It’s coming close to a decade since the creation of the bitcoin network and the cryptocurrency ecosystem. The protocol has produced a great deal of users, infrastructure, businesses and influential parties like developers and miners.
Since the beginning of bitcoin’s mining history, individuals mined lots of coins with central processing units (aka home computers). Later, characters like Artforz started the graphics processing unit (GPU) arms race, a moment in history that eventually led to a world of application-specific integrated circuit (ASIC) mining which changed the game significantly.
Also read: Trezor to Implement Bitcoin Cash Addresses The cryptocurrency ecosystem is made up of a diverse group of people, but some specific ‘pools of individuals’ offer a great resource by securing the crypto economy for an incentive. Love them or hate them, bitcoin miners have been processing our blocks for years, the very blocks that hold the millions of transactions broadcast throughout the network.
Even though miners have been simply following the protocol as it was written, these individuals have always been deemed ‘tendentious’ by certain groups and social figures within the cryptocurrency industry. Mining pools have suddenly become ‘evil groups’ who are allegedly planning malicious attacks on the network.
Through an incentive-based system called Proof-of-Work (PoW), miners are rewarded with freshly minted coins when they find a new block. In the early days, guys like Satoshi Nakamoto and Hal Finney mined BTC with CPUs for the very first year of bitcoin’s life. Read more from news.bitcoin.com…
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