Published on: 2021-10-08T15:08:02+00:00
Proof of stake systems aim to create non-gameable attributes using red light-green light mechanisms. However, proof of identity cannot be implemented in a decentralized adversarial environment. The Proof of Work consensus mechanism addresses the Sybil issue by making mining completely random. Hybrid systems that combine proof of work and proof of stake exist but are not very effective. "Green mining" is unlikely to be seriously considered for Bitcoin, as discussions on the topic have already taken place on Bitcoin Stack Exchange and Bitcoin-dev mailing list.In response to Nathan's question about conserving energy in Bitcoin mining, Ruben suggests that there have been previous discussions on "green mining" and provides links to a thread on Bitcoin-dev from May 2021 and Bitcoin Stack Exchange. However, Ruben notes that these discussions are unlikely to result in serious consideration for Bitcoin. Nathan proposes using a non-gameable attribute of each mining rig to calculate whether a block would be accepted by that rig, potentially reducing energy consumption. He suggests using the bitcoin network ID as this attribute, creating a green light/red light system. Ruben does not provide further comment on Nathan's proposal.The conversation discusses the idea of conserving energy in Bitcoin mining. Nathan proposes incorporating a non-gameable attribute into each mining rig to determine if a block will be accepted. However, it is pointed out that miners can game the system by grinding on which of their multiple addresses gets the green light. Identifying miners reduces anonymity, and miners use multiple addresses as protection against state co-option. It is suggested to hash data from the last successful block along with the miner's attribute and if it falls below a certain number set by an algorithm, the miner gets a green light to produce a valid block. However, reducing power consumption makes it easier for states to purchase and co-opt mines, posing a threat to the security of the system. Therefore, power consumption is an important security parameter in Bitcoin mining.In summary, Nathan proposes a method to conserve energy in Bitcoin mining by incorporating a non-gameable attribute into each mining rig. This attribute would be used to determine if a block will be accepted by the rig, creating a green light/red light system. However, there are concerns about miners gaming the system and the potential impact on anonymity and security. Power consumption is seen as an important security parameter in the Bitcoin network.
Updated on: 2023-08-02T04:53:31.022190+00:00