Betterhash: Changing the Bitcoin Mining Scene With New Protocols

• Betterhash is solving the majority of the issues faced by miners.

• Adoption of a more decentralised network instead of centralised protocols.

The last few years have seen cryptocurrency dominate global markets regarding overall transactions. For a long time, the crypto market has been an infamous breeding ground for hackers, resulting in people scrambling to save their investments. On the one hand, Bitcoin has continued to live up to its expectations by offering a secure and well-driven cryptocurrency. Therefore, people have recently shown a great interest in joining their servers as miners. 

Previously, Bitcoin mining followed a centralised mining procedure that wasn’t ideal long-term. Thus, decentralised mining software like Betterhash soon became the choice among miners. This gave the Bitcoin miners a sense of independence and control over their mining activities. 

Understanding Betterhash

Betterhash, developed by Matt Corallo, is a mining software or protocol designed to aid Bitcoin miners in their mining operations.Its primary goal is to assist miners in overcoming the challenges faced during centralised mining. Moreover, a better hash tries to allow miners to gain more control over their mining activities and transactions of every mining block. In the current scenario, Bitcoin miners lack independence and a sense of authority over their mining activities. Instead of them having more control, it is the pool operators who are given the key. 

Therefore, most of the time, Bitcoin miners must depend on pool operators, who take all the decisions on their behalf. Thus, the potential of facing multiple losses increases on the side of Bitcoin miners. Hence, to solve all those issues, Betterhash is being implemented by Bitcoin miners instead of following these centralised protocols. The miners’ position is promoted while pool operators are kicked out of mining channels. 

How to attract miners to join Bitcoin mining pools and use Betterhash?

Better hash is still a relatively new technology that people must thoroughly understand before using. In addition, many people haven’t given up on centralised protocols because they reap multiple benefits from them. Thus, miners need to be convinced regarding the potential of Betterhash, which can change the Bitcoin mining scene. Firstly, the miners should be exposed to Betterhash and encouraged to use it. Only through several tries and understanding the technicalities behind it can a miner truly accept new technology. 

Yet another challenge that Betterhash could encounter is related to the reliability of Bitcoin mining pools. To integrate Betterhash, the Bitcoin mining pools need to be restructured, or it will become difficult to adopt new technology. If the level of control over the mining pools is beyond the reach of Bitcoin miners, it would be better to avoid them. 

The mining pools play quite an important role, as they are tasked with instructing the hardware used. With the help of mining pools, Betterhash could promote its technology to miners, prompting them to participate. Being a new technology, Betterhash could take a long time before getting properly adopted. 

Conclusion

Betterhash, a decentralized mining software, has the potential to address the challenges faced by Bitcoin miners and offer greater control over their mining activities. However, its successful adoption requires convincing miners of its benefits and restructuring mining pools to accommodate the new technology. Patience is necessary for its proper implementation.