Ethereum: Can Bitcoin exist without miners?
If we are still moving to the constantly developing landscape of cryptocurrency and blockchain technology, a frequent question arises: Can Bitcoins exist without miners? The answer is both Bitcoin and Ethereum in the field of economy and basic principles of design.
The role of miners in Bitcoin
The decentralized Bitcoin network consists in the «miner» system to check the transaction and add blockchain new blocks. Miners use powerful computers to solve complex mathematical equations that help protect the network and check transactions. This process is referred to as an extraction. The price for miners who have successfully extracted new blocks is a small amount of newly broken bitcoins, which are referred to as transaction fees.
Ridget mining difficulty
As already mentioned, the difficulty of extracting Bitcoin has increased significantly last year, more precisely five times. However, this increase in difficulty is also a problem: If miners become too difficult to solve mathematical equations and confirm the transaction, the network can become bulky and slow.
In an ideal scenario, the difficulty of extracting would fluctuate in response to changes in the number of miners or the general capacity of the network. This is known as «adjustment difficulties». With increasing Bitcoin block award, however, the mountain build -up increases due to the restriction of the overall supply of bitcoins, which leads to the fears of its sustainable development.
Ethereum script
On the other hand, Ethereum operates under another economic model. The Ethereum network is based on an unauthorized act called Ether (Eth), which is used not only as a currency, but also as a platform for decentralized applications (DAPPS) and intelligent contracts. The creation of a new ether is based on the Ethereum gas ecosystem, in which miners play an important role.
In the current status of Ethereum, there are two types of miners: Solo mountain people and pool fans. Solo mountain people compete for the solution of mathematical equations in the persecution of ether prices. In contrast to bitcoins, the Ethereum mining difficulty can be dynamically adjusted using the consensus algorithms of the Proof-of-Stake (POS).
Can Bitcoin exist without miners?
In view of the fact that the difficulty of bringing Bitcoin is now too high to maintain profitability, questions about his long -term sustainable development raises questions. Although it looks as if Bitcoin existed without miners in the near future, there are several reasons why it is unlikely:
- Central mining: Most Bitcoin mining power are currently in the case of large mining companies that have significant advantages of the scale and can afford to act with lower profit margins.
- These fees are also an important source of income for Solo mining workers Ethereum.
- Scalability: Current restrictions on Bitcoin scalability make it difficult to use a large number of transactions, which is required for its widespread acceptance.
Application
In summary, it can be said that Bitcoin without miners may be available, the basic principles of economy and cryptocurrency design indicate that this is unlikely in the near future. The growing level of difficulty of mining is a significant challenge for the sustainable development of Bitcoin, and the transition to scalable consensus salgs, such as:
The future of cryptocurrency
If we still examine alternative solutions, the implication of the transition from evidence (POW) or POS algorithms that dominate the current landscape must take into account.