Author: vjudeu at gazeta.pl 2022-07-10 18:12:35
Published on: 2022-07-10T18:12:35+00:00
The idea of making mining boring, predictable, and with minimal rewards for larger scale miners is being discussed. The proposal suggests that block rewards should be earned inside Lightning Network to make it possible for anyone to do mining on their CPU and get a discount on transaction fees as a reward. Initially, the system could accept any blocks, including those from existing miners, to pool rewards. Once miners see the effectiveness of the system, they can switch to solo mining to receive rewards directly to their addresses.There is also a discussion about censorship resistance and perpetual issuance. A blockchain with a constant block subsidy has less impact on a censoring miner's earnings than one with no block subsidy. Therefore, reducing the total mining reward and tying it to transaction volume rather than the value of Bitcoin as a whole would make a Chain Anchor attack cheaper. However, the block subsidy directly ties miner revenue to the total value of Bitcoin, which incentivizes the service that keeps Bitcoin secure. The historical reality of transaction fees shows significant fluctuations, making mining a sophisticated business that reduces the pool of entities that can profitably compete in it and increases government regulation visibility. Additionally, unpredictable mining equipment laying around could be used to attack Bitcoin. Fee revenue is doing a worse job of achieving predictable mining than subsidy revenue. If transaction-fee-only mining were such a good idea, why hasn't any other coin done it?
Updated on: 2023-06-15T22:34:31.826504+00:00