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Harnessing Centralization: Will Ethereum Nodes Centralize like Bitcoin Mining Nodes Did?
Okay, so I'm trying to think this through... Ethereum nodes aren't just validating hashes against payloads - they're also running code and storing the state changes. And a node needs to do that in order to 'catch up' to the front of the chain, doesn't it? Because if it hasn't independently verified the outcomes of the prior transactions, then it can't very well attest to knowing the current 'true state' of the network, can it? But this raises an interesting problem. As the volume of transactions and computation executing on the network expands, there will be a frontier of computing resources which can keep up with that expansion, but many hobbyist nodes may fall silent, because it requires some serious capital investment to maintain a node farm powerful enough to validate Ethereum blocks once the network is much larger. Sharding may help to delay this trend, but too much sharding may result in excessive overhead for inter-shard transactions, so some shards might still become massive. But maybe that's okay - as long as the interests of the validators are aligned with the interests of the rest of the users of the network. Validating will centralize in the hands of the Eth holders who are able to stake both Eth to serve as a validator of transactions on the network, but also able to invest enough money in computing, storage, and networking hardware to be able to independently calculate the soon to be enormous Ethereum blockchain, or one of its many private-chain 'shards.' Presumably there will be people like the largest Bitcoin miners, who instead of running farms of processors which just turn electricity into waste heat, actually run farms of processors which carry the transactions of a more efficient and hopefully fair economy of the future. They will be able to independently verify the entire blockchain by throwing massive compute power at it, and their reward will be in the form of gas payments and staking fees. And when they mess up or are caught trying to cheat, they risk losing some or all of their stake. This seems like a great incentive system to encourage Ethereum ValidatoMiners to work together with developers to make sure the network is always validated accurately so that the value of the network and the tokens they use to stake its transactions will appreciate in value. But there's another issue that bears thinking about if the scenario I'm thinking about above does come to pass and there tends to be centralization in running full validating Ethereum node farms, and that's the likelihood that the network will expand so quickly that even cutting edge hardware which can keep up with the current traffic, can't do that and also calculate the whole chain from the first block. So future nodes will only have 1st hand knowledge of the state of the blockchain back to their 'born on' block. To validate something prior to that time, you'd have to look at the history of an older node. That history might have been 'copied' into local storage by the newer node, but it wouldn't have actually calculated it - it would have trusted the results of an ancestor node. So those older nodes will need to have a lot of storage and they will need to have a lot of processing power at the top end to keep filling up that storage. Which is why I think it's okay to have stakefull node validators make a healthy return on their investment of Eth, because they have every economic incentive to keep re-investing those Eth profits into their network validating infrastructure. Since they already know how to do it, and how to scale doing it, it's relatively easy for them to keep repeating that expansion, as their fee and staking returns come in. If they fail to do that, or they do a poor job of expanding as efficiently as their competitors, then their utility as a node will become less valuable, and so will their staking rewards. Eventually, they'll fall so far behind, they'll probably drop off the network. And that's okay. That's the evolutionary process at work. The more efficient nodes will dominate the network, and the entire network benefits from that outcome. The incentives are well aligned between the infrastructure providers, the software providers, and the end users. However, there's a very real nightmare scenario that needs to be considered. What if Ethereum node mining centralizes so much that a single economic actor - a country or a person, has complete control over the infrastructure that the entire economy depends on and is able to edit it at will? I would hope that doesn't turn out to be how things play out, but I'll still probably invest early in the ICO's of organizations which are going to create DAO's focused on building Ethereum node farms and associated staking pools.
Aluminum Plant Gone Bitcoin Mining Center: Bitriver Deemed the Largest Data Center in Russia
This news comes from https://bitcoinexchangeguide.com/ City of Bratsk in Russia is home to one of the biggest bitcoin mining facilities in the world and has attracted clients globally as Bitriver turns water into electricity to mine cryptos. Opened a year ago, Bitriver is recognized as one of the largest Bitcoin mining facilities in Russia. As per news outlet, Bloomberg, the data center has garnered the attention of many countries to date, including the likes of the U.S., Japan, and China among others. Once an aluminum plant in Bratsk, Oleg Deripaska and team decided the location was ideal for bitcoin mining some five years ago. Why? The first argument made is the existence of a hydropower plant nearby and the second simply rests in the Siberian weather. This region is specifically known for its long and cold winters and preferred low temperatures for such activities. Upon making the decision, the implementation came to life with local energy firm, En+ having partnered with them. Given that the latter focuses on the aforementioned hydroelectric power, it naturally made sense to come together to sell its services. That said, Bitriver isn’t in the business of bitcoin mining, but instead offers technical services, cheap electricity, and equipment to those who are in the business. As per the report, En+ equips Bitriver with up to 100 megawatts yearly so that the latter can diversify its clientele. Bitriver Only Makes up a Fraction of All Power Consumed As per Bitcoinist, Bitriver is still small despite being a big shot in Russia. This is stated when comparing Bitriver’s 100 megawatts of power per year to the entirety of the Bitcoin network’s 73 terawatts annually. En+ supposedly produces 22.5 TW/h, however, it isn’t all consumed for bitcoin (but instead for other industrial purposes). This could potentially change as we watch the crypto market unfold some more. Russia is allegedly on the list of top ten countries with the most bitcoin mining nodes in the world (243 nodes to date), which goes to show how far we’ve come since Bitcoin’s existence. While mining has witnessed a downfall since the earlier times, not to mention the recent drop in Bitcoin’s price, miners are anticipating big things for the soon-approaching halving event and thus are continuing their activities at full force. Coin Telegraph referenced Alistair Milne, who expounded on the increase in network hash rate and mentioned:“They are acutely aware of the upcoming halving and are apparently unphased by the recent dip.”
Should I pursue an IT career with my limitations, or would it be better to aim for something else?
I'm in a quandry, and I need to make some very important decisions very quickly. Background: Everyone I've ever met in my entire life has two people somewhere in their social circle who's number they keep on hand: 1) That guy you know who can fix your car. 2) That guy you know who can fix your computer. I'm the second one. I have no formal education of any kind, I have no fancy certifications that I can wave around to prove that I know what I'm talking about. But everyone always comes to me any time their computer, or their phone, or their Roku, or their *anything* breaks, because they know that if it uses electricity and it's got a problem, I can get it working. I've taught myself 4 different programming languages (5 if you count Bash) with no official education, just trial and error and decent self-education skills. I've set up and administered a Linux server in my home for more almost 10 years now, I've built my own custom computers from scratch, I've set up private VPN networks, I've started and run my own Bitcoin mining node, I've got 4 Raspberry Pi's set up around my house that I've customized for various purposes (one is a DIY NEST, one is used for run a motion-detection security suite, one is set up as a NAS media server, and one is made into a RetroPie, just for fun), I've installed and upgraded OS's, I've configured system auto-backups for Windows and Linux, I've set up and troubleshooted RAID systems, and I've experimented with mesh networks. I've hacked into and put custom firmware and software on 4 cellphone models, 2 tablet models, and 5 different types of video game consoles. All of this I did entirely by self-education - I do know this stuff, and the things I don't know I've proven I can teach myself. Here's my problem: formal education is expensive. I'm 35 and I'm about to be supporting a family, I won't have the time to go back to school for 3-4 years, and I sure as hell won't be able to afford tens of thousands of dollars in debt just to prove that I can be trusted to know what I'm talking about, or at least to be able to familiarize myself with any given problem in a reasonable amount of time. Adding to my uncertainty, I recently had the opportunity to talk to a man who had fallen out of the IT field - he told me his story about getting laid off from his high-paying job and deciding to travel abroad for a while. Apparently he spent 3 months traveling around Europe with a friend of his, and when he got back he couldn't find a job because apparently "3 months is a long time to be out of the game." He now works as the late-shift manager at a local CVS. This makes me question whether I even want to be pursuing an IT career at all. Alternatively, I have a company that's interested in me for what is essentially a trade field - among other things, I could join them and end up becoming a licensed electrician - I'm given to understand the trade fields pay decently, you can support a family on one and have a decent home. And to be honest, that is my definition of success - home, family, kids, and enough extra time to host a Dungeons and Dragons game after church on Sunday. That's all I want. Am I barking up the wrong tree? Should I just take the electrician job and run with it? How hard is it to get a job in IT without any formal education? Is there an unknown unknown somewhere in my situation that I'm just not seeing?
What are the public bitcoin Node-IPs for the 10 largest mining pools.
I'd like to directly add the 10 major bitcoin mining pools public Node-IPs to my bitcoin peer list. Does anyone have a list of IP:port for the major miners? I would think this would be plastered on their front page.
I have a Gekko NewPac USB miner that I bought for fun while getting started. Overclocked, I average around 50 Gh/s. The machine it’s connected to has a full Bitcoin Node on it. I’ve enabled the wallet, and would like to point my Gekko miner at the node via cgminer for solo mining, just as a lottery. I know the odds. I’ve tried following several guides, but they are all fairly old. Is this still possible? And if so, can anybody help me with the bitcoin.conf file?
It’s proven beyond doubt now that Bitcoin is not a gold-like hedge, but a high risk asset class that’s first in line to be sold even before normal stocks. The “store of value” side is now completely debunked in addition to the “everyone needs to run a non-mining full node” side.
08-21 10:34 - 'I finally finished an altcoin with working mining, wallet etc. However when I tried to run a main node on AWS I could not for the life of me get my local client to connect.' (self.Bitcoin) by /u/AthP2121 removed from /r/Bitcoin within 67-77min
Travis Bott Matthew Grimmer and Gregory "Tuffy" Baum of Well-Beyond Wealth of DOJ $722M Ponzi scheme pitching bitcoin mining with Velocity Node
Travis Bott Matthew Grimmer and Gregory "Tuffy" Baum of Well-Beyond Wealth of DOJ $722M Ponzi scheme funneled $100+ from BitClub to Investview, Kuvera, WestMYN, Onyx Lifestyle, Dunnamis, Ryze AI are now pitching bitcoin mining from Well-Beyond Wealth with Velocity Node. VELOCITY NODE - THE DEVICE THAT PUTS MORE MONEY BACK IN YOUR WALLET. It helps by nudging you one step closer to your best day ever and financial freedom. There's a lot going on under the hood, but it's what's going on in your wallet that's really interesting. Your purchase of a Velocity Node earns you weekly payments that come to exceed your upfront cost. Learn about lease back program: https://veratechpro.com/ VELOCITY NODE - MAKE MONEY WHILE SLEEPING? THAT'S A BETTER DA The Velocity Node program is 100% guaranteed, which means your purchase price is protected. And the higher benefit tier you've chosen through Beyond Wealth, the more devices you can purchase to compound your earnings. Login to dashboard for well-beyond wealth backoffice: https://backoffice.beyond.global/ TOP-TIER MEANS MORE DEVICES The simplest way to start fueling your lifestyle with more earnings is having access to more opportunities. The amount of activation codes available to you depends on the membership level you select. Be sure to take your time to select the benefit tier that is best for you. The higher the tier you choose, the more the benefits and access you receive. When you click 'Compare' you can view a list of all of the benefits tied to each benefit tier. https://beyondwealth.co/en/compare
Only need a few more upgraded Bitcoin cash mining nodes and the IFP be officially removed! Avoid the chainsplit and run Bitcoin cash node! ABC IFP nodes are dangerous, upgrade to bitcoin cash node https://bitcoincashnode.org/
I'm a small Bitcoin miner. I run 2 S9 antminers. I don't run a Bitcoin full node because I don't own a desktop computer. I have mobile devices and a laptop. I don't want to buy a computer just to run a full node for zero compensation. If you look at the current block size debate Core has concerns that by raising the block size will reduce the amount of people running full nodes because of increasing cost. If full nodes were paid for the work that they do for the Bitcoin network this wouldn't be an issue and we could easily raise the blocksize. Just look at the large expense and risk that people take to mine Bitcoin because it's profitable. If Bitcoin could adopt similar properties of Dash Master Nodes I think the market would be free to decide how much people are willing to spend on full nodes. Then we would have a large robust network which is currently extremely lopsided in regards to mining nodes and full nodes. One last point is that a Bitcoin mining nodes does one thing mines Bitcoin. A Bitcoin full nodes also can be used for a thousand other applications. If you own a desktop computer and use it for work or personal activities and you were compensated for also running a Bitcoin full node it would be like getting a free computer. Think about that for a second. What effect would that have on the node count.
Hello everyone, I was wondering if the number of bitcoin mining nodes it's decreasing or increasing, if it is decreasing at which rate is it decreasing? where can I find this info? Which is the blockchain network that grows faster? Thank uuu!!
04-25 13:25 - 'China controls 66% of the bitcoin hash power while the Nano network is more evenly distributed because it doesn't use mining and the nodes are cheap to run. Seems like the bitcoin network is more prone to "corruption".' by /u/IAmMiguelChanel removed from /r/Bitcoin within 255-265min
Bitcoin.com pool mines first block supporting Bitcoin Cash Node: /pool.bitcoin.com/use BCHN/
Bitcoin Cash block #625184 , mined by pool.bitcoin.com, contains the message /use BCHN/. Would be interesting to hear if the pool is already running Bitcoin Cash Node - it does give the strong impression!
Bitcoin Cash IFP Debate: ABC Kicks Off Fundraiser, 3 Mining Pools Signal BCHN Support. Currently, the Bitcoin Cash Node project has 41 public nodes and three public mining pools have been signaling support for the new full node.
Bitcoin SV (BSV) becomes the first cryptocurrency to have CP stored on the blockchain. Actual CP, not just links. This means that anyone who runs a BSV full node or mining node has CP on their computer.
Knot ist jeder Computer, der eine Verbindung zum Bitcoin-Netzwerk herstellt und das P2P-Protokoll verwendet. Es ermöglicht Nodes, miteinander im Netzwerk zu kommunizieren und Informationen über Transaktionen und Blöcke zu verteilen. Von solchen Knoten, zwischen denen die Information verteilt wird, ist das Netzwerk der Blockkette zusammengesetzt. Almost all full nodes also help the network by accepting transactions and blocks from other full nodes, validating those transactions and blocks, and then relaying them to further full nodes. Most full nodes also serve lightweight clients by allowing them to transmit their transactions to the network and by notifying them when a transaction affects their wallet. If not enough nodes perform ... Mining is the process where nodes in the Bitcoin Network assemble newly broadcast Bitcoin Transactions into a data structure called a block. Nodes then compete to append their block to the public Block chain by repeatedly mutating the block's header data structure, usually by incrementing the nonce field, then hashing it in an attempt to find a value that satisfies a difficult proof-of-work ... In the case of Bitcoin, one node is a Bitcoin program which connects to other Bitcoin nodes, i.e. other Bitcoin programs on the same machine, or on other machines which can be across the street or on the other side of the planet. There are several types and several versions of Bitcoin software. By picking a specific version of a specific Bitcoin program, a user “votes” for certain changes ... Bitcoin nodes, Nodes are what create a network, are spread out the entire world, and carrying a copy of the entire immutable Bitcoin blockchain, making Bitcoin the decentralized network it is. Nodes can be miners and miners don’t have to be full nodes. It’s getting as easy as plug in and forget it to set up your own node or mining operation ...
Talking about Sovereignty https://bitcoin.org/en/download https://bitcoin.org/en/full-node#what-is-a-full-node https://blockchain.info/charts/blocks-size htt... Bitcoin ist in aller Munde, seitdem Facebook mit der Ankündigung seines “Libra-Coin” die Aufmerksamkeit der Massen bekommen hat. Deshalb schauen wir heute erst einmal genauer hin, was Bitcoin ... Bitcoin Miner vs Full Node - Programmer explains - Duration: 7:01. Ivan on Tech 33,193 views. 7:01. Andreas M. Antonopoulos educates Senate of Canada about Bitcoin (Oct 8, ENG) - Duration: 1 :52 ... Produced by https://CryptoCousins.com: On this episode we install a Bitcoin Core Full Node. Watch as we figure out the process. Join Tony Cecala and Gary Lel... The role that full nodes play in security of the network. People focus a lot on mining, which has a fundamental role in the network but is not necessarily th...