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Author Topic: [2017-09-08] Lightning's Next Act: Decentralizing Bitcoin Mining?  (Read 3930 times)
sheld0n
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September 08, 2017, 11:17:54 AM
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Developer Chris Belcher thinks he's found a way to fix bitcoin mining – and it notably takes its inspiration from the network's much-discussed Lightning Network proposal.
The idea is notable in that it showcases both the evolving nature of bitcoin as a technology, as well as how its developers are finding new ways to explore long-established issues. For example, while the Lightning Network was proposed for tackling bitcoin's infamous scaling hurdles, Belcher believes the concept could help decentralize mining, thereby strengthening the protocol's value proposition as an censorship-resistant money.
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September 08, 2017, 12:50:33 PM
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Developer Chris Belcher thinks he's found a way to fix bitcoin mining – and it notably takes its inspiration from the network's much-discussed Lightning Network proposal.
The idea is notable in that it showcases both the evolving nature of bitcoin as a technology, as well as how its developers are finding new ways to explore long-established issues. For example, while the Lightning Network was proposed for tackling bitcoin's infamous scaling hurdles, Belcher believes the concept could help decentralize mining, thereby strengthening the protocol's value proposition as an censorship-resistant money.
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Using LN to pay small miners seems like a perfect fit -- small, recurring payments between directly connected LN nodes are like the picture-book use case of LN.

But while it may solve one of the issues that make P2Pool less attractive than centralized mining pools, I doubt that this improvement would be enough for a significant number of miners to switch to decentralized mining pools. Centralization concerns tend to fade-away once it's less convenient than the other options.

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September 08, 2017, 05:40:23 PM
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Developer Chris Belcher thinks he's found a way to fix bitcoin mining – and it notably takes its inspiration from the network's much-discussed Lightning Network proposal.
The idea is notable in that it showcases both the evolving nature of bitcoin as a technology, as well as how its developers are finding new ways to explore long-established issues. For example, while the Lightning Network was proposed for tackling bitcoin's infamous scaling hurdles, Belcher believes the concept could help decentralize mining, thereby strengthening the protocol's value proposition as an censorship-resistant money.
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And you can read more about what he was discussing here:
https://bitcointalk.org/index.php?topic=2135429.0
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September 08, 2017, 09:09:50 PM
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No body wants that, miners are happy with their pools being the most powerful of them all because they could earn more with centralized mining cartels. stop fooling yourself, without it no body would have stayed this long. whatever you do, at the end we'll reach the point where people want nothing other than a profitable pool and with the design of Bitcoin you can't have it both ways, even if you break the centralization in to pieces it will rebuild itself like transformers.

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BitFinnese
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September 08, 2017, 09:34:35 PM
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No body wants that, miners are happy with their pools being the most powerful of them all because they could earn more with centralized mining cartels. stop fooling yourself, without it no body would have stayed this long. whatever you do, at the end we'll reach the point where people want nothing other than a profitable pool and with the design of Bitcoin you can't have it both ways, even if you break the centralization in to pieces it will rebuild itself like transformers.

I agree, no body wants to give away their profit, but I think it depend on how attractive the offer to the small miners.  Small miners cannot compete with large mining company so probably Chris Belcher see this opportunity to at least support small time miners and at the same time initiate a change in mining system.  With LN network and paying dedicated miners on that LN network, somehow it gives miner an additional option.  I bet if  profit in supporting LN network is bigger than the ordinary one, bigger mining pool will migrate on it  Grin


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September 09, 2017, 08:17:26 AM
 #6

How can Lightning Network improve profits of miners? I think their income will decrease
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