Author: David Vorick 2017-03-30 16:14:24
Published on: 2017-03-30T16:14:24+00:00
In an email to the bitcoin-dev mailing list, Tom Harding responded to Raystonn's argument against small miners using pools by stating that small miners use pools because they want smaller, more frequent payments. Rising fees force them to take payments less frequently and will only lead to more small miners giving up. The centralizing effect is much stronger than the oft-cited worry of small miners joining large pools to decrease orphan rates. According to Harding, miners get paid on average once every ten minutes and the size of fees and number of fee transactions does not change the payout rate. However, he believes that we are still far from the point where fees are high enough to block home users from using the network. Finally, Harding argues that Bitcoin has many high-value use cases such as savings and that the core innovation of monetary sovereignty should not be thrown away in pursuit of supporting 0.1% of the world's daily transactions.
Updated on: 2023-06-11T23:04:03.822522+00:00