Why Bitcoin and other cryptocurrencies have not accepted mining pools
As one of the first and most widely used cryptocurrencies, Bitcoin decentralized architecture has led it to accept millions of users worldwide. Despite its popularity, the cryptocurrency ecosystem has an obvious missing: mining in the pools.
In this article, we will investigate why Bitcoin and other cryptocurrencies have not accepted mining pools such as their competitors, Ethereum and Solana. We will also examine the advantages and disadvantages of the mining pool, as well as some innovative alternatives worth exploring.
Bitcoin problem of mining pools
The Bitcoin consensus algorithm is based on a work test (POW), which requires mining to solve complex mathematical caves to confirm operations and create new blocks. For the extraction of these puzzles, the Mountains need powerful equipment, such as graphic plates or specialized ASIC (specific application chain). This configuration creates an obstacle in the network, making it difficult to participate in smaller mining.
As a result, most users are unable to participate in mining pools because they do not have access to sufficient calculation energy. This is evident in analyzing the number of Bitcoin mining in the world: about 1 million, which is still relatively small compared to 4.5 million. Ethereum and Solana 3.8 million mining.
Ethereum mining pool solution
A possible solution is Ethereum’s stake’s proof (POS), which uses a more efficient energy method called Stake Proof (POS). POS, the cleaners are selected based on the number of chips they have, instead of solving complex caves. This facilitates smaller mining and access to mining pools.
Another alternative is the Smart Chain (BSC) Binance smart circuit algorithm, which also uses a participation test. However, both Ethereum and BSC are still dependent on confirmation to confirm operations and create new blocks.
Solana mining pool solution
Solana, another popular Blockchain, took a different approach: the algorithm (poet) of its consensus. The poetic approval is selected based on the number of operations related to the short term, instead of solving complex circuits or storage of large quantities of calculation.
The Solana mining pool solution is designed to be more accessible and easy to use, allowing individual users to participate in the network without specialized hardware such as ASICS or GPU. This makes Solana an attractive opportunity for those who want to enter the cryptocurrency ecosystem but have no access to the necessary infrastructure.
Why the mining pools did not get traction
So why did Bitcoin and other cryptocurrencies adopted mining pools? There are several reasons:
* Energy consumption : Prison mining algorithms are particularly energetic and are therefore concerned about the environmental impact of the industry. As a result, many miners have changed their attention to less hungry energy alternatives such as participation test.
* Network decentralization
: Decentralized nature of cryptocurrency networks to governments and corporations make it difficult for the flow or data flow. This led some to claim that the safety and stability of the network requires mining pools.
* Regulatory uncertainty : Government and regulatory authorities have slowly set clear guidelines for cryptocurrency use, which is why mining is a challenge to act in a stable and compatible environment.
Conclusion
Although mining pools were not as common as they would like to be, there are still some innovative alternatives worth exploring.