Author: Robert Taylor 2017-11-07 03:55:59
Published on: 2017-11-07T03:55:59+00:00
The question of a potential failure mode in Bitcoin mining has been raised, specifically regarding the possibility of a majority of miners forming a cartel and orphaning blocks made by miners outside of their group. This could be done through a soft fork that requires a signature from a set of keys known only to the cartel, which would prevent miners outside the group from extending the chain. While this action would still be valid under consensus rules, it raises concerns about maintaining permissionless mining. The question then arises: what disincentives exist to prevent such behavior, and what countermeasures could be implemented to stop it? While it may not be feasible for one actor to gain a majority of hash alone, collusion among a group of miners is a possibility. It is important to consider these scenarios and potential solutions to ensure the continued security and integrity of the Bitcoin network.
Updated on: 2023-06-12T22:05:17.028874+00:00