Do we still need to mine it considering 90+% has been mined?
Discussion
What’s the alternative?
Proof of stake is the alternative. 🤮
Proof of stake is for little bitches
We’ve tried proof of stake for over a century and it didn’t yield the best of results…
Exactly. The decentralized proof of work consensus mechanism that we refer to as “mining” 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 “mining”. It’s really just transaction professing which happens to have a subsidy right now. We should start calling miners “block builders” 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.