MinedBlock - 

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    Other

  • Ethereum

    Platform

    Ethereum

Info

MinedBlock

Mining is a fundamental part of the blockchain for any coins or tokens that aren't pre-mined. Miners form the basis of the decentralisation model of the Cryptocurrency arena but we are getting to a point where large amounts of hash power, the key ingredient to solving blocks and securing the chain, are becoming centralised.
This has two impacts:
1. It means that there is a risk of a single pool or company being able to gain control of an entire blockchain. If a person or company managed to gain greater than 50% of the computing power or mining hashrate they would be able to prevent new transactions from gaining confirmations and be able to reverse transactions that were completed while they had control so they could double spend coins. They wouldn't be able to create new coins or blocks but it would have a huge reputational impact on the particular blockchain.
2. It means that for the average person mining isn't a worthwhile venture due to the cost of equipment, electricity and time for maintenance. The ROI isn't as beneficial as it used to be.
There are other solutions out there such as cloud mining services but they aren't transparent or cost effective and we want to change that.

Matthew Ruff
Greg Wales
Paul Bishop

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