RATE Group | Bitcoin Variable Mining Rate takes shape on BSV
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Bitcoin Variable Mining Rate takes shape on BSV

09 Jan Bitcoin Variable Mining Rate takes shape on BSV

Posted at 22:45h in Bitcoin News by

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Over the last two days, we have seen the emergence of the new transaction-based economic model envisioned by Satoshi Nakamoto starting to take shape as official announcements about Bitcoin Variable Rate Mining begin to roll out. This innovation is the first of many new specialized business models within the mining space that are sure to taking hold on BSV now that the massive scaling abilities are starting to be unlocked.

In late November 2019, nChain CTO and Bitcoin SV Node Project Technical Director Steve Shadders wrote about the new transaction fee toolsets that would be coming to the BSV blockchain. The recognition of the need for these new toolsets was triggered after a BSV price surge in fiat terms, which took place shortly after WeatherSV announced a reduced transaction fee deal with Mempool.

The concern of the ecosystem expressed to/by Shadders at the time included:

1. There was a lack of fee discovery
2. The current transaction fees inherited were too high
3. Price stability…

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