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198 sats \ 7 replies \ @jk_14 25 Oct 2023 \ on: What if Bitcoin mining was ASIC-resistant? bitcoin
Look at this:
https://cointelegraph.com/news/satoshi-invented-gpu-mining-to-defend-the-network-says-early-dev
This Satoshi's statement:
"the big attraction is that anybody can download Bitcoin and start mining with their laptop."
like it or not, but is the anti-ASIC, in fact.
And it's clear that since 2013 you can't just download Bitcoin and start mining.
Network would definitely look better in terms of decentralization if Bitcoin would be still mined on GPU.
But, as a curiosity - ethash was carefully planned as an ASIC-resitant algo, because their work was based on paper Hashimoto by Thaddeus Dryja (author of Lightning Network)
https://github.com/ethereum/wiki/wiki/Dagger-Hashimoto
So the necessity would be to have not ASIC-"resistant", but ASIC-proof design.
(and I know how to design such algo, it seems... ;)
this is a valid point and confirms a feeling that I was having while thinking about this. I mean, the more it gets difficult to mine BTC, the more mining operations will centralize in the hands of a few big companies. Not sure if I like this kind of future for Bitcoin, to be honest...
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You're making the mistake of assuming that operations wouldn't be heavily specialized without ASICs. They would still be, they just wouldn't use ASICs but other special hardware, you certainly wouldn't be able to mine profitably on an off the shelf laptop.
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I get it and you are totally right, but at least you take something out of the equation. Then we will probably have a very different GPU market, but that's another story I guess...
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Huh, I said there would be other special hardware... like GPUs that you wouldn't find in a laptop.
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Primo: I don't make mistakes. Never. ;)
vide: #291420
Secundo: GPU is obviously heavily specialized hardware in some strict area (and this simple fact is a base for my idea of ASIC-proof algo, btw)
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Anyone can still start mining with their laptop - by buying hashrate
ASICs are here to stay and they will continue to be installed near cheap power. Mining decentralization doesn't require bitcoiners to run an ASIC alongside their node - it can occur once there's a 100% rug-proof way to buy hashrate and mine with it, either directly or sending to the mining pool of your choice.
Hashrate is a digital commodity, its the raw material used to make bitcoin.
Much like you don't need to start your own farm to enjoy corn, you don't need to have your own ASIC to enjoy mining some bitcoin. The spirit of "anyone can download Bitcoin and start mining" and "one cpu one vote" only requires hashrate.
disclosure: I'm building a hashrate marketplace
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you don't need to start your own farm to enjoy corn, but if you really enjoy corn - it's the big attraction if you can see your own, slow-food, healthy corn rising in your farm :)
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