We fully agree with you.
Nevertheless when 0xbitcoin was deployed (more than 3 years ago) the Ethereum network scenario was very different from today's situation.... I remember when I tried to solo-mine with CPU
in the early hours after deployment and how much delusion when, some time after, GPUs joined the game...
No one would never have imagined that a phenomenon like DeFi could happen in a such massive and disruptive way.... and yet it did.
All credits go to infernal_toast, jlogelin, admazzola and all the Project Contributors that have made possible the mined tokens on the EVM.
A very fresh new is we have studied the contract and adapted it to be implemented into the BEP-20 standards. We have deployed BNbitcoin (BNBTC) (
https://bnbitcoin.org), the minable bitcoin-like token on the Binance Smart Chain. This was necessary because the gas fees on the Ethereum mainnet have become insanely high due to DeFi. Solo mining is then re-feasible for now, but on the BSC.
If you look at a
recent minting transaction from Mike.rs pool, you can see that 13.11 USD have been spent... this is really, really too much.
Even if BSC has a consensus based on 21 validators, and someone can say it is more centralized than Eth 2.0 (that will have 1000 validators), today it guarantees very low fees for minting and taking rewards.
Minor modifications of the smart contract have been applied to the epoch maths to keep a 10 minutes duration BNBTC block, due to the different block time of BSC (3 seconds).
Furthermore the difficulty adjustment period has been restored to 2016 (instead of 1024 of 0xBTC), like in the original Nakamoto's bitcoin design, as well as max target, which has been restored to 2^224.