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May 28, 2024, 10:52:38 PM |
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Hey y'all, just a question for the more tech focused part of this community (I come from an economics background). From my newfound understanding (feel free to correct me where I'm wrong), the way the mining works is by running the hashing algorithm over and over again until the correct number is found and that miner gets the reward. If you work in a pool, you get to distribute the risk of not finding that reward by spreading out the BTC when one miner in the pool finds it amongst the others in the pool. From an economic perspective, this is a problem as smaller pools are trading risk for no increase in expected reward. People will naturally gravitate towards the safer, larger pools as more consistent income without sacrificing expected reward makes sense from an economic sustainability perspective. Is there any way to design a hashing mining protocol that would make working with others in a pool costly? A large cost is not needed, but just enough that there is a trade off between tolerance for risk.
This could be as simple as a built in fee to break the reward amongst X amount of miners that scales to the amount of miner addresses within the pool, or a new way of operating the bitcoin mining entirely. I am sure there would be drawbacks to any design proposed, but just was wondering if there were previous ideas, thoughts, or efforts in this direction to make the economics of small pool mining more feasible without ruining the integrity of Bitcoin.
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