Post
Topic
Board Bitcoin Discussion
Re: New bitcoin mining algorithm
by
Artemis3
on 23/09/2019, 19:12:23 UTC
Seeing that bitcoin has long been impossible to mine on a regular computer began to ponder the question of why the development team does not seek to switch to another algorithm to stop the mining of coins by large corporations and return to the canons that bequeathed Satoshi. It may be worth switching to the pos algorithm, you will not need to spend a huge amount of electricity and investors will be able to receive passive income for storing coins. There will also be no need to be afraid of the quantum computer. Interested in everyone's opinion.

Because there is no need to do this, and PoS is never the answer. The free market forces alone are fixing this, mining is meant to become rare and few people will bother doing it anymore, so its not like you can't and large corps can, soon they too will quit. If anything, only the hobbyists that don't mind losing money, will remain as the last miners, and those smaller operations with free energy such as those with renewable sources.

As you can see, everything is in your own misconceptions. Did you ever thought people would live of mining bitcoin? The mining phase was meant to end, bitcoin is about the coin, not about living of it. Once minted you use them, like you would any other coin.

Nearly all coins have been minted, around 18million of 21, and the reminder will come in the span of the next hundred years, with each one coming slower and slower, which is why mining has to become unprofitable and unattractive.

Bitcoin is entering maturity, and you need to do absolutely nothing to "fix" that. Those who claim it, are either misguided or mistaken.