It is easier said than done. Since mining blocks is a competition, miners regardless of what mining rig the use seems to join huge pools because they have more possibility to hit a block. Only a few individuals prefer solo mining or joining a small mining pool so I think the idea of creating a small mining pool to create a more decentralized network is good but somehow hard is futile since it will not really affect the current decentralization at all.
GPU mining in Bitcoin is way long obsolete and if I have these GPU mining farms, I would rather join a larger pool to maximize my chance of hitting a block. Maintaining a mining farm isn't cheap so as much as possible owner would like to maximize its profit.
Topic: Way to further decentralize the Bitcoin network. (Read 73 times)
Why not create several pools and further decentralize the network? The biggest computational power is in the main pools f2pool, antpool and foundry usa, and why not take advantage of the computational power left in the ethereum video cards and put it in the bitcoin network to further decentralize the network??? I have a solution! create several pools concentrated in certain amounts of miners where each miner will choose their pool and will help the network with their computational power, the pools that come out ahead and mine a block should share the reward for the participants of that pool that was awarded . I think of this more practical solution to further decentralize the network.
Because PPS pools need money, TONS of money, and PPLNS pools are unpopular unless they get a hashrate measured in exahashes per second which creates a catch22. Some of the largest PPS pools are getting funds from "elsewhere" so they are not self-sustained, otherwise they are impossible with those pool fees. But of course it is in their interest to extinguish the others...
GPUs are useless to mine bitcoin since at least a decade.
Why not create several pools and further decentralize the network?
Miners have the freedom to pick whichever pool they fancy. While the three you mentioned are certainly popular choices, they are by no means the only options available. In fact, you can even create your own pool from scratch, and it won't cost you a dime!
Now, about GPU mining. Truth be told, it hasn't been worth the hassle for ages. The electricity bills and the fact that graphics cards don't last forever make it a losing game. On the other hand, even those ancient ASICs are way more efficient than any GPU out there. So, if you're thinking about mining, go for an ASIC and leave the GPU behind.
I don't know if an analogy is useful here, but decentralised political systems only work in small organisations. The larger the system, the greater the concentration of power and decision-making. I suppose it is an oxymoron to expect bitcoin to be massively adopted and at the same time extremely decentralised.
I was working on a thread about Bitcoin decentralization but have been busy due to school activities. Creating several mining pool might temporary reduce centralization but a small mining pool might not be able to keep up with the ever growing cost(Hardwares,power etc)of mining. keeping other things constant mining will continue to be centralized as the cost of mining increases.
Many people have proposed ways to deal with this but there are certain flaw in the implementation but as technology evolve so do humans. Definitely someone will bring a win-win solution.
Many people have proposed ways to deal with this but there are certain flaw in the implementation but as technology evolve so do humans. Definitely someone will bring a win-win solution.
the most power ethereum ever managed was 800peta.. which is not even 0.25% of the bitcoin network
we have moved far passed GPU days
an average asic these days can do 20,000 more hashes
As times goes on more updated ASICs would be created that would produce more hash per second so also the cost .The Antminer S19 XP Hyd possesing the highest hash rate has an hash rate of 255 terahashes per second. we have moved far passed GPU days
an average asic these days can do 20,000 more hashes
the most power ethereum ever managed was 800peta.. which is not even 0.25% of the bitcoin network
we have moved far passed GPU days
an average asic these days can do 200,000 more hashes than a gpu
heck you can get USB miners that do more than a GPU
we have moved far passed GPU days
an average asic these days can do 200,000 more hashes than a gpu
heck you can get USB miners that do more than a GPU
Why not create several pools and further decentralize the network? The biggest computational power is in the main pools f2pool, antpool and foundry usa, and why not take advantage of the computational power left in the ethereum video cards and put it in the bitcoin network to further decentralize the network??? I have a solution! create several pools concentrated in certain amounts of miners where each miner will choose their pool and will help the network with their computational power, the pools that come out ahead and mine a block should share the reward for the participants of that pool that was awarded . I think of this more practical solution to further decentralize the network.
Jump to: