BTC Guild cancels shutdown plans, puts pool up for sale
BTC Guild, a popular Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Mining Pool Mining Pool A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit Read this Term, says it may stay open after all. The pool's operator, Michael Marsee, had originally decided to shut the pool down. He cited the risks of a successful attack against it, as well as US regulatory action that would make it impossible for the pool to operate:
"State regulators are starting to make noise about Bitcoin. New York is the first to publicly put anything forward, but there are 49 other states which can put their own spin on things. Due to the ability for states to establish a nexus for businesses dealing with their state’s residents, it is a scary landscape to continue operating in."
Previously, the operator voiced its concern over the BitLicense proposal, saying the the costs of compliance would be prohibitively high.
He goes on to state that he has no plans of leaving the US, and that "given the recent history of the US when it comes to online businesses", he still wouldn't feel comfortable operating the business even after registering it in another country.
According to blockchain.info, BTC Guild currently commands about 4% of the network's hashpower.
The shutdown would have been completed in 90 days.
But as several well-wishers commended him for his work, others expressed interest in keeping the pool up and running, offering to purchase it. He now says that the site "will continue to operate normally".
BTC Guild, a popular Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Mining Pool Mining Pool A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit Read this Term, says it may stay open after all. The pool's operator, Michael Marsee, had originally decided to shut the pool down. He cited the risks of a successful attack against it, as well as US regulatory action that would make it impossible for the pool to operate:
"State regulators are starting to make noise about Bitcoin. New York is the first to publicly put anything forward, but there are 49 other states which can put their own spin on things. Due to the ability for states to establish a nexus for businesses dealing with their state’s residents, it is a scary landscape to continue operating in."
Previously, the operator voiced its concern over the BitLicense proposal, saying the the costs of compliance would be prohibitively high.
He goes on to state that he has no plans of leaving the US, and that "given the recent history of the US when it comes to online businesses", he still wouldn't feel comfortable operating the business even after registering it in another country.
According to blockchain.info, BTC Guild currently commands about 4% of the network's hashpower.
The shutdown would have been completed in 90 days.
But as several well-wishers commended him for his work, others expressed interest in keeping the pool up and running, offering to purchase it. He now says that the site "will continue to operate normally".