BTCChina, Huobi and other Chinese mining pools support the size upgrade of public ledger data blocks to 8 MB.

Representatives of the Chinese mining pools, F2Pool, BW, BTCChina, Huobi.com, and Antpool, gathered in Beijing to discuss the maximum size of public ledger data blocks. After a lengthy discussion, miners supported the extension of one block from 1 to 8 MB.

“After undergoing deep consideration and discussion, the five pools agree that while the block size does need to be increased, a compromise should be made to increase the network max block size to 8 megabytes. We believe that this is a realistic short term adjustment that remains fair to all miners and node operators worldwide.”

According to the joint statement, 8 MB size suits Chinese infrastructure well. The increase of the block to 20 MB might cause problems:

“Chinese outbound bandwidth is restricted; causing increased latency in connections between China & Europe or the US.”

Huobi, BTCChina, F2Pool, BW and Antpool remind the bitcoin community that they account for the 60% of bitcoin hashrate in the world.

The ideal public ledger block size is the source of ongoing debate among bitcoiners. The current standard size is 1 MB. Block size upgrade will allow the system to perform more transactions per second and ultimately work faster. At the same time it will make miners even more influential than they are now.

This January, Gavin Andresen, the key developer of Bitcoin Core, proposed to expand the standard data block size:

“...if we increased the maximum block size to 20 megabytes tomorrow, and every single miner decided to start creating 20MB blocks ..it would run just fine.”

To implement the proposition, Andresen needs the support of the mining market key players. Evidently, influential Chinese miners have some reservations about the degree of the proposed changes but do support the idea in general.

 

Roman Korizky