, Germany, South Korea, Japan, Malaysia, and many other countries.
SVPool mined its first BCH block on October 10. Since then, during an invitation-only beta period, it has already mined over 50 blocks. On a seven-day basis ending October 21 with just beta users, SV Pool already accounts for approximately 3% of BCH blocks mined, according to Coin.dance data.
SVPool proudly runs Bitcoin SV, the new full node implementation of Bitcoin BCH designed to fulfil the original Satoshi white paper's vision for Bitcoin. Other competing BCH implementations (such as Bitcoin ABC) seek to experiment with unnecessary technical changes to the Bitcoin protocol, which will disturb the economic genius of Satoshi's system. In contrast, Bitcoin SV's roadmap is easy to understand: restore the original Satoshi protocol, keep it stable, enable the BCH network to massively scale, and professionalize Bitcoin. Aimed at business users, the SV implementation will allow global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol. It's time for Bitcoin to grow up, and this path will generate more revenue for miners. To learn more, visit the Bitcoin SV website.
Dr. Craig S. Wright explains:
"If you believe in Bitcoin's original vision, you believe in Bitcoin SV and SVPool. For too long, developer groups have repeatedly tried changing Bitcoin. The original Satoshi protocol for Bitcoin does not need to be fixed. It has everything BCH needs to massively scale, support tokenization, smart contracts and other advanced features, and become the only global public blockchain. Just like the Internet has a stable protocol, Bitcoin needs a stable protocol so businesses can build upon a rock solid foundation rather than constantly moving sand. That is why we are restoring the Satoshi Vision through BCH, and I ask miners of the world to join me in SVPool."
SVPool also supports Bitcoin SV's plan to immediately begin massive scaling, by increasing the default maximum block size to 128MB as a step to even bigger blocks. Bitcoin SV will also allow miners to configure their own maximum "accept" block size to create a competitive marketplace. Increased scaling now is critical to reach GB and bigger size blocks, which will enable higher BCH transaction volume by major enterprises and more transaction fees for miners. This will ensure long-term profit for miners to compensate for the next block reward halving in 2 years (reducing the block reward from 12.5 to 6.25 BCH) and every four years after that.
Like Bitcoin SV, SVPool has a "miners choice, miners first" philosophy. Miners are put first by stabilizing the BCH protocol, rather than repeatedly debating feature changes imposed by developer groups.
Dr. Wright further observes:
"We must end this thinking that developer groups are in charge of Bitcoin, and that developers can make experimental changes to the protocol when they have little or no investment in hashing power. Miners have by far the most money invested in BCH and provide the network's computing power and security. It is time for miners to stand up, use their hash power voice, and take their rightful place to direct the future of Bitcoin BCH."
With its miner focus, SVPool strives to ensure miners have a great experience. This includes providing a world-class highly responsive customer service team in both English and Chinese languages. SVPool will also listen to customers to learn what additional pool features are important to miners.
SVPool is proudly managed by CoinGeek Mining. Taras Kulyk, CEO of CoinGeek Mining, states:
"CoinGeek stands behind Craig Wright, Bitcoin SV, and SVPool in the knowledge that BCH is the only true Bitcoin that fulfills the Satoshi Vision. We are proud to support SVPool, and invite all Bitcoin miners of the world to join us, and help make Bitcoin what it was always meant to be."
In addition, CoinGeek invites all miners to the CoinGeek Week Miners Day, which is part of the CoinGeek Week Conference in London this November. The SVPool and CoinGeek Mining team will be on-hand to discuss how you can do your part in making Bitcoin BCH realize its full potential. Secure your seat today via Eventbrite for the three-day conference that's shaping up to be the essential Bitcoin BCH conference this fall.