Resistance to mining monopoly? The paper says that the concerns about the centralization of the countertop are too exaggerated


nnnIn a new research paper written by Nicola Dimitri, a professor of economics at the University of Siena, concludes that Bitcoin may naturally resist mining monopoly. And there are some concerns about whether miners have too much power in the industry, and this conclusion is just enough to ease this trend. The paper explains in depth how miners do not have to leave the system because other miners can get more profit by cutting costs. At the same time the paper also introduced some game theory to encourage miners, and confirmed that these problems do not necessarily affect the user negatively.n
nnTranslation: Clovern
nA new research paper by Nicola Dimitri, a professor of economics at the University of Siena, claims that Bitcoin may naturally resist mining monopoly.n
nThe paper argues at a higher level that the internal structure of the mining activity seems to have prevented the formation of monopolies, and this finding is just enough to alleviate some of the concerns of the industry today about whether miners have too much power.n
nThis paper, published exclusively in the journal Ledger, which reports on block-chain research, explains in depth how miners do not have to leave the system because other miners can get more profit by cutting costs.n
nAccording to Ledger co-founder and co-executive editor Peter Rizun said that this conclusion for the encrypted money community is very important.n
nRizun is also a substitute for Bitcoin Unlimited’s chief scientist, who told CoinDesk in an e-mail:n
nn”The mentality of many communities today is that ‘all miners are basically the same profits according to Hach, otherwise the miners who make money will continue to grow until he controls almost all of the hash.'”n
nnThe possibility of concentration of mining capacity is particularly worrying for developers.n
nRizun said that, first of all, it was alleged that at least one of the mines had used a more efficient mining approach (called ASICBoost) to increase profits, while others thought it might force some miners to leave the field. Secondly, many people think that the slower block spread will make the larger miners benefit, small companies will once again be squeezed, he continued to show.n
nHowever, he argues that the paper adds more gameplay color to motivate miners and confirms that these problems do not necessarily negatively affect the user.n
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nHow much control?n
nHowever, not only the developers are worried about this.n
nThe entire encrypted money community tends to worry about how much control the miners have, or theoretically, how much control can be made under certain conditions, which shows that there is some distrust between the team, which is in the nearest Bitcoin expansion debate is particularly evident.n
nFor example, some users worry that miners will have a big impact on technology decisions.n
nRizun highlighted the point in a post published by Medium in March, and many readers read that miners might force users to move from Bitcoin to Bitcoin Unlimited.n
nAs expected, this post raises controversy and gets the bitmate code contributor Meni Rosenfield’s comment says:n
nn”It is a shame and standing on the opposite of all things represented by Bitcoin.”n
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nPrematurelyn
nAs a highly controversial figure, developers may find that Rizun’s interpretation of this study is wrong. Even the author of the paper, Dimitri, also points out that it is too early to make extensive assumptions now.n
nHe wrote in the paper:n
nn”It seems simple that the model omit a lot of elements, which can be investigated in future research.”n
nnDimitri then acknowledges that other variables, especially those that have been controversial in the debate over Bitcoin, may change the results.n
nHe concluded that:n
nn”Including the current debate on the size of the block and concern, which may affect the main conclusions of the paper, at least in relation to the number of potential active miners is so.n

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