Author: Damian Williamson 2018-01-18 08:24:40
Published on: 2018-01-18T08:24:40+00:00
A proposal to reduce the power bill for mining has been presented in a bitcoin-dev discussion. The proposal suggests using next-coinbase addresses and an algorithm that restricts the number of miners allowed to mine each block based on the availability of unspent next-coinbase addresses. A thread expiration system is also suggested to prevent large miners from monopolizing the network. The proposed approach could reduce energy costs, but concerns were raised about its potential impact on Bitcoin's transaction-ordering security as well as its susceptibility to attacks by large miners.During the discussion, several questions were raised about N (the number of bits used to match next-coinbase addresses), how reorgs are handled, and how miner anonymity can be preserved. It was also noted that the proposal may increase the upfront investment required for new miners to start mining. However, it could still lead to a reduction in energy costs.In addition to the proposal, there is a quote by Nullius that challenges the statement, "If you're not doing anything wrong, you have nothing to hide." The quote reads, "No! Because I do nothing wrong, I have nothing to show. "Lastly, two links are provided: one is a Segwit nested address, and the other is a PGP RSA key.
Updated on: 2023-06-12T23:51:08.623622+00:00