Author: jk_14 at op.pl 2022-07-26 20:01:25
Published on: 2022-07-26T20:01:25+00:00
The context discusses the feasibility of large bitcoin holders running the ideal amount of ASICs, even at a loss, to secure their holdings. The assumption is made that fees do not compensate for low block rewards and every 10 BTC holding requires one Antminer S19 to secure it. Those with less than 10 BTC may organize "group pays" to share electricity costs, similar to the way people organized "group buys" of ASIC hardware in 2013. However, the author acknowledges that this approach may not work in the real world as there is a significant payoff for betrayal and little punishment. Essentially, this is a textbook case of the Prisoner's Dilemma where human nature can override even Bitcoin's technology.
Updated on: 2023-06-15T22:32:30.141028+00:00