Jiang Zhuoer: Bitcoin Core’s Next Goal is to Increase Bitcoin’s Fixed Supply and Stop “Halvening”
In the wake of the idea of bitcoin supply increase floated at Satoshi’s Roundtable, Jiang Zhuoer, the founder of prominent cryptocurrency mining pool BTC.Top, claimed on Feb. 10 on his Weibo page that the Bitcoin Core development team’s next goal is to raise bitcoin’s maximum supply of 21 million coins and to halt bitcoin”halvening”.
Bitcoin Core developers are staunch supporters of the original Bitcoin software client released by Satoshi Nakamoto since the bitcoin network forked in August 2017 that resulted in the birth of Bitcoin Cash(BCH).
“ This is a long-held plan for Bitcoin Core camp to increase bitcoin supply, and now they just try to know the bitcoin community’s response to it by sparking the debate,” said Jiang who is a BCH supporter, adding that the Bitcoin Core development team would spend several years persuading opponents to fall into line.
He stated in his weibo post that he had been aware of Bitcoin Core’s plan for a long time, and initially doubted whether this epic mission would be completed. However, Bitcoin Core developers have made steadfast progress in its implementation, such as conducting no deflationary halving on the Grin experiment, and intentionally igniting the discussion around the topic at Satoshi’s Roundtable that was held last week.
Although information regarding what was discussed at Satoshi’s Roundtable which prevented media from attending is a taboo, one attendee Matt Luongo, the founder of Fold, said on Twitter that he was the guy that “ said we might have to one day raise the Bitcoin supply cap”, quickly sparking hot debate in the cryptocurrency space. In Jiang’s opinion, Matt Luongo is the “mouthpiece” for the Bitcoin Core development team at the roundtable discussion.
Jiang noted the reason why Bitcoin Core developers support the idea of lifting the supply cap and halting bitcoin “halvening” (by which miners have their block mining rewards split in half after a target number of cryptocurrencies) is because the move will help improve bitcoin’s censorship-resistance which is the group’s highest ideal.
According to him, bitcoin’s nature of censorship-resistance requires small-sized blocks and goes against bitcoin scalability. If block mining reward halving event continues, 1 MB block size limit for bitcoin will negatively impact miners’ revenue and the bitcoin mining industry as a whole due to lower mining rewards. And the hashrate will drop off the network due to unprofitable mining, leaving the bitcoin network vulnerable to 51 percent attacks.
In order to help maintain miners’ profit, the Bitcoin Core team who uses proof of work (PoW) consensus protocol has no choice but to stop “halvening”. But raising the fixed cap and stopping the arbitrary “halvening” could dilute the value of investors’ holdings.
Jiang said he did not care about what Bitcoin Core developers do to the bitcoin network, but he firmly opposed the initiative of increasing the maximum number of BCH.
What’s more , he believed the next bitcoin halving which is about a year and a half away will not bring security problems to both bitcoin and bitcoin cash blockchains, but after that, some problems may appear.