A MOVE TO CURB BITCOIN MINING CENTRALIZATION?

NEW YORK (InsideBitcoins) – BTC China has continued to branch out into different sectors of the bitcoin industry in search of growth and expansion. In addition to new merchant-related applications and other bitcoin services, the China-based exchange has also launched its own mining pool. Although the company is expanding into many new areas of the bitcoin industry, this should be viewed as the most important venture in the eyes of the bitcoin community.
‘Mining makes bitcoin a highly trustworthy and fault-tolerant system, and by creating more mining pools, we protect and expand that system.’
The centralization of bitcoin mining has been a hot issue ever since the original protocol was first announced, and Satoshi Nakamoto even addressed the issue in his original white paper. It’s possible that this new mining pool could be used as an illustration of bitcoin’s healthy incentives for decentralization.
Bitcoin rewards those who secure decentralization

This post was published at Inside Bitcoins on Dec 5, 2014.