The majority of hashrate mines for profit. It’s not about what should be, but about what is. It is the case that most large miners are energy arbitrage plays, or ways to mine shareholders in public markets.
Pubcos will absolutely remain compliant, or else they can’t use the ATM to mine their shareholders. That means complying with OFAC sanctions regulation.
I love the bitaxe movement and it enables individuals like you and me to participate in the mining ecosystem, but the problems of censorship on Bitcoin are far bigger than what any of the bitaxe miners can actually solve.
I agree that it should be a norm, but I also see the reality that it isn’t a norm, and changing behaviour en masse is extremely challenging. The elites needed to use many PR tricks to scam the sheeple into injections and mask wearing. That level of behaviour change requires a massive propaganda campaign, which is something not in the budget of an open source movement.
The state has already broached the plan of a feather fork and high level policy circles are talking about it. Bitaxes don’t solve this—it’s an absolutely real threat to base layer censorship resistance, and the tornadocash/samourai wallet trials are setting the precedent to enable the state to fuck the pools and the miners so hard that they mine compliant blocks.
The way we overcome this is +30% of global hashrate distributed across many small and non-compliant pools to make it more difficult for policies like this to be enforced. Bitaxes can be a part of this for sure, but they will be a small part of what needs to be hundreds of exahash to overcome this scale of an attack.
https://youtu.be/jiNo-T71FLk?si=gPrEzu75Gn6c9Pfw
BitcoinAlchemist / James Pierog
npub1u8…xjcky
2024-09-30 18:11:40
in reply to nevent1q…hqus
Author Public Key
npub1u8r69esh5r7jt29nj9ufmz4yvuwp6cwl5xqp4e3d46vl8wla5smsexjckySeen on
wss://relay.damus.ioPublished at
2024-09-30 18:11:40Event JSON
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"content": "The majority of hashrate mines for profit. It’s not about what should be, but about what is. It is the case that most large miners are energy arbitrage plays, or ways to mine shareholders in public markets.\n\nPubcos will absolutely remain compliant, or else they can’t use the ATM to mine their shareholders. That means complying with OFAC sanctions regulation.\n\nI love the bitaxe movement and it enables individuals like you and me to participate in the mining ecosystem, but the problems of censorship on Bitcoin are far bigger than what any of the bitaxe miners can actually solve. \n\nI agree that it should be a norm, but I also see the reality that it isn’t a norm, and changing behaviour en masse is extremely challenging. The elites needed to use many PR tricks to scam the sheeple into injections and mask wearing. That level of behaviour change requires a massive propaganda campaign, which is something not in the budget of an open source movement.\n\nThe state has already broached the plan of a feather fork and high level policy circles are talking about it. Bitaxes don’t solve this—it’s an absolutely real threat to base layer censorship resistance, and the tornadocash/samourai wallet trials are setting the precedent to enable the state to fuck the pools and the miners so hard that they mine compliant blocks.\n\nThe way we overcome this is +30% of global hashrate distributed across many small and non-compliant pools to make it more difficult for policies like this to be enforced. Bitaxes can be a part of this for sure, but they will be a small part of what needs to be hundreds of exahash to overcome this scale of an attack. \n\nhttps://youtu.be/jiNo-T71FLk?si=gPrEzu75Gn6c9Pfw",
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