Post
Topic
Board Bitcoin Discussion
Re: New bitcoin mining algorithm
by
pooya87
on 23/09/2019, 05:00:20 UTC
Seeing that bitcoin has long been impossible to mine on a regular computer
it is impossible to mine bitcoin without investing a large amount of money and no matter what alogirthm it switches to, in the end that large amount of money will be required because there are A LOT of people mining bitcoin hence the difficulty will always be high and consequently you need to have a higher hashrate => invest more money.

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began to ponder the question of why the development team does not seek to switch to another algorithm
because unlike shitcoins, in bitcoin we don't want to fool people into thinking if they could mine it with a cheap computer (that translates into having a low difficulty and hashrate) then the coin is a good and "decentralized" one!

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to stop the mining of coins by large corporations
nobody is stopping you to buy a ton of ASICs and become a "large corporation that mines bitcoin". so i don't see any issues there. it is just that YOU don't want to make that kind of commitment and others do and you blame them for that kind of investment!

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It may be worth switching to the pos algorithm,
PoS is the weakest with lots of issues.

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you will not need to spend a huge amount of electricity and investors will be able to receive passive income for storing coins.
why should anybody be paid money out of thin air for just owning money?

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There will also be no need to be afraid of the quantum computer.
if quantum computers were capable of breaking anything you would have a lot more to worry about than just the mining algorithm that bitcoin uses...