Comment on Bitcoin mining is no longer profitable

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Hirom@beehaw.org ⁨1⁩ ⁨day⁩ ago

Good point, with BIPs the Bitcoin community is more adaptive than I gave it credit for.

It still doesn’t prevent soft nor hard fork. My understanding is that a change in consensus logic require ALL users/miners need to deploy the new software to avoid hard forks. That’s impossible in practice. So a BIP to change the consensus logic would necessary cause a hard fork.

Not all chains handle this the same way nor suffer from this. Tezos for instance made its improvement proposal system part of its core. Using Tezos means automatically accepting chain and consensus logic change if they are approve.

Tezos incorporates a built-in, on-chain mechanism for proposing, selecting, testing, and activating protocol upgrades without the need to hard fork. This mechanism makes Tezos a self-amending blockchain and allows any user to propose changes to the economic protocol, which defines the possible blockchain operations and how they are processed.

Bitcoin sure have more hype and higher price, but appears to have more difficulty evolving compared to others.

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