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by gori
Wed Jun 08, 2016 4:16 am
Forum: Development & Technical Discussion
Topic: Reducing miners' electricity consumption
Replies: 7
Views: 4605

Re: Reducing miners' electricity consumption

Zju,

I do not think the transaction fees need to be reduced, (although, I am not sure how these fees work for different bitcoin-type crypto-networks).
The reason is that there would be no other rewards (no mined coins) for "privileged blocks".
So you are right.

Currently, an independent miner has ...
by gori
Tue Jun 07, 2016 3:49 am
Forum: Development & Technical Discussion
Topic: Reducing miners' electricity consumption
Replies: 7
Views: 4605

Re: Reducing miners' electricity consumption

Zju,

For "privileged blocks" I wrote that transaction fees should be more than sufficient, since the probability of creating a new block for a miner in the privileged group are much higher.

Thus I assume your question is about the "open blocks" available for all miners to participate.
I wrote that ...
by gori
Mon Jun 06, 2016 7:29 pm
Forum: AMA - Ask Me Anything
Topic: I'm Mike Hearn, creator of Lighthouse, bitcoinj and Bitcoin XT. Ask me anything!
Replies: 77
Views: 163177

Re: I'm Mike Hearn, creator of Lighthouse, bitcoinj and Bitcoin XT. Ask me anything!

Mike,
You may not have seen my post at:
dev-tech-talk/reducing-miners-electrici ... t8510.html

I would appreciate our opinion about this.
Thanks.
by gori
Sun Jun 05, 2016 11:59 pm
Forum: Development & Technical Discussion
Topic: Reducing miners' electricity consumption
Replies: 7
Views: 4605

Re: Reducing miners' electricity consumption

P.S. (perhaps a bit more specific to your second point example)
In order to claim membership to the "privileged group" each identity has to point to an earlier generation transaction. This "reference" is easily verifiable.
Creating multiple identities does not make these part of the privileged ...
by gori
Sun Jun 05, 2016 11:28 pm
Forum: Development & Technical Discussion
Topic: Reducing miners' electricity consumption
Replies: 7
Views: 4605

Re: Reducing miners' electricity consumption

Thank you for your comments.
RE: first observation:
You are right. Even if 99.99% of the time hashes are thrown away, they are necessary for "proof-of-work". You will find the following in my document:
"The work of a miner processor essentially consists in:
- collecting, verifying and assembling ...
by gori
Sat Jun 04, 2016 6:07 pm
Forum: Development & Technical Discussion
Topic: Reducing miners' electricity consumption
Replies: 7
Views: 4605

Reducing miners' electricity consumption

See PDF document at: http://www.mrgori.com/Articles/White%20Paper%20gg.pdf

In this document we show how a change in the mining and reward mechanisms can
drastically reduce the miners’ hours of operation, and consequently their electricity
consumption, which will translate into higher incomes.

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