So, what do we do against Bitcoin hash rate centralization?
Discussion
#bitaxe
Make node and mining education fun and simplistic.
Every house needs a node and a bitaxe. 😅
As processing power continues to grow, its possible we might all have a miner built into our phones and houses to stem costs similar to how electric companies give credits for solar panels.
Ok I’ll share this because someone here sent it to me, and it really engaged me and my 12 year old in a way no other #btc explanation has. :).
Nothing
I try to do my part with my little bitaxe 🥲
Hey, it's better than nothing! May you win a block!
Fuck it let’s change the algorithm to something thats asic resistant…
…
…🤣🤣🤣🤣🤣🤣🤣🤣🤣
I ordered my #bitaxe, but they say it'll be min 2mos till I get it 😆
Are they "testing" it for 2 months like in the old days?
I see a seller or two on eBay with good reviews that may be able to get quicker?
If they're not listed on the Bitaxe site, I'd be careful. A lot of crap/scams out there.
I've used and can recommend nostr:nprofile1qqstrcgctzz2d52thl8r3xwt205pswkauep0yexsla83w3fhrcrpxnqprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5xp62jx, D-Central, and GekkoScience for orders here in the US.
I've also used OEGMINER via Amazon to order two Avalon Nanos via Amazon and have no complaints.
I was thinking same but this outfit is a power seller and if got screwed just use PayPal buyer protection. They sell tons of miners of all types. It's not like buying a cold wallet so no concerns there. I'm also wondering, is Solo Satoshi making these or are they buying bulk from China and reselling like this eBay store?
Plebsource.com ships within a week.
Point bit axe at ocean
Every time I meet an industrial scale miner I pitch them this idea:
Ocean mining has made a claim that their rewards pay out %20 higher on a longer timeframe average.
If that is true an industrial scale miner could benefit from allocating a portion of their hash rate to Ocean. The payouts are not as consistent as FPPS, but if you manage your hash like an investment portfolio you can invest a portion in a more volatile allocation.
If its true that the payout is 20% higher a smart company would gradually allocate more and more over time by learning to manage the volatility internally rather than outsourcing that risk (plus fees) to a shady mining pool that isn't aligned with the bitcoin ethos.
I've recieved positive feedback so far on the idea, but haven't gotten this message to any real decision makers yet. The mining industry and developers seem to currently be siloed and not communicating.
Would love to hear your thoughts on this if you have any nostr:nprofile1qqs9pk20ctv9srrg9vr354p03v0rrgsqkpggh2u45va77zz4mu5p6ccpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgkwaehxw309a5xjum59ehx7um5wghxcctwvshszrnhwden5te0dehhxtnvdakz7qrxnfk
🤔
Get Canaan Avalon Mini 3 (37.5 TH/s) and mine with Ocean while heating your house
Check out Braidpool, its a step improvement
I think we need to educate all the degen gamblers out there.... Think of 20% of what goes into betting and shitcoinery went into either solo mining or p2p pooled.
I literally replaced what I was spending on lottery tickets with solo mining. :)
(I still do pooled mining with most of my hashrate, because I need to pay the bills.)
I think if more people that buy lottery tickets were educated (and understood odds😁), they would do the same. Awesome to hear!
Yep
It will solve itself when a pool is too big. As you know, pools are easily changed. There will always be 2-5 large pools as the incentives is to make a pool with the lowest commission to be larger. But the bigger a pool gets, the lower PPS. People switch to a smaller pool when it's not profitable. Plus if hastate goes down, difficulty will adjust. It's not flawless, but it's a pretty good self regulating system.
i guess the biggest change is stratum v2 but i would like to have alot more than that
all plebs should be mining at all costs. individual hashrate and profitability does not matter, mine on ocean with DATUM or solo lottery mine if you don't have enough to get paid on ocean. block template centralization is a bigger issue than simple pool hashrate distribution and thousands of plebs making their own templates is a significant mitigation.
Can't you mine on OCEAN with a small hash rate?
im no expert but my understanding is that with TIDES you still need to submit enough work to be rewarded, so for very low hashrate you would likely not receive anything. but the bar is pretty low still and a bitaxe meets it i think
If bitaxe meets it, it's enough. If you mine less than one bitaxe, your contribution is negligible even if there is a million yous.
No, a share is a share. You get rewarded proportional to hashrate regardless of hashrate. Yes, even the lowest hashrate Bitaxe will work fine.
A fun thing you can do with DATUM, BTW, is to intentionally set the minimum difficulty *higher*. It will take you longer to actually find a share, but then that share will be worth more. In that way, you can actually emulate a lottery with whatever odds you want: "lottery mining" with a full block rewards isn't the only option anymore.
Yes, you can by using an CLN node so it supports bolt 12 static invoices.
Yes, absolutely. I'm mining on it with everything from a Bitaxe Ultra to an S21Pro (and via DATUM, so with my own block templates). A share is a share. It just takes longer to find a share with low hashrate.
If all you have is a Bitaxe, you'd want to set up lightning payments, which requires BOLT12.
If you have, say, an S9 or better, then on-chain is feasible. The minimum payout is normally ~1 million sats. But, if you stop mining to the account, you get a payout after all the shares have been rewarded as long as you have at least 65,536 sats.
Not tiny (i.e. # nerdminer), but #bitaxe yes.
Make ASIC resistant mining algorithms.
Encourage mining outside the US. I think as soon as there's enough hashing going on in say Russia or China in addition to the US the ability for anyone to censor basically goes to zero.
Solo mine
solo mining is currently worse than playing lotto and as the subsidy goes down it would be even worse
It's better than government lotteries, not worse. Expected value of $1 spent on power for my Bitaxe Gamma is almost $1. Expected value of a $2 Powerball ticket with today's $150 million jackpot is about… 50 cents. (Assuming you don't have to split the jackpot when you win.)
Of course, I'm not including the cost of the Bitaxe itself. But, as you can see, that evens out after not too many "tickets".
nostr:nprofile1qqs8fl79rnpsz5x00xmvkvtd8g2u7ve2k2dr3lkfadyy4v24r4k3s4sppemhxue69uhkummn9ekx7mp0qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qg4waehxw309aex2mrp0yhxummnw3ezucn89ur9eu8h has done a controlled study that says nostr:nprofile1qqsq9k04vahllseell55m74n3047y88pzlr0z5yany32st29fapqmgsppemhxue69uhkummn9ekx7mp0qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qgawaehxw309ahx7um5wghxy6t5vdhkjmn9wgh8xmmrd9skctc87ckyu is more profitable in the long run.
Maybe we should write software enabling anyone, anywhere to run a self-sovereign mining pool for their friends and family. At a minimum, this software should produce its own block templates.
Stretch goals:
- user provided block templates
- privacy for hashers
- private bitcoin payouts
- privacy for the pool operator
- block reward futures instrument
- provide an economic incentive to run a pool
What we should NOT do:
- sit back and wait for bitcoin to fix itself
Well, actually, most should do exactly that. It's not healthy to freak out about something you cannot change.
If on the other hand you are in a position to make a difference, yes, you definitely should.
If you are mildly technical with resources to spare and live in a jurisdiction where getting your hands on mining hardware is easy and electricity is cheap or the waste heat is desired, please do mine.
If you are a whale hodler, please protect your stake by sponsoring mining decentralization.
If you are an engineer, try to provide services that decentralize mining (and ask the whale hodlers to sponsor you).
Like Fediment but for mining 💪
Check out nostr:nprofile1qqsr8j8fv8tz3fy5ekehh96n6rrdrmnkztxsyzjp9jwl0uu2weh52lspz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsz8thwden5te0dehhxarj9e3xjarrda5kuetj9eek7cmfv9kz7qg4waehxw309aex2mrp0yhxummnw3ezucn89u5k8p2p and Bob McElrath's work on Braidpool
https://github.com/braidpool/braidpool
https://xcancel.com/BobMcElrath/search?f=tweets&q=Braidpool&since=&until=&near=
There's a potential for cashu payout too
⛏️
1M bitaxes
+ a DAO mining pool
Or just solo mining 🙂↔️
more gm’s will probably help.
Keep spreading the word until the right combination of autists comes up with a solution.
Bildet Mining-Gemeinschaften
Everyone should be heating their home with mining and making their own block templates, for starters. Middle class folks like me should go buy at least one "real" miner and host it somewhere, too.
I have well over 1 PH and I'm a humble, underpaid college professor at a school you've never heard of. If every Bitcoiner who could afford it went out and acquired an M60 or an S21, we could double Ocean's hashrate.
Why can't some whales get together and build a mining machine company and compete with bitmain?
Encourage more entrepreneurs to start mining?
Makes mining so easy anyone can plug n play.
Lots of way to bolster decentralization. It just needs fewer barriers
Make mining lower time preference again.
Fiat games have driven miners to use PPS. They end up earning less as a result as the pool is basically a credit broker charging a fee.
Make actually mining blocks with your own block templates great again.