Re:Bill Gates Says that Bitcoin is bad For the Planet
by jcranmer on Monday March 08, 2021 @02:37PM
(#26390467)
And what stops the bitcoin miners from collectively deciding that their current bitcoin reward is too puny and changing the code to give them 1M bitcoin per block?
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Re:Bill Gates Says that Bitcoin is bad For the Planet
by yazaddaruvala on Monday March 08, 2021 @03:12PM
(#26390851)
Competition between cryptos?
If BTC miners band together to cause inflation, then people migrate to ETH or <insert other crypto>. BTC loses value, and them miners have 1. not gained value even with the extra 1M BTC per block, and 2. lost value because their mining rigs generate less value per energy unit.
Re:Bill Gates Says that Bitcoin is bad For the Planet
by silentsea90 on Monday March 08, 2021 @03:15PM
(#26390903)
Miners access to change the code is the same as you and I. Bitcoin is open source and code changes are reviewed by layers and layers of developers and approvers. Take a look here: https://bitcoin.org/en/development#code-review
Not to mention, they literally have $ millions in vested interest in the success of BTC by virtue of setup and mining costs. Such a move, even hypothetically, unless it is justified somehow, will cause loss of faith in the value of BTC and the fall in the value of BTC will make them lose value in mining as they earn these in BTC as well.