Replying to Avatar vnprc

Sv2 is a massive upgrade that miners should have rolled out a long time ago.

Biggest benefits:

- security: it prevents trivial hashrate hijacking by moving from a plaintext messaging protocol to an encrypted one

- efficiency: network messages are compressed, this should reduce the rate of empty blocks

- decentralization: miners can mine their own block templates, this doesn't solve censorship per se but it distributes the ability to censor transactions among miners, network participants who are incentivized to mine the most profitable txs
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average_bitcoiner 2y ago

it's going to force a lot of miner to take a stance that they otherwise might have opted out of by being "rented hashrate". I look forward to it's wide adoption, but imagine some miners will be reluctant to use the block template feature.

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vnprc 2y ago

Nah, large miners will just use the pool block template. I def think we will see a situation where miners in some legal regimes are forced to censor transactions by the state. They will be less competitive than miners in more free jurisdictions and hashrate will geographically redistribute accordingly. States that do this will kneecap their own bitcoin mining industries but bitcoin as a whole will be fine. Nothing stops this train. 🚂

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OceanSlim 2y ago

Totally agree here