The Future Of Bitcoin Depends On Chinese Mining Pools

China has a bitcoin trade that amounts to 90 per cent from the rest of the world while 70 per cent of the mining operations are done in China. There is going to be a key meeting happening within the month since the maximum capacity of the network is almost reached.

Wu Jihan retold the time when he learned about the existence of bitcoins almost 5 years ago. It was in 2011 when the digital currency gained popularity and he felt exhilarated to be a part of the budding community. He admitted that he is a computer nerd and during that time he just graduated from one of the top University in China. Wu decided to learn everything there is regarding the founders of the digital currency as well as the aim of the users to make a change in the financial system of the world through bitcoin. After a year of learning about bitcoins, he was employed in a private firm but decided to leave his job. After his resignation, he set to working on his very own bitcoin startup. As of now, his company is one of the top mining pools in the bitcoin network.

Now the entire bitcoin community together with Wu is worried about the future of the digital currency though it is known to have come a long way since its launching in 2009. The network is now facing the biggest challenge since they are almost near in reaching the maximum capacity data that was preprogrammed to be processed by the network. The solution is to increase the capacity of the system to verify more payments. If not accomplished, the times used during transaction will become larger and will have less impact on the development that bitcoin has overcome for the last five years which resulted to an increase of 4,475 per cent.

The bitcoin mining pools will conduct a conference in order to talk about the methods to be undertaken in order to attempt increasing the capacity of the entire bitcoin network. Though a simple coding will do the trick, there will also be compromises that many are not willing to make.

 

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