We can not copy what Dash or Monero have done, Prog POW or Staking is not a solution to worldwide adoption by the masses.
Why isn’t ProgPOW or POS a given solution? Why should be current asic mining be the only solution?
I can’t think of a single reason why current Asic mining for a given few that still can afford it is the better mass solution option than ProgPow or POS for example?!?
In Zcash mining, regular working people or individuals like myself, who does not have so much money to invest but may have enough money to purchase 1 Innosilicon A9 Zmaster or a couple of Bitmain Z9 mini, mining equally divided around the world can ensure adoption and participation worldwide.
This makes no sense either right now and today:
1.) If you have money to invest in several Z9 minis you as well have the finances to either buy a GPU or buy the currency and stake it.
2.) If you have the money to invest in several Z9 and instantly pay daily for most of the profit for electricity, or even sponsor it as it’s not rentable in a given country, than you have enough financal resources that could be used to directly buy the currency and stake.
3.) Where is the deal right now that your hardware never will ROI at current prices and difficulty? Means actually you never really will get something back other than maybe your investment into hardware and get even. Which i doubt when we add electricity prices you pay and rising difficulty and add them to the ROI calculation. An elementary calculation right now and today clearly shows that the best deal would be buying currency, excluding only if your electricity costs are below 5-6 cents.
4.) Mining around the world sounds good, but the game for most people in a given region and country allready stoped. How do you think the german guy with 33 cents per kw/h is going to mine? Or the guy in Jamaica with 45 cents per kw/h? Endless list with electricity prices above 10 cents…
We need 1 Pool owned and governed by Zcash but miners must be equally devided by zipcode and by individuals.
Interesting uncommon idea. The problem are severals in my opinion:
1.) With 1 pool governed by Zcash it would mean a huge centralization level.
2.) Not an expert on code but i guess it would need a code change and/or going zcash from open source to closed private source. Another centralization factor. I could be wrong here in terms what is needed to garantee that only 1 pool can be used.
3.) Access, stale and rejected shares. When you have only 1 pool worldwide it would favour the miners nearest to the pool and penalize the others that are more far away from the pool. While the internet is fast today it’s not real time and same time all over the world. The submitted shares from someone 10k miles away from the mining pool will more often stale and be rejected than someone living just 10 miles away from the mining pool, hence many miners use a mining pool that is at least on the same continent if possible.
4.) How to enforce this? The enforcement alone would need a very high level of centralization and human input/overlooking in my opinion.
5.) Where to put the border? Is 1x Z9 mini ok or are 10x Z9 mini ok, or maybe 20x? Or 50x? Or if you divide the shares by zip code than a honest miner with let’s say 1x Z9 mini would be penalized if another such miner next door to him has 2000x Z9 minis as they are in the same ZIP code, not?
6.) Only 1 mining pool controled by Zcash would put us next to Ripple’s XRP approach, not? If you have only 1 mining pool why have one at all? Putting up a POS design with some zcash controlled nodes would have about the same effect …
There must be no CoinGeek or Bitmain or Innosilicon or Bitcoin.com who sells off Zcash dropping prices every Thursday so they can pay employees.
Again several problems i personally see here even you are right by common sense.
- How does this fit to a free market?
- What someone does with his mining reward should be indeed in his own discretion as he likes to do. IF you don’t like sell offs than indeed a POS staking project fits better. There you have an incentive NOT to sell but getting rewards daily/monthly/weekly for holding them.
The pools and big capitalists miners are the ones manipulating the prices and causing all the scary vollatilty.
While i agree to some extent with this conclusion than again, are these the only causes? Because i can think about some more that hurt us right now and daily:
- With POW mining in generally you actually do nothing good in my opinion. You use your money to pay for hardware, in FIAT, money that’s lost in crypto. Than you pay daily for electricity, mostly more than your mining reward, again in FIAT, again lost money for crypto. Let’s say it simple, for every 1$ you mine in crypto you pay 1.5$ or more in FIAT money, enough you can mine at all. Where’s the deal?
- Billions are wasted on an arms race in FIAT, just think about what level we would be IF all this money was used directly in the projects by buying given currrencies? Same for electricity of course. I’am by now a hardcore believer that everybody buying hardware for mining and paying electricity daily is driving out money from crypto and hurting crypto. It’s like the trojan horse…
I do think however that ASIC miners should be used to be cost effective and profitable for individual miners. Like the Innosilicon A9 for example is the equivalent of 50, 1080 TI with only 620 watts. We really don’t need to waste electricity.
You waste electricity either way, the question is only how much. While on first view your calculation is true and applies eventually right now you further can’t compare it to any gpu as none gpu is on the network. You have to adjust the comparision to the hardware that is now on the network and will come. Additonally adding rising difficulty.
But than again, we waste electricity as it’s not electricity used for the solving anything but only used for finding a block. An absolute unnecessary race on who to find a block bevor someone else does. The important part of solving the mathemtical process is mostly in the 1-2% at most power needed range. Could be less or more of course, but mostly somewhere there. The rest just wasted energy paid in FIAT.
Or just simple. no matter what hardware you use, the more you get on the network, the more energy is wasted, easy and simple as that.
Pls let me know what you think of a 1 pool owned and governed by Zcash but only allows individual miners that shares equally divided total hashpower by zipcode.
It’s an interesting thought you have, but i have my concerns as you see as it works out. A way better solution if you really have the individual miner in mind is CPU mining. That’s the only POW i would agree by now, enough there would be prevention from bot nets able to mine. Everything else related to POW is a death horse in 95% of the countries and regions worldwide. All we watch right now is the agony on realizing it …
There must be some sort of control to give equal distribution of mining services only to ordinary people who can do it in their homes and prevent big corporations to participate.
As said, only i can think about related to mining would be mining by CPU with some design that prevents bot nets being able to be used. That’s the only good fair distributed mining variant for ordinary people which can be done in their homes and preventing big corporatons to particapte, affordable, no really power consuming, with a fair possible distribution world wide and accessable to nearly everybody. Including the decentralization factor on all levels of course.
The next step would be of course mining on cell phone.