KnCMiner officially supports Bitcoin Classic solution

In a private letter that he allowed to be shared on the social forum, Sam Cooke, CEO of Stockholm-based KnCMiner , which specializes in Bitcoin ASIC (application-specific integrated circuit) miners, discussed his views on the “constitutional crisis” facing Bitcoin due to its block size.

Bitcoin has become wildly popular in a short period of time, and many bicoiners have suggested changing the protocol to accommodate more transactions. The CEO of KnCMiner has expressed his views on this issue.

“It is clear that the Bitcoin echo-system (sic) is facing a crisis it has never faced before,” the miner wrote. “This time it seems to be entirely man-made. Although it is not a very good problem, it should be seen as a successful problem.” The CEO acknowledged that Bitcoin is still relatively small and is bound to experience the huge development difficulties that early digital currencies have to endure, especially in 2015, and expressed a common belief that Bitcoin must grow up to succeed.

“I hope you all agree with me that global adoption of Bitcoin is still very, very small, ” he said. “We still have a long way to go to realize its true potential.” The CEO believes that Bitcoin cannot accommodate any more users.

“We have reached user saturation,” he wrote. “There is no room for Bitcoin to expand.”

Cooke then proposed in the letter that Bitcoin Classic’s scaling solution be adopted to allow Bitcoin to “expand” and “onboard more users.” Cooke believes that doing so would demonstrate to bitcoiners and investors that those in the bitcoin industry are capable of protecting their investments and businesses, and that “the use of sound economic regulation to govern bitcoin businesses is no longer just an idea.”

Cooke does foresee some negative effects, such as "more friction among the development team," and "going through the pain of a hardfork . "

The mining CEO believes that “we can’t just stand there and wait for others to solve this problem.” Cooke ended his statement with a rallying cry of sorts.

“I propose that everyone simply embrace and support Bitcoin. Let it grow as simply as possible. I cannot emphasize enough how important the word simple is to this process. Humans have made it complicated. We don’t need technology to make it more complicated. ”

He announced that KNC will modify the code to run the 2MB Bitcoin Classic “ASAP ” (since the code is not yet finished).

"...please join us in changing the code so that everyone is running on the same level or publicly express your support, " he signed off.

Cooke is just one of many voices supporting the Bitcoin Classic solution, a new solution intended to solve the problem of Bitcoin's growth rate far exceeding its capacity. Cooke's favorite solution is Bitcoin Classic , which recently replaced Bitcoin-XT as the new solution to the Bitcoin block size debate. However, not all miners support this solution, such as BTCC, a mining group that is one of the largest Bitcoin miners in China.

Cooke does not have as much power over the Bitcoin hash rate as some Chinese Bitcoin miners do. His letter will have little impact on the debate, and as it stands, Bitcoin is unlikely to resolve the issue anytime soon. As the community ponders solutions such as Bitcoin Classic and Bitcoin Unlimited , debate is inevitable.