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Bitcoin mining for ten years: things are human beings, ideals are still there (several challenges encountered in history)

2019-09-04 17:28

Bitcoin mining for ten years: things are human beings, ideals are still there (several challenges encountered in history)

The momentum of bitcoin mining development is fast, but it does not mean that its way is a smooth road, nor does it mean that its future roads will be smooth. On the road of bitcoin mining ten years of growth, there have been many challenges, even a few times between life and death, the survival of the industry is tied to the front line.


1): For the first time in history, 51% of attacks have been achieved, almost shaking the fundamentals of Bitcoin mining.

The POW Consensus has always been a high-security and arrogant, and the "one person, one vote" system is also the right that miners have always been proud of. But the sword of Damocles is still hanging on the head of bitcoin mining, which is 51% attack.

When an individual has a 51% network-wide computing power, it means that the consensus system can be used to do whatever he wants. Before 2018, the weakness of the 51% attack was always in theory.

Another set of Equihash algorithms that also used the pow mechanism in September 2018 was successfully implemented with a 51% computational attack, and some of the data that has been written into the block was maliciously tampered with. When the news came out, the absolute security of the POW consensus was fundamentally negated. The mining industry is facing the biggest consensus blow since its birth. Fortunately, most miners have chosen to stick to it, and the powerful computing power has made the hackers no longer have room to start.

2) The power of the battle, the ideal of decentralization is questioned

At the end of 2018, Wu Jihan, who is known as the mine overlord, and the CSW, known as Nakamoto Satoshi, evolved into a forked war between the various sects because of differences of opinion. In order to prove that they represent the most mainstream opinions, both sides of the opposition mobilized the computing power in their hands at the cost and launched a battle for the block.

A large amount of computing power is involved in the fighting between the two people. The public has questioned that the computing power has actually been held by a small number of people. The mining industry has always been strongly influenced by the decentralized ideals of the standard version. This may be the ten years of the mining industry. The biggest stain.

3) The pos consensus is accepted by the mainstream, and the mining industry faces a big crisis of halting

Bitcoin has been mining for ten years, and the computing power of the whole network has reached a geometric multiple level. While bringing security, there has always been a voice that continues to question the mining behavior and consumes social energy. With the emergence of the POS consensus mechanism, its higher TPS and low energy consumption have gradually been accepted by the mainstream, and the mining industry is facing a crisis of being pumped.

In the past ten years of development, Bitcoin mining has to face the challenges of policies, market, hackers, miners and so on. However, the vitality of the mining industry is becoming more and more tenacious in these challenges. If you can't destroy you, it will make you strong. Bitcoin mining has gone through ten years and responded to all doubts and challenges with facts.