Referring to other mineable currencies available, I would like to bring up the following:
Since the beginning of the cryptocurrency-boom, people have been mining. Mining rigs have become more advanced and much faster. The chille coin will also be mineable. The development of mining rigs e.g. the bitcoin had to go through, doesn’t fully apply anymore to the chille coins. The faster technology for the higher mining difficulties already exist and can exploit the lower mining difficulties.
What prevents one or a few person(s) with $10 million dollar mining farm(s) ending up with the majority of chille coins?
Nothing really same as any other blockchain. The probability of it happening are extremely thin. I consider the free market competition to be too strong for any one person to control 51% would cost closer into the hundred millions. There will always be competion. It’s a deeply rooted instinct we have. Think about if someone where to spend a small fortune to gain a huge marketshare mining chille. How long do you suspect it would take for a dozen other people, with just as much money or more to spend. Now, there’s no chance with more and more being added to the mix that any one miner could obtain that goal. The second anyone sees someone else gaining ground. Everyone else rises to meet the challenge and remain relevant. Take for instance when minergate was hashing around 30% of the entire monero minepool and it was only a very short period before that adjusted itself. A free market has a wonderful contingency against a monopoly by simply being a free market. Can’t think of a better free market than crypto mining.
Is your goal to own the most hashrate?
I have other goals. Most involve my family, but none of them is owning the most hashrate. I own enough safex I don’t even have to ask ‘how do I mine?’. Though being loyal to the project, I will acquire mining skills, equipment and do my part.
I should’ve said that the question was directed at dandabek.
It’s not really about owning most hashrate, it is about providing enough hashrate to keep the mining network growing. Our S curve emission rate means that mining later stays interesting.
We are getting this algorithm designed right. In the beginning it is interesting to mine, at the long term it is even more interesting to mine and until all coins are circulating this network is interesting to mine.
We’re going to come in a bit late from October 6th target. Yet we are not far off at all with our work.
I only have a hashpower of 250 mh on eth/etc. i havena mined any cryptonight yet so i dont know what my hashrate will be but i will dedicate my 9 gpu’s to chille!
That’s awesome, that’s what I’m talking about !
I believe so much in this i dont even care if my miners doesnt make any profit mining chille, its for the greater good!
Don’t worry me and my trusty 1070 will help take care of the network mining needs for sure! . Either that or perhaps I’ll get some mining gear on Chille (especially since you say the mining will get interesting)