Bitcoin Mining Centralization Labeled As ‘Quite Alarming’ But Being Developed

We all know that the Bitcoin mining process is what separates the peer-to-peer digital cash system from the other forms of online payment.
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If you have been reading our latest cryptocurrency news, you probably know that Bitcoin uses a number of dynamic and potentially anonymous entities to move money around the network. A new project focused on Bitcoin mining centralization is looking to add a lot more benefits.

The removal of a trusted third party allows Bitcoin to operate in a permissionless, uncontrollable and censorship-resistant manner. All of its differentiating use cases are built on top of this base feature.

During a panel on the future of Bitcoin mining at the Bitcoin 2019 conference held in San Francisco, the CEO of Genesis Mining named Marco Streng said that he is quite alarmed at the current level of centralization found in Bitcoin mining. As he noted, he does not view the current level of Bitcoin mining centralization as acceptable.

“I think it’s actually quite alarming,” Streng noted. “And it’s very good that we’re talking about that because we are seeing a radical, innate drive that basically originates from the competitive advantage that large-scale mining operators have compared to the home miners.”

Even though the original vision of the mining process that the BTC creator Satoshi Nakamoto had revolved around the concept of one vote per computer, the vision was thrown out early in Bitcoin’s history.

As Streng also noted, the economies of scale, access to the cheapest electricity in the world and optimizations made by the largest players in the hardware business all make it difficult for the average hobbyist with a few machines to compete. This is what he said and for what he bashed the Bitcoin mining centralization, being featured on many best cryptocurrency news sites.

“I think this is really an alarming thing,” Streng noted. “I mean, it’s great to see the community efforts like BetterHash, and [longtime Bitcoin developer Matt Corallo] is driving these efforts. I think it’s really a serious problem, and in my opinion, there’s too [little] priority from the community put on that. But it’s also not a very easy thing to solve because there is this innate advantage that the large players have.”

The longtime Bitcoin developer concluded that there are many possible concerns over the optimization offered by industrialised Bitcoin mining centers.