Author: Sancho Panza 2017-04-11 09:31:43
Published on: 2017-04-11T09:31:43+00:00
The idea of migrating towards a commoditized Proof-of-Work (POW) is believed to be in the best long-term interest of Bitcoin. However, this process needs to be done gradually to avoid the loss of hundreds of millions of dollars invested in the current algorithm. Additionally, the miners who currently control the chain are unlikely to allow this change to happen easily. The question asked is how to mitigate the damage caused by such a change for the parties involved and make it agreeable for them.One perspective is that Bitcoin could grow freely and become profitable for those in countries without free or subsidized electricity. By then, buying commodity mining equipment from major manufacturers should not be a problem, especially for existing Bitcoin holders. There seems to be no indication that current major miners are against the natural process of decentralization of Bitcoin mining.
Updated on: 2023-06-11T23:58:54.406221+00:00