I have an idea to use data as a miner

[j1792]

The current POW relies on computing resources or storage resources, which will bring relatively high costs to maintaining the hash rate. Once the mining revenue decreases, miners will quit and the security of the network will also be reduced.

Therefore, I believe that as the block reward decreases, if the price of Bitcoin does not increase significantly, it is likely that many Bitcoin miners will have to quit mining. Maintaining a minimum block reward would be a solution, but it would also mean continued selling pressure.

If we can mine with pre-computed data, that is, the data is the mining machine, then even if the block reward decreases or the coin price decreases, it will not cause the hash rate to drop significantly. Because the cost of storing this data is very low.

When the cost of maintaining the hash rate is low, we can lower the minimum block reward as much as possible, which results in a lower inflation rate. And this is good for maintaining a higher coin price.

The same as storage mining, there is a cost to calculate these data, but the storage cost is so low that it can be ignored. Compared with POS, they are both low-energy consumption and low-cost mining methods. But it is obvious that the method based on data mining is more decentralized.

Hope to get your replies and suggestions.

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[franky1]

a. asic miners do not have harddrives and do not store blockdata. they just hash a 256bit hash.. so their "cost of storing data" is zero

b. nodes store data but do not mine. and hard drives can store/validate many YEARS of millions of transactions for the cost of only dozens of transaction fee costs.. so the costs is negligable
nodes are computing data, not miners

c. the depletion of coin reward is incentivised by the market price of deflationary economics.

in short its a symbiotic process that self sustains
we have seen a few halving events and bitcoin raises in value each time.. halving events are not the thing to fear but the thing to understand are a benefit of the system. dont get scared thinking depleting coin rewards causes bad things.

miners did not starve/plead poverty when the market was $15k mid-cycle.. and are not pleading poverty now with the price being nearly 3x before the halving this year, nor will be pleading poverty when the next ATH happens next year.

if you are talking about a system where node users get paid for validation/storage.. they already do
by validating the data and being in concert with other nodes, it brings security to peoples funds and via the symbiotic process brings value to their funds. and the increase of value is the reward.
EG other pow networks with less security, less utility have less value

[adaseb]

Every cycle people think that there is going to be a massive 50% hashrate decrease because of the upcoming halving. But guess what. From what I remember the hashrate maybe went down slightly for one or two periods and then again resumed its upward trend with the halved block reward.

Many miners already know the block reward will go down. They already upgraded their equipment or they sold their equipment ahead of time because they knew it would make any finance sense to mine at a loss.

[hugeblack]

If the miners continued mining Bitcoin when its price was $15,000, they will continue to do so at $30,000 after halving, and since there are additional profits that come from transaction fees, there is no reason for them to stop. Some who cannot afford the costs may stop, but as long as mining is profitable for some They will continue. Bitcoin is not affected by supply, as supply is limited, but demand, and there are no indicators showing that there is a weakness in demand, so the price will rise.

[Natsuu]

Every cycle people think that there is going to be a massive 50% hashrate decrease because of the upcoming halving. But guess what. From what I remember the hashrate maybe went down slightly for one or two periods and then again resumed its upward trend with the halved block reward.

Many miners already know the block reward will go down. They already upgraded their equipment or they sold their equipment ahead of time because they knew it would make any finance sense to mine at a loss.

Yeah people always freak out about the hashrate dropping during halving  but it's usually just a short-term blip. Miners are savvy and they upgrade or sell gear beforehand because they know it's not worth mining at a loss. The network tends to bounce back and keep growing after the initial dip

[franky1]

Yeah people always freak out about the hashrate dropping during halving  but it's usually just a short-term blip. Miners are savvy and they upgrade or sell gear beforehand because they know it's not worth mining at a loss. The network tends to bounce back and keep growing after the initial dip

to explain above in more detail
most of the hashrate are mining farms which buy hardware for a 2 year lifecycle and buy electric contracts calculated to serve enough power to those asics for 2 years. so no matter the market or hashrate of competition they just continually mine no matter what

there are however small minority of hobby miners with only a few asics each that watch the market and calculate there small sat reward shares vs market rate on a daily/weekly rate and pool hop between bitcoin and altcoins. this is all normal

when the halving happens the asic farms are already prepared, they continue through the halving and are then accounting their accumulations vs next seasons costs in the ATH year round of the cycle
the ATH high doesnt just set a new ATH but also the correction after sets a new RAISED bottom compared to previous seasons lower bottom
thus self symbiotically keeps the asics active and cost efficient

[davis196]

The current POW relies on computing resources or storage resources, which will bring relatively high costs to maintaining the hash rate. Once the mining revenue decreases, miners will quit and the security of the network will also be reduced.

More miners quitting would mean that the mining difficulty will be adjusted to lower levels, which means that mining will become profitable again, therefore more miners will start mining again, which will increase the mining difficulty.
I'm not the biggest expert in this field, but I don't think that the quantity of miners has anything to do with the security of the network.
If you have a genius idea about using crypto mining resources for something useful(other than producing cryptocurrencies), why don't you try to build a crypto mining business and implement your genius idea?
By the way, I actually didn't understand your idea. Maybe you should elaborate more on this subject.

[franky1]

By the way, I actually didn't understand your idea. Maybe you should elaborate more on this subject.

when OP talks about pre-computed data mining.. and then "storage mining" and "storage costs are low"
he is talking about an altcoin that doesnt hash a block in simple sha256. but some other algo of going back to cpu computing that plays with hard drive stored data (like solving big-data patterns)
where the computers stay cheap to continue to find patterns of pre computed data..  im guessing
thus wanting bitcoin to completely change its ethos, methodology and algo to go back to come cheap CPU scheme of cheap device

..
and now answering that guess to the OP
the only issue with wanting "cheap, low storage cost" mining is... those who want to make profit will just house multiple PC's, so it wont be like the CPU solo mining days of 2009-2010 it would jump straight to 'rig/pool' mining and then farm mining. where by individuals with 1 PC wont get majority of reward but only small shares of a reward.

I'm not the biggest expert in this field, but I don't think that the quantity of miners has anything to do with the security of the network.

actually at a network hashrate of 500exa, with an asic of 200thash.. means there are 2.5m asics(emphasis specialist devices not in everyones home, not easily hacked)
breaking down the cost (each asic being ~$4k)
is a hardware cost of $10billion combined just to achieve 500exa

meaning an malicious pool wanting to 51%
would need to buy $10,500,000,000 of hardware to counter the 500exa clean cooperative network rate of 2.5m asics

if hardware was(op's idea low cost hardware) a $400 PC
to attain the same security cost of clean network (would need 25million PC's) to be a $10b network security cost

but.. then we come into the issue of a hacker using trojan botnets to take over other peoples common PC's, at no cost to hacker
.. so more clean PC's would be needed to counter it

with everyone having a computer EG lets say 2billion PC's online right now in peoples homes around the world, hackers could easily take over 25m PC's without any hardware cost for the hacker. thus a security risk for the OP's new style idea.. so the clean network would need ALOT more then any possible trojan botnet can take over of random users.

in short the clean network would need to have billions of clean PC's, virus free to counter any hacker 51% attack
thus security cost would be more then a $trillion of hardware costs for security..
meaning each individual miner wont get many shares of a reward in OP's guessed scenario

having specialist devices(asics) for mining, means hackers cant just take over common devices in everyones homes to mine, because not everyone has specialist devices.

[NotATether]

If we can mine with pre-computed data, that is, the data is the mining machine, then even if the block reward decreases or the coin price decreases, it will not cause the hash rate to drop significantly. Because the cost of storing this data is very low.

I do not understand this or your proposal does not make sense.

Pre-computed data is just block hashes, mining is the process of scanning for a random block hash under a particular threshold. How do you take things that are already known, and turn them into something random?

Things that are random and have a sufficiently large range also naturally use more time to solve, because (again) the range is what makes mining so intensive, and expensive.

[j1792]

If we can mine with pre-computed data, that is, the data is the mining machine, then even if the block reward decreases or the coin price decreases, it will not cause the hash rate to drop significantly. Because the cost of storing this data is very low.

I do not understand this or your proposal does not make sense.

Pre-computed data is just block hashes, mining is the process of scanning for a random block hash under a particular threshold. How do you take things that are already known, and turn them into something random?

Things that are random and have a sufficiently large range also naturally use more time to solve, because (again) the range is what makes mining so intensive, and expensive.

If you know Chia or Spacemesh maybe you can better understand my purpose. The same thing as Chia is that a part of the hash needs to be pre-calculated and stored on disk, and a VDF function is used. But the difference is that I think this part of the hash should not occupy too much disk space. Specifically, the cost of calculating this part of the hash should be much greater than the cost of storing this part of the hash. That is, use hash data as the mining machine instead of the disk. In this way, your mining machine neither needs to consume too much energy nor takes up too much physical space, because in fact they are just some calculated hash data. Of course it is very important not to let this data leak.