Post
Topic
Board Mining
Re: Mining Centralization Concerns
by
ETFbitcoin
on 22/04/2016, 11:12:25 UTC
--snip--

Solutions:

  • If the bitcoin price increases, more miners will join us due to greed and existing smaller miners will have enough profits to uppgrade, thus mining decentralizes
  • Current mining equipment has reached the cutting edge of technology, the 16 nanometer chips are currently the best, and mining efficiency increase will probably slow down to a logarithmic curve now. This means that big miners wont have huge advantage anymore over little miners, by uppgrading to new stuff. Also people who buy the latest mining equipment, will suffer less deflation, and if a newer one comes out they can sell them at a better price and not lose that much money. This will keep more money in pockets of smaller miners, and they can uppgrade now more efficiently with less losses. Also miners that buy mining equipment now, can use that equipment longer before the difficulty increases thus making faster ROI and more profits so they can expand faster.
  • The upcoming halving should double the price, but it can increase it even more in the longer term, making it easier for miners to mine, and decentralize it
  • We must have a very good alert system and comunication system in case of a malicious hardfork happens. Especially a pre-planned one, that was due to bribery. Totalitarian takeovers of bitcoin should be fight against by the entire community!
  • We must incentivize bitcoin mining again, and raise awareness to it, especially in countries where the electricity is cheap by default. People who live in cheap electricity countries must participate in bitcoin mining for the sake of bitcoin's future!
  • Anyone who cares about bitcoin, should support it now, and should spread the word about it! We should stop hoping for bitcoin to succeed and start working on bitcoin's success!
  • 21 Inc mining chips to be integrated in every electronic gadget, so that the masses can mine bitcoin in idle mode, decentralizing mining even more!
    https://www.cryptocoinsnews.com/breaking-21-inc-releases-new-bitcoin-mining-chip-smartphones/

Your solution can't help much because
1. If bitcoin price increases, big miners will earn more money and they will buy more mining equipment so bitcoin difficult is increased and small miners can't earn profit.
2. Most mining equipment is created at china and they have many customer from big miners/pool.
3. Halving doesn't guarantee bitcoin price will be doubled at all.
4. Even Bitcoiner who live in country with cheap electricity, it doesn't guarantee they can earn profit because import mining equipment is expensive and not all bitcoiner are rich
5. 21 Inc mining chip on smartphone only will make battery drained fast, make heats and could make smartphone doesn't last long.