Solo Bitcoin miner earns $200,000 reward amid growing centralization concerns
Solo Bitcoin miner earns $200,000 reward amid growing centralization concerns Solo Bitcoin miner earns $200,000 reward amid growing centralization concerns
Market observers are disquieted relating to the growing centralization of Bitcoin mining activities among about a corporations.
Duvet artwork/illustration by CryptoSlate. Image entails mixed verbalize that can most definitely well maybe also honest consist of AI-generated verbalize.
A solo Bitcoin miner has independently solved a BTC block to originate a reward of three.275 BTC, roughly equal to $200,000.
On Aug. 29, Con Kolivas, a diagram engineer and administrator of the solo mining pool ckpool, announced on X that the miner had successfully solved the 291st solo block in Bitcoin’s historical past. He congratulated the miner, stating:
“Congratulations to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for solving the 291st solo block on solo.ckpool.org! This hefty miner with 38PH would solve a block on lifelike as soon as every ~4 months.”
Blockchain files confirms that the miner successfully mined block quantity 858,978 on the Bitcoin blockchain, which included 2,391 transactions.
Centralization concerns
This fulfillment comes at a time when concerns relating to the centralization of Bitcoin mining are growing inside the neighborhood.
Facts from BTC.com finds that four mining poolsâFoundry USA, AntPool, ViaBTC, and F2Poolâlike produced about 80% of Bitcoin blocks over the past three days, elevating alarms among neighborhood members.
Foundry USA and AntPool alone accounted for higher than 50% of the blocks mined by these pools.
This excessive level of centralization has raised concerns relating to the future of Bitcoin. Jameson Lopp, co-founder of CasaHODL, weighed in on the anxiousness, explaining that Bitcoin mining centralization is a battle between economies of scale and the decentralized nature of energy sources. Nonetheless, he stays optimistic that decentralization will within the kill prevail.
Notably, the hazards were exacerbated by the most up-to-date halving occasion, which decrease block mining rewards in half. This reduction has driven many smaller miners out of the market, leaving the industry dominated by publicly traded mining corporations.
Bitfinex has warned that this focus of mining energy would possibly most definitely well maybe also lead to doable censorship of transactions and elevated vulnerability to coordinated attacks or regulatory pressures. The company acknowledged:
“This focus of mining energy among fewer entities would possibly most definitely well maybe also lead to elevated centralization, which is opposite to Bitcoinâs ethos. Centralization risks would possibly most definitely well maybe also mean the capability censorship of transactions and elevated vulnerability to coordinated attacks or regulatory pressures.”
Mentioned in this article
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's doable. He imparts insights on a range of topics love DeFi, hacks, mining and custom, underlining transformative energy.
Liam 'Akiba' Wright
Is also named "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the capability to web frequent obvious change.
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Bitcoin, a decentralized currency that defies the sway of central banks or directors, transacts electronically, circumventing intermediaries by a search-to-search community.
F2Pool
F2Pool, also is named DiscusFish, is one amongst the largest cryptocurrency mining pools on this planet.
AntPool
AntPool is one amongst the largest and most famed cryptocurrency mining pools on this planet.
Foundry
Foundry is a subsidiary of Digital Forex Community that used to be created to meet the institutional keep a question to for higher capital web entry to, efficiency and transparency within the digital asset mining and staking industry.
Jameson Lopp is an American diagram engineer and well-known resolve within the cryptocurrency industry.
Source credit : cryptoslate.com
