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Are Bitcoin miner pools a threat?
Let's question this issue by learning step by step.
Bitcoin miners have 2 incomes:
1- Block award
2- Transaction fee
An example of a lottery can be given to easily understand the Block prize.
Miners buy lottery tickets to win this prize. The more work they do (hash energy, the more power they get), the more tickets they can get. Thus, their chances of winning the lottery increase. However, it is still not guaranteed.
Because the SHA-256 algorithm, which ensures bitcoin security, works randomly.
Here the following problems arise:
1- Large miners want to minimize this risk.
2- They do not want to mine with small miners for months without earning any bounty.
Because of this, the miners come together and try to win the prize together. After winning an award, everyone shares this award to the extent of their contribution (hashrate). Thus, instead of waiting for months, miners have a certain amount of income each month.
The Miner pool is paid a fee for this operation.
This system actually causes more efficient use of the energy spent. Miners don't try the same options when they miss the puzzle. They're all trying different options, so that the energy they use doesn't overlap.
There are 2 benefits to this:
1- Large miners have a predictable income. This is very important for investment.
2- Small miners can also be involved in the game. This makes mining more decentralized.
So what do miner pools control?
The pools don't actually control hashrate.
They only provide an operational service. If they go out of the service they promised, it's pretty simple for miners to switch to other miner pools. This actually creates a situation where miner pools compete with each other to satisfy their customers.
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