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This isn't about mining pools but btc mining as a whole. Almost no one who holds btc mines because the only way to do that without heavy losses and actually con
by akimbostrawman 2y ago
This isn't about mining pools but btc mining as a whole. Almost no one who holds btc mines because the only way to do that without heavy losses and actually contribute to the network requires ASICs and the only ones who have them are ASIC farms = centralization, opposite of truly decentralized not only in technical terms (non ASIC resistant) but reality.
- npoc 2y agoDo gold miners need to hold gold? Do gold holders need to mine gold? There are all types of miners, those with a single ASIC miner to those that have a warehouse full. Its completely untrue that the only people who own ASICs are farms. Anyone can buy and run a single ASIC miner competitively if they have a source of cheap (i.e. unwanted) energy. As I mentioned earlier, mining is inherently decentralised geographically, because as the demand for the cheap energy in any one location increases, so does its price. Miners are therefore effectively geographically repelled from one another. Pools mean that groups of individual miners with just a small number of ASICs each, are creating hash-rates that compete with large companies who own vast swathes of ASICs.