Post
Topic
Board Bitcoin Discussion
Re: New bitcoin mining algorithm
by
squatter
on 23/09/2019, 20:39:49 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.

Any POW algorithm will eventually follow the same path towards ASIC production and mining concentration because of the massive economic incentives involved. It's comparable to a heated arms race.

You could hard fork to new algorithms often -- bricking existing ASIC miners each time -- but this has security implications. Industrial miners won't be willing to risk securing a network where their operation could be rendered worthless overnight. The network would be limited to much lower hash rates, exposing it to 51% attack risks.

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.

The double spending problem hasn't been adequately solved in POS. There is no perfect solution to the problems you're bringing up. Every approach to decentralized consensus has trade-offs.