🍊⚡adam sandals on Nostr: There is a big problem in Bitcoin mining today, and it needs a lot more attention. ...
There is a big problem in Bitcoin mining today, and it needs a lot more attention.
GrassFedBitcoin (npub1wnl…n3wr) recently wrote an extensive article in @bitcoinmagazine about the centralized state of block template creation by large pools who have the ability and incentive to censor transactions, conduct block withholding attacks, create block templates which include transactions paid for via side channels (removing those fees from the mempool thereby screwing the plebs who are providing the hashrate), screw plebs yet again by charging them higher fees while big players get royal treatment, all the while making it impossible to verify payouts in a transparent way under the FFPS model.
This really opened my eyes to some problems I really wasn't aware of. I've been a big supporter of the PPLNS model which was the reason I mined exclusively with @braiinspool. But today braiins just announced they are switching to the FFPS model. Now I'm now saying that braiins is a bad actor, but this does not support the decentralization of Bitcoin mining. On top of that, when I voiced my concern on their telegram channel, the began deleting my comments. This, from an OG Bitcoin company who have done so much great work over the years, is just really disappointing. We certainly don't need more censorship at a time when Bitcoin is coming under attack from the state, especially from a fucking Bitcoin company!
What can you do as a miner to help decentralize Bitcoin mining and protect this beautiful thing we have? Educate yourself on the issues with the FFPS model, and what alternatives exist out there. Here are some resources 👇
https://bitcoinmagazine.com/business/ocean-jack-dorsey-funds-bitcoin-mining-pool
https://fountain.fm/episode/Mbtyzh1vAlvqnPFOlMEI
https://bitcoinmagazine.com/technical/are-mining-pools-becoming-a-problem-
GrassFedBitcoin (npub1wnl…n3wr) recently wrote an extensive article in @bitcoinmagazine about the centralized state of block template creation by large pools who have the ability and incentive to censor transactions, conduct block withholding attacks, create block templates which include transactions paid for via side channels (removing those fees from the mempool thereby screwing the plebs who are providing the hashrate), screw plebs yet again by charging them higher fees while big players get royal treatment, all the while making it impossible to verify payouts in a transparent way under the FFPS model.
This really opened my eyes to some problems I really wasn't aware of. I've been a big supporter of the PPLNS model which was the reason I mined exclusively with @braiinspool. But today braiins just announced they are switching to the FFPS model. Now I'm now saying that braiins is a bad actor, but this does not support the decentralization of Bitcoin mining. On top of that, when I voiced my concern on their telegram channel, the began deleting my comments. This, from an OG Bitcoin company who have done so much great work over the years, is just really disappointing. We certainly don't need more censorship at a time when Bitcoin is coming under attack from the state, especially from a fucking Bitcoin company!
What can you do as a miner to help decentralize Bitcoin mining and protect this beautiful thing we have? Educate yourself on the issues with the FFPS model, and what alternatives exist out there. Here are some resources 👇
https://bitcoinmagazine.com/business/ocean-jack-dorsey-funds-bitcoin-mining-pool
https://fountain.fm/episode/Mbtyzh1vAlvqnPFOlMEI
https://bitcoinmagazine.com/technical/are-mining-pools-becoming-a-problem-