PoWx strives to make Bitcoin mining process easier to join

Posted 06 July, 2018

PoWx, the non-commercial organization, makes attempts to change the leading digital coin, Bitcoin, in such way that people could mine it without the need to buy specific capacities.

The organization strives to change the consensus of the bitcoin algorithm to the new version. Specifically, the new one will reportedly feature new PoW protection (Optical Proof-of-Work applies more effective laser mining technology).

In case of the bitcoin algorithm update, bitcoin mining will be opened for every user, meanwhile, the current entry threshold is quite high. For now, large companies run large and powerful ASIC-based farms, so general users hardly can join the segment. For reference, Bitmain being the major producer of mining capacities covers 50-80% of the ASIC market.

According to the company representative, in case of the update, Bitcoin will get two benefits: cheaper mining CPU and lower power consumption. The available data shows that Bitcoin mining grabs 0.15% of the global electricity supply.

At the same time, the mentioned update is said to entail some difficulties, as every user will have to update software. As a result, Bitcoin can split into two coins in a large number of users will start updating. A similar scenario took place in case of Bitcoin Cash. 

And the project founder sees no other way:

"I think it will be difficult, but what we are proposing is not just an improvement...Something like this is a necessity if cryptocurrency is going to be truly decentralized and used to securely store and move trillions of dollars of value."

Notably, Bitmain can get 51% of bitcoin hash rate soon. The company operates Antpool and BTC.com. In this situation, the real decentralization becomes a matter of high priority.

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06 July, 2018 17:59

← Western Union targets patent for crypto transaction security

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Western Union targets patent for crypto transaction security

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06 July, 2018 12:42

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