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This article seems to support my suggestion. https://www.cryptocoinsnews.com/declining-profitability-for-new-miners-threatens-bitcoin-decentralization/ https:/
by danblick 10y ago
This article seems to support my suggestion.
https://www.cryptocoinsnews.com/declining-profitability-for-new-miners-threatens-bitcoin-decentralization/ https://www.cryptocoinsnews.com/declining-profitability-for-...
Quoting the conclusion of the referenced paper:
"Each future halving of the Bitcoin block reward will narrow the range of profitable entry for
new Bitcoin miners considerably.
The stronger relative position of incumbents compared to that of new
entrants supports further consolidation of Bitcoin mining. Consequently, the distributed Bitcoin ledger, the blockchain, may become more vulnerable to attack, and its
trustless nature may ultimately even be destroyed."
- globuous 10y ago" Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free" - btc whitepaper Transaction fees will take over mined bitcoins once there is non left to mine.
- danblick 10y agoOkay but that does not solve the problem I am concerned about. That doesn't ensure a diverse mining pool. Already it doesn't make sense for me to mine Bitcoin (I don't have access to these ASICs). I think that economic forces will tend to concentrate mining power and that's a problem.