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It's true that they wouldn't have to do it and it would be a stupid move, but doesn't history show us many absurd decisions?
If they had 51% of the network, they could even generate transactions at will, change the block rewards, or alter many of the things that are currently strengths of the network.
I don't think anything will happen, I'm just raising the question and presenting the information to spark debate. 😉
I've been with SBIcrypto for years, and I haven't had any issues. I'm very happy with the service, and it's a small pool
I've been with SBIcrypto for years, and I haven't had any issues. I'm very happy with the service, and it's a small pool.
If you live in a place with high electricity costs (like myself), you'll have to choose hosting in a location with cheaper electricity. But be careful, as there are many scammers out there.
If you want a 100% guaranteed return, you'll have to join a mining pool. As individuals, perhaps we should start choosing pools with less participation, but there's no incentive other than providing more security to the network. For the vast majority of people, this is insufficient incentive.
Lottery mining is fun if you do it purely as a hobby. You can buy a device with relatively low power consumption and have it running to see if you get lucky. Your chance of winning will be minimal, but there's slightly more chance than with the traditional lottery...
Thanks for commenting!
@Fabs, great post! I think it's a complicated topic, but you've explained it quite well.
This actually explains why, even though it's almost impossible today, there's still the theoretical possibility of deriving the private key from a public key.
The theory behind this is, in very simplified terms, similar to doing 3 * 5 = 15. In this example, your private key would be 35 and your public key would be 15. There's a possibility of knowing your private key (35) with your public key (15), but there are many possibilities.
When you apply this to elliptic curve cryptography, the possibilities are so vast that it becomes practically impossible to determine the private key from the public key!
Thanks for the post! Accept my sats! 😜
Yes, I agree. As a miner, I'm concerned about the network and its security, but what option do we have?
Solo mining entails spending a lot of money on maintaining the ASICs and, with a high probability, never actually mining a block, resulting in significant losses without any return.
Being in a pool ultimately becomes almost a "requirement" if you want to avoid massive losses and don't view mining as a lottery.
Thank you for your comment! 😊
Thank you for your comment. It's clear that when I talk about the mempool, sats per vB paid for transactions, and coin consolidation, I'm talking about Bitcoin...
These topics mentioned above are things every Bitcoiner, new and experienced, should know. Understanding all the implications of fees, how they are distributed, and how they are generated based on your transaction is important.
When you delve into the world of Bitcoin, there may be many topics that you find more or less relevant, but studying them all and showing interest will ultimately make a difference in your evolution as a Bitcoiner!
That said, thank you for reading. I hope you enjoyed it and found it useful!
Do you use a multisig between you and your family? That's great! The only problem I see is that you depend on the responsibility of the other person who has access to that signature to access your funds...
Perhaps, although it's more technical, it would be interesting to add a mini-script that, if after a certain number of blocks, it can be moved with one of the two signatures, just in case one of them is lost.
I know it can be done, but I've never done it myself. Thank you very much for your response!