Author: g 2017-04-11 02:39:32
Published on: 2017-04-11T02:39:32+00:00
A discussion about the feasibility of moving away from the current Proof of Work (PoW) algorithm used in Bitcoin mining has arisen among developers. Erik Aronesty suggests that a gradual migration to a commoditised PoW is in the long-term interest of Bitcoin, citing environmental and centralisation concerns as reasons for change. He proposes regular high-consensus PoW changes to prevent centralisation and to keep Bitcoin in commodity hardware. However, there are concerns over the financial impact of a sudden change for miners who have invested heavily in the current algorithm. Garrett MacDonald agrees with the need for a change, but suggests it needs to be done slowly enough to mitigate losses for invested parties. The environmental impact of mining must also be considered, as it currently consumes a large amount of energy. The discussion raises questions about the search for a POW that doesn't worsen existing problems.
Updated on: 2023-06-11T23:58:47.418745+00:00