Problems:
- Most miners, mining pools are from 1 political zone: China, which exposes the bitcoin network to political centralization risks
- The upcoming halving (until the price doesnt double) will temporarly or even longer, knock out many smaller miners who already were in losses, and can centralize bitcoin even further amongst mining pools. We must be careful in those times, because bitcoin is the most vulnerable in the 1 month after the halving. We must watch out for totalitarian takeovers of bitcoin in this timeframe
- Miner bribery becomes more likely as the profits of big miners shrink, and if they are centralized, the systemic risk becomes larger
- If the top 4 mining pools do a shady backdoor meeting, and allow by consensus a malicious or totalitarian BIP to be passed, then we are screwed!
Solutions:
- If the bitcoin price increases, more miners will join us due to greed and existing smaller miners will have enough profits to uppgrade, thus mining decentralizes
- Current mining equipment has reached the cutting edge of technology, the 16 nanometer chips are currently the best, and mining efficiency increase will probably slow down to a logarithmic curve now. This means that big miners wont have huge advantage anymore over little miners, by uppgrading to new stuff. Also people who buy the latest mining equipment, will suffer less deflation, and if a newer one comes out they can sell them at a better price and not lose that much money. This will keep more money in pockets of smaller miners, and they can uppgrade now more efficiently with less losses. Also miners that buy mining equipment now, can use that equipment longer before the difficulty increases thus making faster ROI and more profits so they can expand faster.
- The upcoming halving should double the price, but it can increase it even more in the longer term, making it easier for miners to mine, and decentralize it
- We must have a very good alert system and comunication system in case of a malicious hardfork happens. Especially a pre-planned one, that was due to bribery. Totalitarian takeovers of bitcoin should be fight against by the entire community!
- We must incentivize bitcoin mining again, and raise awareness to it, especially in countries where the electricity is cheap by default. People who live in cheap electricity countries must participate in bitcoin mining for the sake of bitcoin's future!
- Anyone who cares about bitcoin, should support it now, and should spread the word about it! We should stop hoping for bitcoin to succeed and start working on bitcoin's success!
- 21 Inc mining chips to be integrated in every electronic gadget, so that the masses can mine bitcoin in idle mode, decentralizing mining even more!
https://www.cryptocoinsnews.com/breaking-21-inc-releases-new-bitcoin-mining-chip-smartphones/ - Bitcoin mining chips integrated in heating systems. That way the extra heat will warm up the house in cold climates. It can add tons of mining power to bitcoin once it becomes trendy in cold areas.