OCEAN Mining VP Quits, Sells BTC Over Bitcoin OP_RETURN Change

HomeNews* A major developer at a leading Bitcoin mining pool is leaving after a new update to Bitcoin Core was announced.

• The upcoming change will allow larger OP_RETURN transaction outputs in the Bitcoin Core mempool relay.
• Thirty-one senior developers approved relaying transactions up to 4MB, which helps DAOs, oracles, and certain altcoin services.
• The policy update is scheduled for October and will affect tens of thousands of full nodes with the next version.
• The departing executive cites disappointment with Bitcoin Core’s direction and plans to sell all his bitcoin holdings. A vice president at OCEAN mining pool has announced plans to exit the cryptocurrency industry after a recent decision by Bitcoin Core developers to expand transaction relay thresholds. The move follows a signed statement from thirty-one senior developers supporting this significant protocol update, which is set to take effect in October with the release of Bitcoin Core version 30.

• Advertisement - The core of the change involves removing limits on the size of OP_RETURN data outputs—pieces of information that users can attach to Bitcoin transactions—while relaying pending transactions. Previously, the default mempool policy filtered out outputs exceeding 80 bytes. The new setting will now allow relaying of transactions with outputs up to 4MB, a development that some say will help DAOs (decentralized autonomous organizations), blockchain oracles, and yield products built on Bitcoin’s infrastructure.

With this software update expected to reach tens of thousands of full nodes as they upgrade later this year, Bitcoin Core will no longer block large OP_RETURN outputs from being relayed among peer-to-peer nodes. OP_RETURN is a function that lets users write small pieces of data onto the Bitcoin blockchain. Raising the limit allows for more complex smart contract data or proofs to be included, but the decision has faced resistance from certain developers who view it as departing from Bitcoin’s original principles.

Hughes’ departure follows public disagreements within the development community. He, along with leaders like Luke Dashjr and BitcoinMechanic, has been part of the main opposition to the policy change. The change aims to accommodate growing demands by third-party projects publishing data to Bitcoin’s ledger, including services tied to stablecoins and alternate coin systems.

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