Mining is a lottery. e
> On Mar 22, 2020, at 07:10, LORD HIS EXCELLENCY JAMES HRMH via bitcoin-dev > <bitcoin-dev@lists.linuxfoundation.org> wrote: > > > There seems to be the real possibility that miners are simply trying to > optimise mining profit by limiting the average hash rate during the > retargeting, saving some electricity but poorly considering the overall > situation where they give opportunity to other miners probably raising the > hashrate for the next period. It is far more profitable for the ecosystem > considering the whole to hold a lottery for minig as has been discussed > elsewhere some time ago. > > Regards, > LORD HIS EXCELLENCY JAMES HRMH > > > From: bitcoin-dev <bitcoin-dev-boun...@lists.linuxfoundation.org> on behalf > of David A. Harding via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> > Sent: Sunday, 22 March 2020 6:54 PM > To: Dave Scotese <dscot...@litmocracy.com>; Bitcoin Protocol Discussion > <bitcoin-dev@lists.linuxfoundation.org> > Subject: Re: [bitcoin-dev] Block solving slowdown question/poll > > On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev wrote: > > [Imagine] we also see mining power dropping off at a rate that > > suggests the few days [until retarget] might become a few weeks, and > > then, possibly, a few months or even the unthinkable, a few eons. I'm > > curious to know if anyone has ideas on how this might be handled > > There are only two practical solutions I'm aware of: > > 1. Do nothing > 2. Hard fork a difficulty reduction > > If bitcoins retain even a small fraction of their value compared to the > previous retarget period and if most mining equipment is still available > for operation, then doing nothing is probably the best choice---as block > space becomes scarcer, transaction feerates will increase and miners > will be incentivized to increase their block production rate. > > If the bitcoin price has plummeted more than, say, 99% in two weeks > with no hope of short-term recovery or if a large fraction of mining > equipment has become unusable (again, say, 99% in two weeks with no > hope of short-term recovery), then it's probably worth Bitcoin users > discussing a hard fork to reduce difficulty to a currently sustainable > level. > > -Dave > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
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