Published on: 2014-10-29T17:25:19+00:00
A future use of the chain discussed on a Bitcoin forum involves securing other chains through merged-mining. This concept relies on obtaining chain hashes from a miner and receiving payment from the chain. The user envisions a future where one block secures 10,000 chains. In October 2014, Bitcoin core developer Jeff Garzik and Sergio Lerner brainstormed solutions to mitigate the impact of subsidy halving. They proposed incentivizing SHA-256 merge-mining instead of discouraging alt-coins based on SHA-256. Additionally, they suggested creating a donation pool where miners would contribute 1% of their revenue to compensate miners during the first month after the reward halving. These measures would result in a 20% increase in block earnings for that period.The author of the post suggests proactive measures to address the challenges posed by subsidy halving on mining. They propose merged-mining as a means to boost miners' profits and offset reduced rewards. Rather than discouraging alt-coins, the author advocates for encouraging merge-mining on SHA-256. Another proposal is the establishment of a donation pool, wherein miners would donate 1% of their revenue to support fellow miners in the initial month following the reward halving. By implementing this scheme, block earnings would see a 20% surge throughout that timeframe.The author acknowledges that convincing miners to participate in these initiatives may be challenging. However, they propose an automated approach using nLockTime freeze of transactions with high fees, eliminating the need for a trusted third party. By doing so, miners would not need to rely on the willingness of others to contribute to the donation pool. In conclusion, the author invites further proposals to address the potential consequences of subsidy halving on mining operations.
Updated on: 2023-08-01T10:35:24.185672+00:00