Post
Topic
Board Development & Technical Discussion
Re: Miner Question
by
Khaos77
on 08/01/2020, 03:33:38 UTC
The Chinese government could order to cut all electricity to all mining farms in their country immediately. Should we start clamoring for a POW-change?

that might cause hash rate to plummet and block times to become significantly longer. impatient people might start clamoring for an emergency difficulty adjustment, but a POW change? that wouldn't make sense.

even if the chinese government seized farms, miners, pools, chip fabrication factories, etc and performed sustained 51%/censorship attacks.....the electricity, overhead, and production costs would be real. they couldn't just sustain the attack indefinitely. so ideally there would still be no POW change---we could just let the attackers burn themselves out. i just hope that bitcoiners are patient enough to do that.

Difficulty adjustment is a Hard Fork.
Something the Devs has run away from doing.

If the Chinese Gov cuts the power , you are looking at over 65% of the bitcoin mining disappear overnight.
This alone will freeze the network, and no transactions will be possible for months, unless the hard fork difficulty adjustment occurs.

* Note a Difficulty adjustment change could be keyed in now, no reason to wait for China to smack bitcoin,
most other coins difficult #s adjusts per block, a difficulty adjust every two weeks only , has always been asking for trouble.*

* If Attackers are earning money by doublespending, then they can continue indefinitely by using their ill-gotten gains to fund future attacks.
How many people do you think can wait the 1 or 2 months needed before a utility disconnects the miners for non-payment.*
The Traders will cause a blood letting like you never dreamed possible, in that scenario.
Anyone that waits patiently will hold nothing but broken dreams.   Tongue