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149 sats \ 4 replies \ @028559d218 OP 19h \ parent \ on: The "Silver Lining" to the Tariffs - forcing Hashrate OUT of the United States bitcoin_Mining
It's not 'a ban' on mining...
It's kinda the opposite imo. Having too much hash concentrated in Foundry, to the point of mining 9 blocks in a row is not supposed to happen it's not OK.
What if people waited 6 blocks for final settlement, and foundry decided to 'double-spend' reversing all those transactions? Foundry is essentially deciding on 'one' template for the transactions... for all that hashrate.
It's not great long term.
The reason miners join foundry FPPS is to get consistent rewards paid out regardless of blocks found... but the result is potential regulatory capture, and with a pool that big anyway there's no reason for FPPS.
'Big pools' in third countries with really cheap energy is the way to go. And if US manufacturers are more incentivized to make their own chips great... but they'll have to be made in the US or get the tariff.
I don't like that Foundry have so much hash. Finding 9 in a row is just luck. If Foundry did double spend after 6 blocks and the sender of the TX spread that info through social media I think they would lose a lot of their hash rate.
The incentive is still to play along. Maybe that's a bit naïve but they're a big business now with a lot to lose. It's trivial to switch pools.
Bitmain on the other hand are well known bad actors, but there's not much we can do about it until there's more competition in mining hardware.
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I agree that this isn't good. But these links are about the Bitmain/Antpool proxies. Your post is focused on Foundry who do construct their own blocks.
Best we can do is keep educating these fiat miners and hope it gets through that overall it's bad for Bitcoin and the price will go down if it continues.
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According to "Bitcoin Mechanic" (I'm just going of of Twitter) it's not in their interest to avoid regulatory capture. It's 'cheaper' to just stay in Foundry to avoid the regulatory scrutiny rather than risk mining,,, 'forbidden' transactions that require lawyer intervention/additional costs.
Therefore the only thing they care about is the 'bottom line' which the tariffs which will impact.
That plus the 9 blocks in a row is unacceptable.
I rather Bitcoin/Antpool be huge than have everything concentrated in the US. The US government will have an interest in mining eventually regardless... and it's important 'unfriendly nations' have mining/blockspace access to keep the thing trustless.
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