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Miners actually have a lot less power than people realize. Anyone can run their own fully-validating Bitcoin node. Miners do indeed mine the blocks, but _all_ n
by brndnmtthws 9y ago
Miners actually have a lot less power than people realize. Anyone can run their own fully-validating Bitcoin node. Miners do indeed mine the blocks, but _all_ nodes perform verification. If miners try to mine invalid blocks, Bitcoin nodes will simply reject them.
- brucephillips 9y agoIf you don't understand the danger of a single party controlling the majority of mining resources, you don't understand how BTC works.
- geofft 9y agoWhat do you mean by "invalid"? My impression is that if you control 51% of the mining power and have at least some amount of control over the physical network path to your victim (e.g., ability to inject RST packets), you can execute double-spend attacks. Are double-spend attacks not a concern? If they are not a concern, why do we need so much computational capacity for mining?