Tuesday, September 17, 2019

Cobra Stirs Up Bitcoin Community; Discusses POW Change In Article

This morning the bitcoin community wake to some controversial news. Cobra, the co-owner of the bitcoin.org domain and the bitcoin.org forums, published an article on medium.org proposing a possible change in the POW (Proof of Work) algorithm of the cryptocurrency.

In the said article he cites centralization of the hash power in one company as one of the prime causes of this proposition. Bitmain’s monopoly on the mining hardware business is addressed:”it’s almost impossible for anyone to catch up to the total domination of the mining space by BITMAIN. They are light years ahead. That $4 billion dollar of profit will be used to build even better hardware, allowing them to further dominate mining for the foreseeable future and likely buy stakes in their competitors”

But the scariest thing is that he calls for a controversial hard fork that would change (yet again) the way of mining bitcoin, as a way of rebooting mining hardware market. Hard forks are tough calls for the community and generally weaken the presence of the said coin in the market. Bitcoin community has already endured a hard fork in the past (Bitcoin Cash). The original article can be found here.

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