i spent a lot of time thinking about this subject and even tried to make a monero-style "fair" algorithm with lower hardware requirements
but after some thought i eventually figured out it is good that the bitcoin PoW is relatively simple to implement, and is a specific thing
i mean, who is mining with GPUs anymore anyway? all the shitcoins have moved to "proof of stake" and those that didn't are at best like monero simply acting like a stablecoin
most of the GPU power now is going towardsAI clusters, mining shitcoins is old hat now, not valuable
implementing SHA256 at a lower price point is a rapidly accelerating business because bitcoin keeps on rising iahead of inflation and thus on balance miners are increasing in number and mining services like pools are also still growing steadily
nobody is using GPUs to mine because the simple fact is that's expensive to manufacture compared to a low power, specialty circuit, and mining is an easy parallelization problem, so the margin is extremely tight for profitability so the growth of supply of hash power is also in some kind of relation to the price and the stack vs sell ratios of bigger mining ops
because it's so simple and cheap to manufacture, all that has to happen is another 10x price rise and a swarm of new miners will flood into the market and the newcomers in the market like ocean will also find more workers to pool with and even though it looks like nothing's happening, the tail is getting squashed, steadily, and yet even at the same time someone has found a way to market small household size, the number of uses of waste heat that are saving people a lot of money on both domestic and commercial heating uses
i think that it helps to understand that greed and high time preference tend to go hand in hand and this favors good things for bitcoin and is why over time though there is some, many trying to milk it as part of their con in some way, whether shitcoiners or influencoors, it is making a difference in the world, to the point where the name came up several times in political campaigns and that means that we probably are actually on the cusp of a gold rush, actually
i'd rather see more SHA256 chips made than stupid GPUs personally, i can't wait for the reality check to dawn on the AI bubble, HBU
