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    Home Unlabelled Bitcoin Decentralization-Boosting Mining Protocol Stratum V2: Overview & Progress Update

    Bitcoin Decentralization-Boosting Mining Protocol Stratum V2: Overview & Progress Update

    March 10, 2021

    Bitcoin Decentralization-Boosting Mining Protocol Stratum V2: Overview & Progress Update

    Decentralization-Boosting Mining Protocol Stratum V2: Overview & Progress Update

    Posted: 09 Mar 2021 05:54 AM PST

    Decentralization-Boosting Mining Protocol Stratum V2: Overview & Progress Update

    Over the past year, we've explained many benefits of the Stratum V2 mining protocol for miners, pools, and the Bitcoin network as a whole. Now it's time for a recap & update on development + adoption 👇

    https://braiins.com/bitcoin-mining-stack-upgrade

    For those not familiar with the features of Stratum V2 or how it compares to Stratum V1 & BetterHash, we have an overview for you (check the Compare tab for more). It also includes a Q&A with protocol authors Matt Corallo, Jan Capek and Pavel Moravec.

    https://braiins.com/upgrade/compare-mining-protocols

    DECENTRALIZATION:

    While all of the features are relevant to miners & mining pools, the aspect of Stratum V2 that most non-miner Bitcoiners care about is Job Negotiation. This is a sub-protocol that enables miners to construct their own blocks, a task currently only being done by pools.

    We recommend the following piece from Karim Helmy (R&D at Coinmetrics) which includes an explanation of out-of-band payments, a potential economic incentive for miners to adopt Job Negotiation.

    Deribit Insights: "Stratum V2: Migration and Decentralization"

    We also have a deeper explanation of how Stratum V2 can impact Bitcoin's decentralization and how the Job Negotiation process works. Approximately 94% of Bitcoin's hashrate currently goes through Chinese mining pools, while some ~65% is physically produced in China during the rainy season. Safe to say, Bitcoin decentralization isn't perfect. TL;DR: Stratum V2 can help ⬇️

    "Bitcoin's Decentralization with Stratum V2"

    https://braiins.com/blog/stratum-v2-bitcoin-decentralization

    ADOPTION:

    So, what is the state of Stratum V2 adoption today? Well, it's still very early days. We have an implementation on r/slushpool and in our Braiins OS+ firmware, so there are already many miners using V2. However, this doesn't include Job Negotiation yet...

    The reason is that there are changes necessary in Bitcoin Core in order to make Job Negotiation possible. So there can't be a full implementation of Stratum V2 until those changes are made. Good news: the development is in progress with a help from Square Crypto!

    Wohoo!

    Until then, mining pools will remain the sole entities constructing blocks to add to the Bitcoin blockchain. However, miners can still benefit from partial V2 implementations which improve efficiency, privacy, and security (e.g. man-in-the-middle attack prevention).

    We believe Stratum V2 will have a significant long-term impact on the mining industry, particularly as transaction fees account for an increasing proportion of mining revenue.

    We'll be sure to update the community again as the development progresses.

    submitted by /u/Braiins_mining
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    Daily Discussion, March 10, 2021

    Posted: 09 Mar 2021 10:14 PM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Bitcoin Recovery

    Posted: 09 Mar 2021 03:14 PM PST

    Got paid 0.3029 BTC for a copy of a viral video back in 2016

    Posted: 09 Mar 2021 08:36 AM PST

    my Dream Car

    Posted: 09 Mar 2021 11:12 PM PST

    I bought Bitcoins in 2013 when it was $124 AUD and held them. When it was $1000 I told many of my friends about it. No one knew Bitcoin and nobody believed me. I have done my duty and I kept quiet after that.

    I had a dream of buying a BMW X5. Recently I sold 2 BTC to buy a brand new BWM X5. To show my gratitude to Bitcoin I also bought a personalised number plate starting with BTC.

    When I drive this cat I feel like I am on top of the World.

    Thanks, Bitcoin and the Bitcoin community.

    submitted by /u/cfonseka7
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    Built my own Bitcoin ticker... I’m easily amused

    Posted: 09 Mar 2021 08:32 PM PST

    Beware the new FUD campaign led by Gates and Others is obviously energy usage. Like having sound money isn't more important than 95% of shit the world wastes energy on. GTFO.

    Posted: 09 Mar 2021 06:00 AM PST

    The principal of sound money is THE most important element missing in our modern society + a founding principal of bitcoin, and those that profit from the theft of printing easy money for the use of a few will continue their smear campaign against bitcoin on social media.

    Ask yourself what is more important than sound money? The list shouldn't be more than 3 things long.

    Edit: and like clockwork there is a bitcoin energy FUD post on r/all rn

    submitted by /u/Boredguy32
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    Sometimes when I’m having a hard day at work, I look at my portfolio and everything is ok ��

    Posted: 09 Mar 2021 12:54 PM PST

    See you on the moon🚀

    submitted by /u/ddoublea96
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    Bitcoin when people say 58k was the peak

    Posted: 09 Mar 2021 07:09 AM PST

    Crypto currency

    Posted: 09 Mar 2021 09:21 PM PST

    Oil billionaire company buys $59 million in bitcoin

    Posted: 09 Mar 2021 01:04 PM PST

    Willy Woo and Plan B suspended from Twitter

    Posted: 09 Mar 2021 09:29 PM PST

    It appears that Willy Woo (@woonomic) and Plan B (@100trillionusd), both prominent bitcoin supporters with 300k+ followers each, were suspended from Twitter.

    Anyone know what is going on?

    https://twitter.com/AnthonyDessauer/status/1369507270506147841?s=19

    submitted by /u/unknown__unknowns
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    Oh no, its going down again!! Everybody panic sell RIGHT NOW! I like buying my coins a little cheaper ��.

    Posted: 09 Mar 2021 06:16 PM PST

    I get relaxed in viewing new blocks being added to the blockchain

    Posted: 10 Mar 2021 03:16 AM PST

    It's like clockwork. The project of Satoshi, he thought about everything, and the devs made it better.

    Even by being a fully decentralized network worth a trillion dollars, constantly under attack from every corner of the world, both virtually and by speech, it just keeps ticking every ~10 minutes no matter what.

    This is true strength.

    submitted by /u/FinanceSorry2530
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    Will use bitcoin to buy my brother a new bike after his was stolen

    Posted: 10 Mar 2021 01:40 AM PST

    My brother saved money for a long time and bought a new mountain bike for his birthday. He spent a few weeks customizing it to his liking. And then it was stolen from the underground garage. The bike was locked, as was the underground garage. And still it was gone. He is very upset and disappointed in the people who do this.

    After weeks of searching, we didn't manage to find the mountain bike again. It's gone forever. So I decided to cash out a bit from my BTC to buy him a new bike. So he can be happy again.

    btw: First post ever on reddit...

    submitted by /u/crypticomic
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    Anyone who owns 21 bitcoins is a millionaire today.

    Posted: 09 Mar 2021 03:47 AM PST

    Anyone who owns 21 bitcoins is a millionaire today.

    An important event has happened in the history of bitcoin. Now the one-millionth part of the Bitcoin supply is worth $ 1 million.

    Anyone who owns 21 bitcoins, or one millionth of the total supply, is a millionaire today.

    https://preview.redd.it/lwe5w4haqzl61.jpg?width=2300&format=pjpg&auto=webp&s=c8f6eb374315493f477bb1014cbaf59107116364

    Back in 2017, financial publications announced the emergence of a group of crypto enthusiasts "hunting" for exclusive membership in the "21 Million Club". Also over the past years, there have been many forum posts about people who have finally ended up in the exclusive club of owners who own one bitcoin (BTC). The r / Bitcoin subreddit has a whole topic dedicated to those wishing to accumulate 1 bitcoin.

    Each member of the 21 million club who owns one BTC now owns exactly 0.0000047619% of the total BTC supply.

    Members of another club of crypto millionaires, who managed to collect 21 BTC or 0.0000999999% of the total limited supply of bitcoins, join the 21-BTC CLUB. Membership in the club is informal and symbolic. Club members are recommended the best crypto wallets, among which Trezor is in the first place, the best exchanges, they teach how to pay taxes correctly and share the best information resources on the topic.

    Many people ask why Satoshi Nakamoto chose the 21 million Bitcoin emission limit? There are many versions.

    For example, Ph.D. Christian Seberino explained in 2018 that Satoshi most likely chose 21 million in order to "use floating point arithmetic." You can read more about this here.

    However, according to e-mail correspondence between Mike Hearn and Nakamoto, the inventor of bitcoin has chosen a limit of 21 million to match the M1 money supply of fiat currencies such as the euro and the US dollar. Back in 2008, when Nakamoto published the White Paper, the M1 money supply was roughly $ 21 trillion. By simple calculations, we get the predicted Bitcoin price of $ 1 million by Satoshi Nakamoto.

    "I wanted to choose something that would make prices similar to existing currencies, but not knowing the future, it is very difficult. I ended up choosing something in between", Nakamoto said in an email to Hearn.

    Summarizing all this information, we can assume that even owning 0.1 BTC will make any person a dollar millionaire during his lifetime. Not to mention the fact that having collected 21 bitcoins, a person will automatically enter the 1% of the richest people on the planet.

    submitted by /u/SirFuckingLoin
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    For the first time since COVID started, I have finally found something that actually feels normal to obsess about.

    Posted: 09 Mar 2021 01:49 PM PST

    For the last year, I have been so sick of COVID, Trump vs Biden, who's lives matter, cancel culture, Karens. A little over a month ago I decided to take my yearly visit to /r/Bitcoin to see how much money I missed out on since I first heard about it. Yup it was still a lot. But this time was different, I'm not the same poor college student working at a movie theatre. Now, I'm an adult with an adult sized income. I started reading as much as I could about Bitcoin. I was watching the charts, I was watching videos explaining the charts. I started learning different patterns and what they could mean for bitcoin. I finally decided to bite the bullet and coin up. I have to say, I really needed this right now. I haven't been this excited about something since I was a little kid. I mean I feel like a kid now. Every time I talk about Bitcoin my face lights up. It's exciting, and its not negative news about what group offended what group this week. I don't know it just all feels really good and I guess I wanted to share and thank everyone here. See you all on the moon.

    submitted by /u/TreePeop1e
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    BREAKING: J.P Morgan to Launch "Cryptocurrency Exposure Basket"

    Posted: 09 Mar 2021 12:56 PM PST

    Looks like a lot of people are taking their Bitcoins off of CoinBase....

    Posted: 09 Mar 2021 07:38 AM PST

    Irony: My bitcoin holdings soar while I fail my finance exam

    Posted: 09 Mar 2021 01:38 PM PST

    Last nights bull run happened as I was in the middle of my exam. It was a rough time, but when i checked my hodlings i felt a lot better.

    Edit: generous curve, turns out I got a B!

    submitted by /u/bruleeofficial
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    Soros Fund, New York Life and Morgan Stanley invested $ 200 million in the BTC

    Posted: 10 Mar 2021 03:13 AM PST

    Soros Fund, New York Life and Morgan Stanley invested $ 200 million in the BTC

    Tell me, why when Bitcoin falls, the media races to print negative news? First Jannette Yellen, the US Treasury Secretary, calls for Bitcoin regulation and tells horror stories about money laundering and terrorism. Then, Warren Buffett and his right-hand man Charles Munger warn of the imminent day of bitcoin.

    But as soon as the trend turns upwards, other top speakers appear on the stage, sometimes very unexpected ones. But every time there are fresh faces.

    https://preview.redd.it/ur2qhhl2p6m61.jpg?width=1300&format=pjpg&auto=webp&s=d7219eb9ebff4a72c9bca49d459f38bedf4aab59

    This time, Norwegian oil billionaire Kjell Inge Rokke spoke out in favor of bitcoin. His Aker ASA, which controls oil and oilfield services companies, announced on Monday that it has set up a new business, Seetee AS, to harness the potential of cryptocurrency. In his address to shareholders, Rocque said:

    "We will use Bitcoin as our treasury asset and join the community. In Bitcoin, people like us are considered hodlers. " He further added: "The direction is clear: finance will be destroyed as inevitably as fossil fuels. The question is not if, but when. Bitcoin could be the core of a new monetary architecture. If so, then one bitcoin could be worth millions of dollars."

    But the funniest thing is not even that billionaires started talking about the inevitability of a financial collapse, now they are joined by a person who can manually arrange a financial collapse. He had already proven this phenomenal ability by causing the collapse of the British pound in September 1992. Meet the new bitcoin enthusiast and hodler - George (drum roll) SOROS.

    Fund Soros, New York Life and Morgan Stanley invested $ 200 million in the BTC investment company NYDIG (New York digital investment group).

    NYDIG is part of Stone Ridge Asset Management, which recently filed with the US Securities and Exchange Commission (SEC) for one of its open-ended mutual funds for investing in bitcoin. The founder of Stone Ridge, who also founded NYDIG, Ross Stevens, said Soon, you'll just see a wall of money entering Bitcoin.

    Summarize:

    The financial system will collapse.
    Bitcoin will be worth millions of dollars.
    We will soon see the wall of money entering Bitcoin.

    I am waiting for a reversal of the price of bitcoin down, and the next portion of hysterical apocalyptic predictions and the collapse of bitcoin and the bubble with terrorists. Swings - are the the base of the genre.

    submitted by /u/SirFuckingLoin
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    When they say Bitcoin peaked at 56k

    Posted: 09 Mar 2021 03:57 PM PST

    It’s happening, 7 days chart: Apple -7% - Amazon -5% - Tesla -18% - Bitcoin +11%

    Posted: 09 Mar 2021 04:06 AM PST

    Desensitized to Gains (and losses)

    Posted: 09 Mar 2021 03:51 PM PST

    The bull run over the past year has been nothing short of incredible. But I've noticed something slightly alarming in myself. Through huge price pumps and subsequent corrections, I've become immune to seeing my money (AKA my potential USD) fluctuate so greatly. It's almost like the money itself doesn't even particularly matter to me. It's a strange feeling, and I'm wondering if anyone else has felt similarly?

    submitted by /u/tharustymoose
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    Lmao

    Posted: 09 Mar 2021 04:51 PM PST

    ben shapiro likes bitcoin

    Posted: 10 Mar 2021 02:51 AM PST
    Read more
    at

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