2024

Foundry

Bitcoin

April

The fourth <a href="https://www.cryptotimes.io/2024/04/20/bitcoins-840000th-block-halving-cuts-miner-rewards-by-50/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Bitcoin halving</a> placed a spotlight on the mining sector, and what keen observers have found is scary. The event, which reduces mining rewards by half, has intensified the divide between large and small-scale miners. The larger entities continue to enhance their capabilities while smaller miners struggle to compete. 
Casey Rodarmor, the creator of Bitcoin Ordinals, raised concerns about the current state of Bitcoin Mining. He notes that right now there is a centralization of Bitcoin mining and a lack of decentralization, which is critical for maintaining the cryptocurrency’s foundation of censorship resistance. 
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 Bitcoin's entire value proposition rests of censorship-resistance, which can only be guaranteed by decentralized miners competing to produce blocks. The current state of Bitcoin mining decentralization is, unfortunately, not great. Many large pools which were previously thought… <a href="https://t.co/nziWpBaN2r" target="_blank" data-wpel-link="external">https://t.co/nziWpBaN2r</a>— Casey (@rodarmor) <a href="https://twitter.com/rodarmor/status/1783278147192095059?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 24, 2024</a>
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He observed that many major mining pools, previously seen as independent, now appear to function as branches of AntPool, adopting similar policies for choosing transactions. 
These concerns are echoed by data indicating that Antpool and Foundry currently dominate the production of Bitcoin blocks. This dominance highlights a trend toward centralization that could impact the inherent value proposition of Bitcoin. 
He advocated for the adoption of Stratum V2, an updated mining protocol that promotes greater autonomy for miners in transaction selection. Developed jointly by Braiins Pool and Bitcoin core developer Matt Corallo, Stratum V2 also aims to enhance mining efficiency and security. 
Casey encouraged miners to test the new protocol and contribute feedback on its performance and reliability. This initiative represents a pivotal effort to address concerns about centralization and maintain Bitcoin mining’s decentralized ethos. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/04/22/coinshares-study-suggests-miners-may-turn-to-ai-post-halving/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">CoinShares Study Suggests Miners May Turn To AI Post-Halving</a>. 
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Ordinals Creator Criticizes Bitcoin Mining Decentralization

The Crypto Times

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