Author: jk_14 at op.pl 2023-01-02 23:02:48
Published on: 2023-01-02T23:02:48+00:00
The proposal to delay Bitcoin halving in case of a sudden drop in mining difficulty is not a sufficient solution according to Billy Tetrud, as it wouldn't detect simple difficulty stagnation or correct for whatever is causing hashrate to tank. He suggests a change that happens in a fork every 10-30 years, with the cost in Bitcoin of the security target and acquiring a unit of hashrate used to calculate the difficulty necessary to keep the system secure. The subsidy could be adjusted up or down to attract more or less miners, or the block size could be adjusted up or down to change the fee market. Jaroslaw's proposal involves calculating the average difficulty of 100 last retargets and comparing it with the maximum of all previous average diffs before executing halving. This ensures that the system cannot be played and waits for recovery of network security in case of destructive halving. Deflation in Bitcoin is more complex than in gold, as active and passive users together or only active users pay for it, and there is an self-regulating mechanism in place.
Updated on: 2023-06-16T03:38:03.379800+00:00