New ASIC chips will facilitate the decentralization of bitcoin mining

 chips that will facilitate the decentralization of bitcoin mining.

Within the framework of the Bitcoin Conference 2022, two prominent Bitcoin technical experts, Adam Back, CEO of Blockstream and Steve Lee, Leader of Spiral, addressed various topics on the decentralization of Bitcoin mining in a panel this Friday, April 8. through the availability of new open source chips for miners.

The first topic addressed in the panel was that of centralization, which involves the concentration of Bitcoin's processing power in large mining pools. For Adam Back, this represents a challenge for individual miners, who are forced to integrate a pool and there is only room for 10 or 20 pools. Back says there are new technologies that can help tackle this centralization.

Steve Lee is referring to the mining protocol called StratumV1 which is used for pools to talk to miners, and a new version Stratum V2 which has a number of benefits.

He thinks the most relevant benefit is that instead of just a handful of mining pools that can run full Bitcoin nodes and do transaction selection, all miners can participate in the process. This would therefore increase by one or two orders of magnitude the number of people and entities that can do transaction screening,” Lee noted.

CriptoNoticias addressed in December 2019 the benefits of Stratum V2 to bitcoin miners and pools.

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