"De Vries asserts that 98% of mining rigs will never verify a transaction, resulting in an enormous and unproductive electricity expenditure. “They are sort of participating in a massive lottery and every 10 minutes one gets lucky and gets to produce the next block,” he states."
Links to the best articles, videos and podcasts about Crypto Mining.
"It turns out that for every 100 Bitcoin miners, just two of them will ever find a new block. Here’s why."
Research. December 2019.
"Therefore, a PoW chain such as Bitcoin, cannot simultaneously be secure and inexpensive to operate. Because if it was inexpensive to operate it would also be inexpensive to successfully attack."
"Bitcoin’s mining difficulty is adjusted roughly every two weeks to factor in the hashing power of new miners on the network. While the general trend has been upward almost since the network’s inception, it’s common for there to be brief but significant dips. In December of 2018, for example, mining difficulty dropped three straight times in a row, for a total drop of almost 30%."
"This past month we ran a test on the Ethereum mainnet, working with large mining pools like SparkPool, BTC.com, F2Pool and others, including projects and companies working on top of ETH and running their own nodes. This is our first public testing on a mainnet and the results thus far have been extremely positive.
"An Overview Of Mining Pool Exploits That BetterHash Disables"
"In this post I will share an overview of the Bitcoin & crypto mining space, the underlying hardware which powers mining, an ecosystem landscape, and dive into the revenue & market size of the space."
"Developers behind the cryptocurrency monero are ramping up efforts to keep specialized mining hardware from dominating its race for rewards."
"Following the sad loss of funds suffered by Binance, the well-loved crypto exchange, the Bitcoin community rallied around the embattled exchange and wisely proposed that Binance institute a reorganization of the Bitcoin blockchain in an attempt to steal back the funds, or at least confiscate them from the hacker."
"Eric Budish, a Professor of Economics at the University of Chicago, recently published a working paper called “The Economic Limits of Bitcoin and the Blockchain,” in which he argues that the theoretical threat of a majority attack (a.k.a. 51% attack) in Bitcoin is much higher than we believe."
"One problem that concerns many is the centralization of mining within the Bitcoin ecosystem. Fortunately, there are talented developers working to solve this problem and Matt Corallo, full-time Bitcoin developer at Chaincode Labs, is one of them. His BetterHash Mining Protocol is intended to significantly decrease the problems associated with mining pool centralization."
"The miners’ job is to secure the network. They do so by finding proof of work. Having 51% of the network hash power gives a single miner the ability to attack the network. That, however, is not the same as controlling the network."
"Bitcoin is not going into a “mining death spiral.”
"This first is part ‘TL;DR’; part commentary on recent events; and part in-depth explanation of terms, methodology and the concept of Bitcoin creation costs."
"But that’s not how bitcoin works, thanks to one of the many strokes of genius baked into its fundamental design: difficulty adjustment. The bottom-line explanation of difficulty adjustment is that every time a mining rig is shut down, the bitcoin protocol increases the incentive for other miners to stay online. It’s as if every time a Sears shut down, all the remaining stores became more profitable."
The whitepaper. "In this work, we study the prevalence of this new phenomenon. We identify and classify mining websites in 138M domains and present a new fingerprinting method which finds up to a factor of 5.7"
"In this article, I will try to simply explain the main differences between Proof of Work vs. Proof of Stake, and provide a definition of mining, or the process where new digital currencies are released through the network."