Mining has always been centralized, though who's the biggest miner keeps rotating. 1:05 video showing the rotation in miner dominance: https://twitter.com/SDWouters/status/1780594555429290311 I predict it will continue to be centralized, if only b/c it's a tough business where scale makes sense.
This is not nice, to say the least. To change proof of work function, will piss off current miner cohort sure, as well put a stain on bitcoin reputation of stable and trustworthy and predictable What's the guarantee that history won't repeat itself and new miner wave won't centralized around new/old bitmain again. Solution should place incentives correctly, imo, it should be easier/more profitable to not be a member of a pool, or be a member of not a large one. It's easy to say though, I don't know how to do it.
I deleted my prior reply. Too many typos. My point was that Jack Dorsey might improve things. It's scary how China (Bitmain) still controls mining.
Mining has always been centralized, though who's the biggest miner keeps rotating.
1:05 video showing the rotation in miner dominance:
https://twitter.com/SDWouters/status/1780594555429290311
I predict it will continue to be centralized, if only b/c it's a tough business where scale makes sense.
This is not nice, to say the least.
To change proof of work function, will piss off current miner cohort sure, as well put a stain on bitcoin reputation of stable and trustworthy and predictable
What's the guarantee that history won't repeat itself and new miner wave won't centralized around new/old bitmain again.
Solution should place incentives correctly, imo, it should be easier/more profitable to not be a member of a pool, or be a member of not a large one. It's easy to say though, I don't know how to do it.
This was already warned years before, now they already own 47% of the entire hashrate...
deleted by author
Yeah hope so, things have become more centralised than I realised.