Bitcoin Cash Mining Pool AntPool commented on a token burning process. The goal is to pass on part of the mining reward to the entire network, thus making holding Bitcoin Cash more attractive. It seems an attempt to strengthen the BCH ecosystem.
After the Hard Fork in August 2017, the birth of Bitcoin Cash, Bitcoin and Bitcoin Cash went their separate ways. While the Bitcoin price climbed, Bitcoin Cash lagged behind in price terms. In recent days BCH has been able to catch up a few percentage points. One of the triggers for this could be the action of AntPool, who drives a creative and unusual strategy to raise the price.
To make a transaction in Bitcoin protocols, such as Bitcoin Cash, you need the so-called private key. The owner of such a secret key can generate a digital signature corresponding to a public key. The network recognizes this signature and also the transaction as valid. However, there are also public keys that do not have a corresponding private key. As a result, all holdings on this public address are lost forever – no one can spend them.
AntPool uses this circumstance to burn 12 percent of the fees received – that is, to send it to an unclaimed address. As a result, the money supply of Bitcoin Cash is falling. If demand remains the same, the price increases. For Bitcoin Cash Hodler is thus a stronger incentive to keep the cryptocurrency. AntPool emphasizes that investors, who consider Bitcoin Cash as an investment, are indispensable for a strong economy. Accordingly, AntPool wants to make the Bitcoin Cash network more attractive with its Politk.
The miners’ transaction fees are an important growth indicator for the BCH ecosystem, and when part of the fees are burned, miners effectively share their income with the entire BCH network.
AntPool calls on other miners to do the same and dispose of 12 percent of the transaction fees irretrievably. After all, the Bitcoin cash price has risen neatly in the last few days.
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