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Listening to Tom Luongo and Dan Held yesterday and Dan was saying mining is centralized to 2 companies controlling about 60% of the mining power. How can this lead to an issue for BTC being decentalized? I assume if they control a lot of the hash power they can try to rewrite the time chain and potentially create a ledger which able to be controlled ie double spend etc. They could potentially create a new time chain in competition with the original and then players like Blackrock can choose to use that chain perhaps.

I heard mention of block templates also. Where is a resource that can help me understand this potential vulnerability more?

Are people out there concerned about this? i dont hear much talk about it but maybe thats because its uncomfortable for us to talk about vulnerabilities of our beloved BTC.

#asknostr #nostr #btc #mining #bitcoin #plebchain

TextNow十𝟭𝟳𝟬𝟳𝟯𝟮𝟵𝟴𝟱𝟳𝟱 1y ago

Yes Man, It is true that the mining of Bitcoin has become more centralized over time, with a small number of companies and pools now controlling a large portion of the mining power. This is a concern because a small group of actors could potentially have enough power to control the network and make changes to the Bitcoin protocol that could negatively impact the decentralization of the network and its users.

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Discussion

⚡️Bitcoinia (Bitcoin Art) 1y ago

Whats the solution?

Point your miner at a new pool?

Create a new pool?

Create many new pools?

Im aware of Ocean Mining to remedy this I think.