[Analysis] BetterHash: Decentralizing Bitcoin mining with new hashing protocols
Decentralizing Bitcoin ($BTC) mining can happen via BetterHash writes StopAndDecrypt. The BetterHash protocol allows individual miners to run their own node, select transactions, create blocks, and mine them without coercion from mining pools. By jettisoning pool authority numerous exploitations are side stepped:
- Certain transactions cannot be blacklisted
- Blockchain re-orgs are near impossible
- Pools cannot backlog transactions to increase fees
- Hashing power cannot be directed without consent
- Instances of dishonest mining decrease in likelihood
- Signaling group support for proposals increases in difficulty
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