Jackkluz on Nostr: Most people don’t know that bitcoin is an energy market that defines the exchange ...
Most people don’t know that bitcoin is an energy market that defines the exchange rate of bitcoin <==> watts every block.
Mining is the decentralized clearing house for the exchange.
This means we also can define blockspace in watts per mb; and we can define time in watts. It’s all energy and the bid for block space (and time) is a free market.
A decentralized gigapool is arguably the end game in this context.
Decentralized block templates is step 1 of many.
Is it actually possible to decentralize the coinbase + fee payout? This seems to be the beast, and why we must have multiple pools. Security of the network trumps efficiency, always.
Multiple pools from a systems perspective is inefficient and lowers the amount of energy that can be exchanged for bitcoin per block. Why is it efficient to have an entire group of hash outside of your pool invalid? You don’t pay them for their hash when you find a block, they don’t pay you.
Why?
Could you ever imagine a world where the machine who produces the valid nonce creates the block template but ALL hash is paid for their work? It’s opt-in; sure those who are greedy can solo mine, but why would they want to?
Those who can define their local energy (watts) in global energy (bitcoin) at the highest frequency will be able to make the best decisions. We’re very far away from this.
Have miners actually thought about the end game? I feel like the debates about bitcoin/mining/energy/infrastructure are still very primitive.
We’re engineering an energy system for global cooperation, not competition.
Singularity.
Mining is the decentralized clearing house for the exchange.
This means we also can define blockspace in watts per mb; and we can define time in watts. It’s all energy and the bid for block space (and time) is a free market.
A decentralized gigapool is arguably the end game in this context.
Decentralized block templates is step 1 of many.
Is it actually possible to decentralize the coinbase + fee payout? This seems to be the beast, and why we must have multiple pools. Security of the network trumps efficiency, always.
Multiple pools from a systems perspective is inefficient and lowers the amount of energy that can be exchanged for bitcoin per block. Why is it efficient to have an entire group of hash outside of your pool invalid? You don’t pay them for their hash when you find a block, they don’t pay you.
Why?
Could you ever imagine a world where the machine who produces the valid nonce creates the block template but ALL hash is paid for their work? It’s opt-in; sure those who are greedy can solo mine, but why would they want to?
Those who can define their local energy (watts) in global energy (bitcoin) at the highest frequency will be able to make the best decisions. We’re very far away from this.
Have miners actually thought about the end game? I feel like the debates about bitcoin/mining/energy/infrastructure are still very primitive.
We’re engineering an energy system for global cooperation, not competition.
Singularity.