The best-capitalised mining firm in bitcoin has waded into the block size debate – stating it must be resolved by consensus.
CEO Valery Vavilov told CoinDesk:
Sizing up the debate
If bitcoin transactions continue to grow at their current rate, the network will hit a 'capacity cliff' in the coming year. How to resolve this, or whether to take any action at all, has sparked a 'flame war' raging for nearly five months.
Following the release of Bitcoin XT, Gavin Andresen and Mike Hearn's highly controversial fork to 'opt out' of bitcoin's current 1MB block size limit, industry stakeholders are now picking sides.
"BIP101 and 8MB blocks are already supported by a majority of the miners and we feel it is time for the industry to unite behind this proposal. Our companies will be ready for larger blocks by December and we will run code that supports this," it read.
Vavilov is against these proposals, he said, because their growth forecasts don't provide enough "predictive power", so the potential cost of mistakes runs extremely high. He added:
Black and white blocks image via Shutterstock
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