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MateuszHDHR1

BlockStream launches betterhash.

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What exactly is betterhash?

BetterHash is the working name for alternative mining protocols, what is this all about? It is very easy. Normally, thousands of miners merge in a pool and mine together, and the prizes  are divided among the pool users in proportion to the amount of power they put in. The problem was that the mining pool is only one server, but from a network perspective it acts as one miner. Such mining pool alone could decide what to dig, which transactions to add to the block, etc. He also voted for network changes on behalf of all miners connected to it. This caused many problems. BetterHash changes everything. Now it is each mine that individually decides everything and is for the network as a separate miner. It is absolutely not dependent on mining pool in anything. She decides what to dig, what transactions to add to the block and about everything. The protocol only forces the miner to place the mining pool award in the block as the recipient.

Sources:

https://blockstream.com/2019/08/08/en-mining-launch/

https://medium.com/hackernoon/betterhash-decentralizing-bitcoin-mining-with-new-hashing-protocols-291de178e3e0

This is a very good step in bitcoin, it is the only crypto who actually launched it. It might change alot in near future.

 

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Yeah indeed , this a great step for bitcoin and for miners as well.  Let's hope that bitcoin mining difficulty will decrease thanks to this new protocol and also less energy costs.

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It seems to me good progress in the field of cryptocurrency mining. Now, miners will receive great benefits and perhaps transactions will become faster, well, at least I think so.

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I like the idea in theory but realistically it doesn't help the issue of scaling at all maybe if it'd been implemented like 5 years ago we would have had some hope but now the whales own it all :/ so the price of bitcoin is mainly going to just be played out by them as mainstream adoption happens for maximum profit.

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I use betterhash but it gives me about 21% less vs nicehash. I still need to do more configuration and change servers, but I have so much work that is not making up for me the energy costs here are very high.

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