we need to make #Bitcoin mining more home accessible & distributed
Discussion
If I can do it anyone can.
I tried to do it, I couldnโt figure it out. ๐ฅฒ
I understand that GPU mining is not feasible anymore.
Can you point me into a direction to try and figure it out?
Decentralizing mining pools might be just as important as decentralizing the miners. Canโt have 1/4 of the hash go to KYC pools
Do we still need to mine it considering 90+% has been mined?
Whatโs the alternative?
Proof of stake is the alternative. ๐คฎ
Proof of stake is for little bitches
Weโve tried proof of stake for over a century and it didnโt yield the best of resultsโฆ
Exactly. The decentralized proof of work consensus mechanism that we refer to as โminingโ is the innovation that both ties bitcoin to the laws of the limited physical world and prevents any one person/entity from changing the rules of the system that govern its monetary policy and how transactions are processed. To do away with mining is to do away with bitcoin entirely.
I think part of the problem is the word โminingโ. Itโs really just transaction professing which happens to have a subsidy right now. We should start calling miners โblock buildersโ or something which reflects their function better but that ship has probably sailed
Yes, the minings main goal is to confirm transactions to the block chain in a way that makes it costly to falsify. The block rewards are a temporary subsidy to incentivize people to secure the network until enough value is locked in to allow transaction fees to take over; its also probably the best way of initially distributing the total sum of bitcoin, its a subsidy and subsidies are wrong, but this is the least wrong way of doing it.
I think Bitkey is working on a small space heater miner
Heat bit.
RandomX hashing algo accomplishes that. As long as we stick with SHA-256 the ASIC arms race will continue and the newest most efficient ASICs will continue to go to those with deep pockets.