The topic about Bitcoin and Blockchain has a lot of educational lacks. First people almost do not understand why Bitcoin is a decentralized system and again all odds not a distributed ledger system.
But if we heard recently billionaires calling out that miners could be the weak point become regulated, they really do not understand what they talk about. The fairy tale of shutting down mining facility or placing high taxes on them is nothing new. Even not the whisperings of a 51% attack by connected miners.
Let’s talk mining. Mining is something you can still do with your laptop. Yes right. Just download the core software or get them on a stick, cd or other medium. We have thousands way, so you can’t take away the software. Next you run it and your computer turns in something it is called full node. Satoshi Nakamoto never separated in his whitepaper the terms of miners and nodes. That lead people in misunderstanding in the first times, because they did not know that the processes are separated on the computer – mining and node. Asics become the first chips separating the full node in so called “split nodes” – nodes only work as a node and nodes only working as miner using the full computer power.
The idea of the people is that someone is taking down the mining and the network dies.
- Everyone running a full node on his laptop or running just the mining part by configuring the core does mining. Mining is not the reward. It’s simply processing transactions into a block the miner creates by himself from transactions out of the mempool.
- Your miner actually won’t find the answer to the energy intensive riddle to become rewarded with bitcoins, but this is not necessary, your laptop or home computer can’t waste a lot of energy because its limited in his power. Means if you support mining your computer doesn’t waste more energy than a high- end game on your power PC.
- If big mining farms will be closed by government, you are in a lucky situation. The difficulty is rapidly decreasing. A lot of private persons will run the core on their computers to prevent the network needs more than 10 minutes to successful write transaction into the public ledger. On the other hand, because the hash power is going down and will be spread over millions of home users with their laptops all of them have the chance to be rewarded by Bitcoins because now, difficulty is that less. Simply said you do not need for competition reasons high end computer with a lot of computational power. Maybe there are a few Asic miners left but in sum they are only doing the same as the rest. If hundreds of thousands people do mining at home and only 100 Asics left the balance is weighted and the home miners will find a block.
In fact, talking and discussing miners are vulnerability to Bitcoin network is wrong. We really got a true decentralized system which could not be taken down. Neither physically nor per hack.
Written by : Prof. (Dr.) h. c. Joerg Molt