A non-head-in-the-sand explanation for why mining centralization occurs in Bitcoin

I have a new article up (and corresponding podcast) over at Let’s Talk Bitcoin talking about the economic incentives for centralized mining.  I touch on the Poisson process, variance, orphan blocks and the actual capital costs miners incur. I also mention what some very clever engineers have proposed as make-shift and in some cases, complete fixes and replacements to this current system.

Article:  Reasons for why centralization has occurred and potential solutions


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