Home Bitcoin News Bitcoin Mining BetterHash, an attempt to make Bitcoin mining more decentralized – Yahoo Finance

BetterHash, an attempt to make Bitcoin mining more decentralized – Yahoo Finance

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One persistent problem in the Bitcoin ecosystem is the centralization of mining, specifically, in the hands of mining pools. Mining pools are entities through which bitcoin miners combine their computing resources (hash power) to coordinate mining activities.The post BetterHash, an attempt to make Bitcoin mining more decentralized appeared first on The Block.

One persistent problem in the Bitcoin ecosystem is the centralization of mining, specifically, in the hands of mining pools.

Mining pools are entities through which bitcoin miners combine their computing resources (hash power) to coordinate mining activities. This process provides would-be individual miners with a regular payout of block rewards and transaction fees, as the mining pool rewards miners based on how much hash power they are contributing to the pool, not who was first to find a bitcoin block. 

Most mining pools are operated by a company or individual running a pool server, which charges miners a percentage of the mining earnings for operators’ work in running pool-mining protocols, maintaining Bitcoin full nodes, and coordinating mining activities.

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