damn, i didn’t know how bad the #bitcoin mining situation has become...
Discussion
I'm an independent #Bitcoin mining company. We're running a powerful Bitaxe. Looking to take the market by storm and upgrade soon.
😂
But the mining businesses in a way are decentralized with shareholders and board members right? Also part of the Bitcoin ecosystem. Plebs who dedicate hash-rate should have the right to choose where they want to mine. Creates more competition in the free market?
Or when you do a transaction, like you choose your fee you should be able to choose your mining pool🤔
No you just choose the fee, miner choose which transactions mine in their block.
But why can’t the sender choose? Won’t that increase decentralization and stronger free market dynamics?
You create a transaction, it goes to the mempool of all Bitcoin Node, the miner choose which transaction include in the next block.
There are about 20 mining pool, an 10000 solo miner who try to mine a new block.
This is how bitcoin works, and can't works in any other different way
But why can’t the sender also have the option to choose?
How can you identify a miner? If 1000 transaction choose 1000 different miner, they mine a block with one transaction each?
If a miner mine a transaction destinated to another miner, what happen?
Doesn't work, no one blockchain works in this manner.
Thanks for explaining. I’m not technical so it’s nice to have these thought experiments to understand the protocol better
Thanks nostr:nprofile1qqsw54ajtaa903sa0hgt7cjpzfz2tqxkwz0y9gsy9r7ns8ufa7xk8kcpzpmhxue69uhkummnw3ezumrpdejqzxrhwden5te0wfjkccte9eekummjwsh8xmmrd9skcse4se5 for drawing attention to this issue. You captured it well. I am very passionate about this subject, and so is the people I work with at nostr:nprofile1qqsvfl34cnxl92u3jsvktfk38j3quwyq3rq80pg6pw5tjudxdfwepxgppamhxue69uhkummnw3ezumt0d5q3yamnwvaz7tm0venxx6rpd9hzuur4vg8xqph6.
The mining industry certainly needs healing.
Very good video 👏🏼.. however also bitaxe projects are based on bitmain asic chips .. so it could be a revolution for solo mining however high perf asics chips are still undocumented blackboxes
damn that must have took a lot of effort to make
Someone should write an article about this video! Pure information and a good topic
Great video 💪
The reason why open source #bitcoin mining hardware and software is needed 🫡
yes, I have a plan to buy two bitaxe, one for solo mining and one for pool ;-)
I think that braiins is working on it own chip
and I trust trezor HW wallet, there is new 7 which looks very interesting
Awesome Video!🧡
Another Bitcoin's Dirty Secret: Miners DON'T construct blocks, pools do! Just 6 pools mine >95% of all blocks. Because 99% of hashrate still runs Stratum V1...
