In the 1800s, a series of legal acts were passed in the United Kingdom that later became known as the Red Flag Acts. These acts were passed to address growing concerns about the safety of these strange new machines called “automobiles”.
We have to acknowledge up front that the whole conversation about increasing the block size is not one of imminent necessity, but more of a theoretical eventuality. It’s a big “what if?” question. And because the bitcoin community loves to spend time thinking about these things, of course it has turned into one of the most important debates in the industry today.
We are proud to announce our new smart mining management software, Genesis Hive!
We have been quietly developing this system since the early start of our business and we are using it with great success to build and maintain our own mining farms. Our monitoring tool is everything we hoped it would be. Having it is what enables us to run and expand our mining operation. We are constantly improving Genesis Hive, preparing today’s large scale bitcoin miners for tomorrow’s needs in the world of mining.
Last week we asked our miners to tell us what they think about increasing the blocksize. Miners are affected by this change as much or more than anyone else, and we have received a lot of feedback about this issue.
So we hosted a poll. In it we laid out the pros and cons of both alternatives – increasing the block size and not tampering with the blocksize. This is a summary of how we represented each point of view:
There is no denying that there are lot of companies in the scrypt cloud mining industry which are launched with the sole intention of defrauding their customers. Since its inception, Bitcoin has been plagued by scammers that have cost customers millions of dollars.
We wanted to do a post to help new Bitcoin users. Time and time again, we see the story posted on forums and social media: a new user found a cloud mining company online, paid money, and now have nothing to show for it. Looking at the big picture, this doesn’t just hurt that one user, it hurts the entire ecosystem.