Bitcoin Cash mining pool, SVPool targeted at miners of Bitcoin Cash, after almost two weeks of private activity has finally been opened to the public. On 10th October, the pool mined its first BCH block. Already, it has successfully accumulated 3.1% of BCH mining activity, and currently, anyone can join the pool.
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SVPool’s History
nChain’s Craig S. Wright created the SVPool. This pool relies on Bitcoin SV (its own node implementation), in order to prevent a Bitcoin ABC-planned hard fork.
Bitcoin ABC produces across BCH mining pools, a dominant node implementation software. With this dominance, Bitcoin ABC by next month will be able to fork Bitcoin Cash with new decisive changes.
These changes are opposed by SVPool, and entirely different changes to Bitcoin Cash will be introduced by Bitcoin SV, if it is widely accepted by miners. Notably, the scalability of Bitcoin Cash will be improved by Bitcoin SV by increasing continually maximum block sizes, making it possible for each block to store more transaction data.
Can It Win Over Users?
The press release by SVPool places the Bitcoin SV protocol as potentially triumphant and the vision laid out in the original Bitcoin whitepaper will be restored by its proposed changes. Wright said that: “For too long, developer groups have repeatedly tried changing Bitcoin. The original Satoshi protocol for Bitcoin … has everything BCH needs to massively scale, support tokenization, smart contracts and other advanced features, and become the only global public blockchain.”
In the coming weeks, the new pool could grow in size greatly, as hundreds of miners and groups are already pre-registering for the new pool. In addition, CoinGeek (a major pool that accounts for 25.9% of all BCH mining last week) endorses SVPool. In August, CoinGeek issued a statement revealing that it does not intend to support Bitcoin ABC, but rather to support SVPool.
Meanwhile, the Bitcoin Cash community is gradually withdrawing its support of the Bitcoin ABC’s node implementation. It once happened that about two-thirds of BCH nodes was accounted for by Bitcoin ABC, in contrast to what it is today where it accounts for just half of those nodes. Whether the direction of Bitcoin Cash will be changed by Bitcoin SV, is yet to be known.
Based on a pay-per-last-N-shares (PPLNS) scheme – A way of sharing rewards fairly based on minings done by a user, SVPool will share between miners, the mining profits. In the future, a Pay Per Share Plus (PPS+) reward scheme will be added, which will permit miners to get more stable payouts.
