Author Topic: Bitcoin should be decentralized even further  (Read 87 times)

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Bitcoin should be decentralized even further
« on: May 20, 2017, 04:20:36 AM »
China having most of the Bitcoin's hashrate is a bad idea for its decentralization. Since Bitmain is one of the largest ASIC mining hardware manufacturers in the world, it is one where it holds the majority of the pioneer cryptocurrency's hashrate.

As a result of this, due to Bitcoin's mining becoming more centralized each day, it is getting harder to reach consensus among the miners, especially with the acceptance of scalable solutions like SegWit. Since miners are mostly in for the profit, they don't care much about expanding Bitcoin's transaction capacity, but rather prefer for the same to keep increasing in transaction fees, so they could earn more money per block mined.

That is why, in my own opinion, Bitcoin's mining scheme should be decentralized even further to prevent big mining companies from taking over the important decisions of Bitcoin, and give the power back to average every day people. Perhaps a switch to a new mining algorithm which would be more resistant to ASIC will be the most viable solution to this problem.

What do you think?