delvingbitcoin
Ecash TIDES using Cashu and Stratum v2
Posted on: May 16, 2024 21:38 UTC
The email discusses various aspects of Bitcoin mining, focusing on the potential use of ASICs for the hash_to_curve(x)
computation and the limits of current Bitcoin Mining ASIC technology.
The author notes that a common misconception is that these ASICs can output the hash they computed, which is not the case. This point is supported by a thread by @skot9000, highlighting the technical limitations.
The conversation then shifts towards solutions for auditability and reducing payout thresholds for miners, with BOLT12 being mentioned as a mechanism that allows smaller Home Pool (HP) miners to receive payouts more feasibly, although it still faces challenges due to Lightning Network fees. The significance of cryptographic proof for the submission and acceptance of Proof of Work (PoW) by miners is emphasized, presenting it as an improvement in the transparency and trustworthiness of mining pools despite the risks associated with centralized pool structures.
Moreover, the email addresses the difficulties of moving towards a fully decentralized pool architecture due to the complexities involved in creating a consensus system from scratch. It mentions the efforts of projects like braidpool in advancing towards this goal but acknowledges that Bitcoin mining will likely remain centralized for the foreseeable future. The author expresses optimism about the role of pleb mining in decentralizing Bitcoin mining, despite acknowledging its current minor contribution to the overall mining power compared to industrial operations. The emphasis on making pleb mining more accessible is presented as a positive step towards the broader goal of decentralization.