UPDATE (28th August 14:21 BST): Mining firm 21 Inc, which accounts for over 7% of the current bitcoin hashrate, has also noted its support for BIP 100. Garzik's proposal now has 58.6% of the network's hashing power behind it.
UPDATE (28th August 13:12 BST): One of the leading transaction processors, KNC Miner, is now tagging its blocks in support of BIP 100. In a statement, the company said it would support both BIP 100 or BIP 101 as they would "propel bitcoin for all".
BTCChina has backed Jeff Garzik's block size scaling solution, giving BIP 100 a majority of the network's hashing power.
Speaking to CoinDesk, BTCChina CEO Bobby Lee said the company's structure gave it the ability that few others have:
"BTCChina has experienced firsthand the problems of high orphan rates and the related risks of the blockchain forking. Our perspective is that the Internet today, in China and also globally, is not yet ready for unrestrained, automatic increases of the block size."
If BIP 100 is adopted by the industry, BTCChina will vote for a 2MB limit, with a view to increase to 8MB in the "mid-term". This, the firm says, will give stakeholders time to study any effects the increased block size has on the network and plan ahead accordingly.
BTC China is also one of the sponsors behind a Montreal workshop gathering many bitcoin stakeholders to discuss the pros and cons of various scaling solutions. Lee added:
Bitcoin image via Shutterstock.
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