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126 sats \ 7 replies \ @gd 31 Oct 2022 \ on: Current bitcoin is not whitepaper bitcoin bitcoin
This isn't true and is a consistent mistake made within the Bitcoin community. Miners don't extend the chain, they submit proofs (of work) to nodes. Nodes then come to a consensus on that proof and decide to accept the proof and its associated block onto the chain, or reject the proof and block.
Miners don't have the ability to extend the chain, only consensus between nodes does.
do miners run node software too and know if block going to be accepted or not by the nodes, aren’t they economically incentivised to produce valid blocks, otherwise their work will be wasted?
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Because miners run in pools (typically), the pool (something like Stratum) will create a candidate block and distribute the block header to each miner in the pool for them to work on. In this scenario, miners don't actually have much say over which block they work on.
Miners typically don't even download the full block of transactions as it takes up more memory than required and therefore lessens performance.
That being said, Stratum V2 does allow miners to create their own blocks (as with other miners who use BIP22
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Right that makes sense and yeah I’ve heard about stratum v2 being in the pipeline. Hopefully rolls out soonish, sounds like will reduce a potential attack vector. thanks @gd I’ve so much to learn about mining.
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It's crazy how deep the rabbit hole goes...
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Yes, I am pretty sure they do and you are exactly right about the incentive.
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And the worst part is that the general population get told and sold these concepts and then repeat them to others. It’s the butterfly effect and I think it’s why there are so many misnomers about Bitcoin in the public domain and why we have to constantly defend the truth of the matters.
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есть просто они ещё не знаю об этом...
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