Author: Adam Back 2015-06-01 18:44:22
Published on: 2015-06-01T18:44:22+00:00
In the context provided, it is stated that miners are responsible for being well connected globally, as they receive blocks at higher latency and are at increased risk of orphans. Miner groups with good block latency in-group and high hashrate are considered well connected. The cost of getting good connectivity to high hashrate groups is borne by people outside of those groups, thus incentivizing miners to be well connected. Mike Hearn argues that miners are businesses selling a service to Bitcoin users, and if they cannot provide the necessary service, then they should not mine. He believes that miners have come and gone since the beginning of Bitcoin due to different technology generations.
Updated on: 2023-06-09T21:52:58.552320+00:00