David Vorik in charge of the development of the cryptocurrency Siacoin (SC), also manages her own production company Obelisk, who in coming weeks is going to release its first ASIC miner. The post The State Of Cryptocurrency Mining Vorik summed up what she learned when attempting to implement innovations to market, and shared his thoughts about the future of cryptocurrency mining.
He carefully analyzes the technical aspects of the cryptocurrency industry and reveals some dirty secrets of this industry. Perhaps the most important part of the post — comparison ASIC miners with the monetary printing presses.
Well-funded and maximizing the profit the company is going to sell a “printing machine” for more money than they could get if she was engaged in mining.
This conclusion Viorica do with his assumptions about what the producers secretly engaged in mining with new devices before these miners fall into the broad access.
As an example, he cites the situation with Monero miner for cryptonight algorithm. According to his sources, these machines mined Monero for almost a year before it was presented to the public. Vorik also wrote that at the time, senior figures blamed Monero botnets, exciting the computers of the users that Hasrat this cryptocurrency has risen, and then had to redo the story when the company Bitmain has released the Antminer X3 for mining Monero:
According to estimates, the share of the secret ASIC miners Monero accounted for more than 50% Hasrat almost a year before they had been officially declared… a Huge part of the released Monero was in the hands of a small centralized group, and these people could initiate the attack 51% at any time.
Vorik describes invisible mining industry, where farms are paying millions of dollars to get exclusive access to specific projects cryptocurrency. He said that every coin has rewarded blocks and PoW (proof of work) with a market capitalization of over $20 million, there are groups of the secret ASIC miners. Vorik says:
Game ASIC has reached such an advanced level, because at stake is big money.
The author of the post concludes that “mining is intended for the big players”, thus, centralization is inevitable. However, according to him, it’s not the end of the world:
There are many other tools that are available to developers of cryptocurrencies and their communities to combat hostile hasraton, including hardforce of blockchains and communities. The owners Hasrat know about it and not doing anything that could cause a protest or threaten their profits.