Author: Marek Palatinus 2016-04-06 11:57:31
Published on: 2016-04-06T11:57:31+00:00
A new algorithmic improvement to the Bitcoin mining process has been announced by Timo Hanke, which has never been discussed in public before. The white paper describing the improvement can be found here. Hanke argues that the new technique, called AsicBoost, can result in a 20% increase in mining efficiency and therefore has led some to speculate that it could lead to greater centralisation of mining power, with smaller miners pushed out of the market. This is because AsicBoost relies on a subtle manipulation of the Bitcoin mining process, which gives those who use it an advantage over those who do not. Mustafa Al-Bassam suggests that if it is patented in certain countries like China, it could cause geographical decentralisation of miners. Peter Todd raises concern over the fact that the improvement has been patented and that this could lead to centralisation concerns depending on the licensing model used. However, slush argues that the patenting of this improvement is worthless as it is purely a software thing that cannot be detected from outside if the miner uses it or not.
Updated on: 2023-06-11T04:41:31.583604+00:00