This week, the owner of the Bitcoin.org web portal and Bitcointalk, under the nickname Kobra, wrote an open letter to the Bitcoin community asking them to consider changing the proof-of-work (PoW) algorithm of the Bitcoin core network.
As an argument, Cobra cites the fact that Bitcoin mining is currently controlled by one person and his company, namely Jihan Wu and Bitmain. Kobra believes that the security of the underlying bitcoin network should not depend on the decision of one person.
“As long as Bitmain controls the majority of the hashrate, the only way to keep the network secure is the possibility of creating a hard fork for new PoW, but this will only work as long as the bitcoin community remains small enough and the majority in it supports decentralized bitcoin. Additionally, the community frequently reports new players entering the mining space, but they cannot compete with Bitmain, which generated nearly $4 billion in revenue last year and is well ahead of all its competitors. This billion-dollar profit will be used to create even more advanced equipment, which will allow the company to continue to dominate mining and buy shares from its competitors,” the open letter says.
Bitmain has already committed violations regarding hashrate when it supported the creation of hard forks. It seems that the company is more interested in supporting bitcoin cash than supporting bitcoin. Cobra believes that PoW does not provide guaranteed security unless it is distributed efficiently among different people and companies.
Now, according to Cobra, mining is monopolized by Jihan Wu.
According to https://news.bitcoin.com
You May Also Like
Joseph Stiglitz: Bitcoin will be “regulated into oblivion”
Joseph Stiglitz is an American economist, professor at Columbia University, winner of the Nobel Prize in Economics. He joined forces with fellow economists Nouriel Roubini and Kenneth Rogoff in an attack on Bitcoin.
John McAfee will issue his own currency in 26 days
The cryptocurrency world is shocked by the announcement of the father of crypto, John McAfee, who announced on Twitter that he will release his own McAfee coin, which will be a fiat currency (collectible) backed by cryptocurrency.
