On August 1st, 2018 there is a proposal to fork the current Bitcoin protocol into a fresh protocol known spil Bitcoin Metselspecie. This means that after August 1st, 2018 there is a chance that there’s going to be two versions of the Bitcoin blockchain and two separate digital currencies. A hard fork successfully occurred just one year before for the Ethereum blockchain, which happened due to the DAO being hacked. A hard fork splits the current blockchain ter to two blockchains, which wasgoed necessary rid Ethereum of vulnerability.

If Bitcoin Contant should fork, it will employ an altered protocol with a few switches, e.g. no Segregated Witness (SegWit) implementation. Various exchanges and services react to this ter different ways and it needs to be seen what will eventually toebijten.

There’s a fresh cryptocurrency te town: “Bitcoin Cash” wasgoed successfully forked off the original Bitcoin protocol with Block #478559. It’s an altered version of Bitcoin and inherited its history, but goes after a different scaling vision and technical foundation. Wij will proceed to see the development closely and determine if an addition to the mining portfolio is favoured by our customers.

Spil previously announced, this representative switch ter the network compelled many companies to temporarily interrupt exchanges, payouts and other services until the situation wasgoed clear again. However, our mining operation continued and we’re resuming to pay out all funds beginning today (23:59 UTC). This includes all mining algorithms. Payouts were also halted for those spil various customers use their mining allocation for auto-converting to BTC.

  1. What will toebijten to my Bitcoin Mining contract?

All Bitcoin (sha256) mining contracts will proceed mining the original Bitcoin blockchain spil before.Everybody can fork the Bitcoin protocol at any time. This does not mean that any fork has the same mining and community support that the original Bitcoin protocol has. Any fork of the Bitcoin protocol is to be treated spil it’s own cryptocurrency.

  • I have Bitcoins te a wallet, what will toebijten to them?
  • It depends on where you store your coins. If you hold them directly ter your wallet with your private keys you have total control overheen your funds. Ter this case your balance from before the fork will show up te both branches after the fork, i.e., you will have the same balance of Bitcoin A and Bitcoin B.If you’re using an exchange to hold your funds, the exchange has control overheen your funds and you might end up wielding both versions of the coin, or just one that the exchange chose to support. The exchanges have already or will communicate their proces to you.

  • What will toebijten to my Bitcoin (SHA256) contract daily mining payouts?
  • Nothing switches for the mining of the original Bitcoin protocol chain. All daily payouts will be processed spil usual. You will receive your daily payout at the end of a mining day. A mining day starts at 00:00 UTC and finishes at 23:59:59 UTC.

  • Do I get dual the mining payout when Bitcoin forks?
  • No. Mining is not to be mistaken with possessing a balance ter the Bitcoin network: The mining for Bitcoin A will not be the same spil for Bitcoin B spil the transactions will switch and thus the hashing solutions for those transactions will be invalidated. Since we’re actively mining the original blockchain with the hashpower provided, we’re only receiving the mining comebacks of that blockchain that then get paid out to our users.

  • Will there be fluctuations te the mining difficulty of Bitcoin?
  • There is a chance that the global Bitcoin hashrate could fluctuate spil some miners switch their hashpower overheen to the forked protocol but it’s unlikely to tell what will toebijten exactly.

  • Will you add any fresh Bitcoin fork spil minable option to your customers?
  • Should a Bitcoin protocol fork, e.g. “Bitcoin Cash” last for a longer period and build up rente by our clients, wij will analyze and assess the possibility of adding it to the mining portfolio.

  • Are other mining contracts, e.g. for Litecoin, influenced by this?
  • No – the mining of other cryptocurrencies such spil Litecoin mining are not influenced by a potential Bitcoin fork. However, spil usual with big news ter the industry, fluctuations ter the market value of any coin are to be expected.

    No. Te regards of mining everything will go on spil normal. However, spil the fork is likely to cause disruption ter the Bitcoin network, wij will temporarily halt payouts and orders (with cryptocurrencies) for up to 48 hours and release all funds to your wallets spil usual after the situation is clear. This is a common security practice for exchanges and other companies alike. The mining operation itself is not influenced by this and resumes spil normal.

    There are various online resources for the topic, however wij can’t assure the authenticity of the content displayed. This said, you can check Coin.dance for current Bitcoin protocol details and Coindesk for general news.

    Go after us on social media for updates

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