Do you think Bitcoin should only be mined with CPUs? I was thinking about Ethereum's merge and how it might be cool if Bitcoin went back to CPU mining. Makes it tougher for a single entity to take over and could bring more resilience. The "Yespower" algorithm seems interesting. What do you all think?
Absolutely not! Seriously, it feels like a newbie question. If you wanna do that, you’re basically just proposing a fork and creating another altcoin that has nothing to do with BTC. Satoshi wanted the tech to evolve and adjust difficulty, and it’s always gonna be about better tech. GPUs, FPGAs, ASICs it’s how it’s meant to be.
ETH used ASICs and GPUs before the merge too. If the hardware makers weren't under constant pressure from talks of going POS, we would have seen ASICs take over ETH. BTC community isn't thinking about POS or changing algo, so ASIC miners got billions invested into optimizing for BTC. Plus, BTC's market size is way bigger than ETH.
Lol gamers are gonna hate this! If Bitcoin goes back to CPU mining, the prices for CPUs will go through the roof. No way gamers or builders can buy 'em. ASICs are so specialized for mining that they just take over, leaving old tech behind.
Proof of Work always ends up concentrating power with those who have more resources. Even if you create some GPU and ASIC resistant algo, the hashrate still gets concentrated. Decentralization isn’t really happening. One CPU, One Vote isn’t realistic when some folks have way more resources.