Cryptocurrency Stirs as Undercurrents of Digital Data Shake the Market
In a recent turn of events, Craig Wright, the self-proclaimed inventor of Bitcoin, stirred up a debate within the cryptocurrency community with a tweet about cryptocurrency mining pools. Wright claimed that mining pools unable to mine blocks of 32MB size perform like a 56K modem and are therefore bankrupt.
This assertion was met with criticism from various quarters, including Ethereum's cofounder Vitalik Buterin, who faulted the idea of calculating file sizes in bytes but internet bandwidth in bits per second. David Schwartz, a well-known figure in the industry, also joined the fray, faulting Wright's calculations and indicating that it would precisely take 79.89 minutes for a 56K modem to download 32MB worth of data.
Professor Emin Gun Sirer, on the other hand, pointed out that Wright's calculation was incorrect, stating that it would take 76 minutes for the 56K modem to download 32MB data, not 9.5 as first stated by Wright. Several other users on Twitter also disputed Wright's calculation, with one user noting that a 56K modem would take more than an hour to download 32MB worth of information entirely.
The debate has prompted a discussion about the need to develop a standard calculation for both file size and internet speed to avoid confusion. An agreement was reached that if modems for internet connections are denoted in bytes/sec instead of bits/sec, then the download speed should be calculated as bytes/sec and not bits/sec in all cases.
Meanwhile, Wright expressed his opinion that such pools use the scaling problem as an excuse for their failures in mining substantial amounts of bitcoins. He noted that the scaling problem is being solved by Bitcoin Cash (BCH). Nick Johnson, go-Ethereum core developer, backed this idea and pointed out the errors associated with such calculation.
Wright's tweet has initiated an intense debate among the cryptocurrency community, with both supporters and critics voicing their opinions. As the debate continues, it remains to be seen how this will impact the cryptocurrency mining landscape.
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