- Bitcoin Cash ABC’s proposed miner tax was blown away by a crazy amount of support
- Bitcoin Cash Node is now the dominant chain, supporting 0 miner tax
- Perhaps the world can learn something about tax from the demonstration of strength from these miners
On the weekend, Bitcoin Cash underwent a hard fork, creating two new chains. Bitcoin Cash Node, which is retaining the BCH ticker on a wide number of exchanges, disagrees with Bitcoin Cash ABC’s plans to add in an 8% miner tax. So, as a result, on November 15, the two split ways in a hard fork.
But, is a miner tax really such a bad thing? Many agree that it is a bad thing for the ecosystem as a whole and here is why!
Taking Money from Miners For their Hard Work
A blockchain network that uses PoW, such as Bitcoin Cash, needs miners to produce blocks and keep the transactions moving. The more miners and hash rate they produce, the safer the network. So, imposing an 8% tax on the fees they receive is a little unfair, as they’re an integral part of the network. If you want more miners to join the network and you want to incentivize more people to become miners, you don’t do it by taxing them on their income.
There are already a great number of projects out there already doing this, and some take a LOT more than 8%. For example, Energi takes 40% of the block rewards and puts it away into its “treasury”. Bitcoin Cash ABC wasn’t proposing anything this evil, but you can see why miners aren’t a fan of the idea. When its miners voting on the issue by diverting their power to your side of the battle, you’re not going to win many over by taxing them.
Wait A Minute. Doesn’t This Happen to All of Us?
For those thinkers out there, yes, yes this happens to every single human that works on the planet. Well, we say every single human, all of the humans that have full time jobs and pay taxes from their salary automatically. That’s right, Bitcoin Cash ABC is imposing a taxation similar to the government.
ABC wants to take a slice of their income for their hard work before it even touches their wallets. The Bitcoin Cash Node party rose up, firmly said no and all the miners backed them. Perhaps this can teach us a valuable lesson, that if we all stand together, we can overcome anything we don’t’ wish to do, or feel is fair.
Stand Together to Win
As this Bitcoin Cash hard fork has taught us, if we all stand together for a cause we believe in, we can achieve anything. Perhaps more people can realize the significance of this hard fork and take some life lessons from it. If enough workers stand up, it can defeat even the strongest governments.