Bitcoin Q&A: Proof-of-work changes



What do you think about a Bitcoin proof-of-work algorithm change to combat mining centralisation like Monero did? Is ASIC-resistance futile? Is a hard fork still a …

39 Comments

  1. Could you explain in more detail? (1) If a mining company has to produce or setup hundreds of machines after a mining algo change, and a home user only has to download new software for his video card, how does a mining company have an advantage over the little guy? (2) And why not change the algo every month or sooner? It's easy for a home user to download new software on a regular basis (or to be automated), but impossible for a mining company to create new ASICs every month or week. (3) You're saying the only way bitcoin can have enough security is if centralized mining companies provide enough hash power. If every home user running their own GPU or CPU is not enough hash power, then you're saying a decentralized bitcoin can never be secure, are you not? Thank you for explaining your understanding on bitcoin.

  2. BCH did hark fork twice since the chain split and didn't have any serious issue. The fact BTC never hard fork will be problematique in the future. Doing regular hard fork is a nice drill!

  3. I eagerly await the construct of Crypto Terrorist groups that start physical attacks on large corporate mining farms. Destroying electrical grids, and internet connectivity and the intakes of the massive thieving bastards. I don’t advocate any violence against humans. Just mass destruction of the mechanical aspects of these massive corporate entities that are raping the networks. I’d like to see Bitmain’s farms and Genesis’s farms leveled.

  4. Apple is working on its A12 chip using 7nm lithography. Doesn't this mean we are still a lonh way off the end of moore's law in regards to asics?
    Also, what about the possibility of Bitmain holding a majority of the mining power by Bitmain themselves mining with their newly developed asics and then releasing those used asics as new to buyers once the development of their latest asics is finished? Isn't that a good reason for changin PoW?

  5. ASICs is a natural progression. Just need more competition within manufactures of ASICs. This is coming. Having no ASICs would make you vulnerable because when ASICs are invented they would temporarily have a huge advantage making a 51% attack much easier.

  6. In the current proof of work setup, the objective for the miners is to find a block header with a hash value, that is smaller than some target.
    With rising mining difficulty, the number of potential hashes of valid blocks shrinks, and therefore the chance of a collision, where two blocks have the same hash, rises.
    What do you think of changing the proof of work, such that the difficulty constraint is not imposed on the hash of the block header, but rather "some different" hash of the block, that is only used for proof of work and not for referencing the block.
    For example, a "hash field" could be added to the block header.

  7. Plz in your next mastering bitcoin print show us the steps to run a full node in a rasbary pi connected to go tenna then connected to blockstream satalite or full node directly connected to the blockstream satalite and a lighting node….:-)

  8. 😊👌 crypto is the future!
    Not just buy/sell ->get rich quick…no!
    Buy and hooooolllld 😚 and let the system crumble 😊
    ✌🌏🌍🌎✌❤

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