Jackkluz on Nostr: Bitcoin is producing metadata that no one is currently mining to my knowledge. It has ...
Bitcoin is producing metadata that no one is currently mining to my knowledge. It has been since genesis; most past metadata is completely unretrievable without inference, and would be inaccurate. But the future metadata is really what’s important. It would literally change the paradigm of energy markets, energy grids and thus all capital markets.
This metadata can really only be mined via the cooperation and coordination of pools and miners. You need to know information about the system, like all things we engineer and design.
Then you realize that multiple competing mining pools are actually an inefficiency of the system, yet necessary to protect bitcoins entire security model.
Why do we arbitrarily pick who’s hash is valid to be paid out when a block is mined and discard the rest of the network hash as invalid, and not worthy of receiving payout? Why?
Can you actually build a decentralized mining pool? If that is the case that we can, why do we need more than one? The dichotomy of greed and security is…crazy. But I am just a civil engineer.
#bitcoin #mining #data #engineering
This metadata can really only be mined via the cooperation and coordination of pools and miners. You need to know information about the system, like all things we engineer and design.
Then you realize that multiple competing mining pools are actually an inefficiency of the system, yet necessary to protect bitcoins entire security model.
Why do we arbitrarily pick who’s hash is valid to be paid out when a block is mined and discard the rest of the network hash as invalid, and not worthy of receiving payout? Why?
Can you actually build a decentralized mining pool? If that is the case that we can, why do we need more than one? The dichotomy of greed and security is…crazy. But I am just a civil engineer.
#bitcoin #mining #data #engineering