Author: ZmnSCPxj 2021-05-18 12:22:09
Published on: 2021-05-18T12:22:09+00:00
The conversation between Michael and ZmnSCPxj talks about the potential risks of large improvements in PoW mining, such as those resulting from advancements in chip manufacturing. While small improvements are expected and anticipated, a large improvement over a short period could overwhelm the difficulty adjustment mechanism. The paper on Minimum Effective Hardness, which is a special case of hardness invented for adding an operation to PoW and applies to random matrix mults, goes into detail about this. Additionally, ASICBOOST was considered a massive enough improvement that it could potentially overwhelm the mechanism if not allowed for all miners.
Updated on: 2023-06-14T21:58:43.771107+00:00