Dear ViaBTC users:
As a professional cryptocurrency mining pool who guarantees superior customer service and maximum protection for customer assets, after thorough consideration, we have decided to support the upcoming Bitcoin Cash hard fork and will update to the latest version of Difficulty Adjustment Algorithm (“DAA”) before November 13th, 2017. The arrangements are as follows:
1. BTC/BCC mining pool: Cancel “Automatic Switch” mining mode. BTC/BCC Automatic Switch Stratum URL (stratum+tcp://smart.viabtc.com:3333) will mine BTC by default.
2. S9 contract: Cancel “Automatic Switch” mining mode. BTC/BCC Automatic Switch mode will mine BTC by default.
About Bitcoin Cash hard fork upgrade
The new “DAA” algorithm is based on a 144-period simple moving average. The difficulty is adjusted each block, based on the amount of work done and the elapsed time of the previous 144 blocks and it seeks to accomplish the following objectives:
1. Adjust difficulty to hash rate to target a mean block interval of 600 seconds.
2. Avoid sudden changes in difficulty when hash rate is fairly stable.
3. Adjust difficulty rapidly when hash rate changes rapidly.
4. Avoid oscillations from feedback between hash rate and difficulty.
5. Be resilient to attacks such as timestamp manipulation.
To put it simple, after the upgrade, the difficulty adjustment and block mining of Bitcoin Cash will be more stable and the new algorithm also prevents drastic fluctuation between BTC and BCC hashrate. In this case, miners no longer need to frequently switch between these two choices and can gain maximum profit.
What will happen to Bitcoin Cash miners and users
Different from previous Bitcoin hard forks, Bitcoin Cash hard fork upgrade is merely a change to the its consensus rules and will NOT generate new blockchain assets. As a result, it will have no influence over miners and users.
Like all cryptocurrency supporters, ViaBTC is committed to the values of decentralized development, and we look forward to driving innovation and progress with all miners as a united community.
ViaBTC reserves the rights of final explanation for this statement.
November 1st, 2017