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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, In the last 5 years, the average mining pool’s lifetime has been 2.5 years. Of the 26 mining pools in operation 5 years ago, 16 are defunct. The longest running mining pool, SlushPool, has controlled approximately 6% of Bitcoin’s hashrate over its lifetime. Furthermore, dominant mining pools do not maintain their leads over time. Figure 13: Bitcoin Mining Pools’ Length of Time in Top 10 Bytepool Huobi.pool Dpool Poolin 58COIN BitClub BTC.TOP GBMiners BTC.Com BIXIN VIABTC BWPool 21 Inc BitFury BTCC KNCMiner Antpool ASICMiner CloudHashing EclipseMC BitMinter Slushpool F2Pool Eligius BTC Guild Ghash.IO 2013 2014 2015 2016 2017 2018 Source: ARK Investment Management LLC, 2020; Data Sourced from: btc.com While we believe mining pools are competitive today, efforts like the BetterHash protocol to distribute hashpower further are imperative. Even if mining pool operators do not control the hashrate themselves, they run the node, construct the block, select the transactions, and choose what fork will receive their miners’ hashpower.43 With enough hashpower, mining pool operators could exert censorship control over the network.44 To guard against that possibility, in August 2019 Bitcoin technology company Blockstream announced45 Blockstream Pool, the first production mining pool based on the BetterHash protocol. 43 Decrypt, Stop and. “BetterHash: Decentralizing Bitcoin Mining With New Hashing Protocols.” Crypto Words Now WORDS, 12 July 2019, cryptowords.github.io/betterhash-decentralizing-bitcoin-mining-with-new-hashing-protocols. 44 The Stratum Protocol is the current standard adopted by mining pool operators. As explained by core developer Matt Corallo, “the design of the Stratum protocol requires pool operators to build and distribute block templates to their clients. Without a diverse body of miners constructing block templates, the network’s censorship resistance is jeopardized (e.g. pool operators may use their position of power to restrict the flow of protocol upgrades).”In March of 2018, Matt Corallo released the BetterHash Mining Protocol. With the Stratum protocol, miners can actually «steal» hashpower from the pool operator by pretending to be that operator. BetterHash has a far more effective authentication mechanism. In BetterHash, block construction and payouts would be divided into two protocols, Work and Pool. Instead of mining pool operators, individual miners would have discretion over which transactions to include in the blocks, while still benefiting from a stable payout. By controlling block templates, individual miners are no longer exposed to the risk of mining pools censoring transactions. 45 Cook, Chris, and Samson Mow. “Announcing Blockstream Mining and Pool.” Blockstream, 8 Aug. 2019, blockstream.com/2019/08/08/en- mining-launch/. 19PDF Image | Bitcoin Mining
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