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Miners have very little power over Bitcoin as a whole. They are constrained both by Bitcoin's rules and economics. If they mine invalid blocks or optimize for s
by tboyd47 9y ago
Miners have very little power over Bitcoin as a whole. They are constrained both by Bitcoin's rules and economics. If they mine invalid blocks or optimize for something other than fees, the operation will turn unprofitable. If they just stop mining, the mining difficulty will adjust and suddenly ASICs will not be needed to turn a profit. There is a delicate balance in Bitcoin, currently tipped slightly in their favor, that they probably don't want to disrupt.
- imron 9y ago> Miners have very little power over Bitcoin as a whole. Chinese miners currently control significantly more than 50% of Bitcoin mining. If the government takes control of the the miners, they take control of the bitcoin network. There's plenty of mischief they could make with that if they were so inclined.
- tboyd47 9y agoYour reply does not refute the point you quoted in any way, nor does it address the other points I made. You are merely restating what the other person said in an equally hand-wavy manner.
- XR0CSWV3h3kZWg 9y agoMiners obviously are okay taking a hit as there are plenty that are working on the less profitable BCH chain.
- tboyd47 9y agoBCH is roughly on par with BTC in terms of mining profitability. https://cash.coin.dance/blocks/profitability https://cash.coin.dance/blocks/profitability