Why it's far more rewarding to join a BTC Mining Pool than Mine alone | KYC Mining is a Bad Idea! 🪙
In this video, I discuss the recent news that two KYC'd mining pools (Foundry USA and AntPool) now control over 50% of the Bitcoin network's hash rate.
So what are the real risks? 51% attacks are difficult both to initiate and to maintain, especially if they require the cooperation of two countries like the US and China that are increasingly having trouble doing anything together.
In addition, a 51% attack cannot create fake Bitcoin, steal your Bitcoin, or rewrite the whole blockchain. Empty block attacks are more a temporary nuisance than an existential threat to Bitcoin.
What seems more likely is the possibility of government-imposed censorship on certain transactions. The US government can contact Foundry USA (since it's regulated by and located in the US) and tell them that they are not allowed to include certain potential Bitcoin transactions in a block.
The US government could also contact AntPool, but they are unlikely to comply unless it's also in China's interest to censor a certain Bitcoin transaction.
Likewise, Foundry USA will probably ignore phone calls from China.
What should someone do if their potential Bitcoin transaction is being actively censored (not included in a block) by Foundry or AntPool?
You simply need to wait for a miner from the other 49% of the network to include that transaction in a block.
You could also raise the transaction fee to tempt one of the other miners to include the transaction in a block.
Conclusion:
Even with 51% of the Bitcoin network being controlled by hostile, government-controlled mining pools, anyone would still be able to transact using the Bitcoin network. The Bitcoin transaction fee market ensures this.
Unlike Ethereum (which runs on proof of stake), Bitcoin would be able to recover from these kinds of attacks-- and would emerge on the other side even stronger.
KYC Mining Pools Have More Than 50% of Bitcoin Hashrate:
https://www.nobsbitcoin.com/kyc-mining-pools-control-more-than-50-of-bitcoin-hashrate/
SHA-256 hash calculator:
https://xorbin.com/tools/sha256-hash-calculator
Bitcoin mining pool share pie chart:
https://btc.com/stats/pool
A Bitcoin Miner In Every House and Business:
https://www.youtube.com/watch?v=ApxdZG1dP-M&ab_channel=BitcoinUniversity
Learn to buy anonymous Bitcoin:
https://www.bitcoinuniversity.com/courses/76599-the-ultimate-guide-to-bitcoin
Original Video by Bitcoin University: https://www.youtube.com/watch?v=_IvoXml8GeE
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₿itcoin (BTC):
bc1q63xshh2c2u4tvc6jksl5crlhtp554qu0l4nn8j
₿itcoin Cash (BCH):
qqms8t79e6rk5z5djad360d38y9kkqnh7yfpxkkuy5
₿itcoin SV (BSV):
1F6oH8qkMjswViJSwq965gRivE3DqKuJKC
Litecoin (LTC):
LgxrUdjUxnmFGLtsAbh76C3aAm3dXAGDFV
Dogecoin (DOGE):
DGn5bkC9WM1E2oM79HWiYoVxE3rHuEGkoS
Ethereum Classic (ETC):
0xC03AEe5333D50a20810e1A7585D9BB3f77E0B773
Ethereum (ETH):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E
Shiba Inu (SHIB):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E
Chainlink (LINK):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E
Polygon (MATIC):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E
Ripple (XRP):
rwvGofsMZQMyqro9YPe7swpo6C6Kagpg2e
VeChain (VET):
0x6410f2e05fEF8169bd1A6935884B9D4D56D9017b
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