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The participants in a mining pool gravitate towards the largest pool because the. Their mining reward is more predictable. That benefit is the only reason to go
by bitxbitxbitcoin 5y ago
The participants in a mining pool gravitate towards the largest pool because the. Their mining reward is more predictable. That benefit is the only reason to go with a larger pool. That pro is quickly outweighed if the large mining pool turns out to be a bad actor and attempts a 51% attack or other hash rate related attack. That is to say. Miners are self interested in avoiding 51% attacks. Pools can’t coerce their miners to do anything because switching pools is so damn easy. Likewise, governments can’t just coerce pools to coerce miners to do anything anti-Bitcoin. The incentive structure that is PoW works, still works, and this is it working before our eyes.