“The system needs more analysis” might be Dave Hudson’s motto as far as Bitcoin mining is concerned. It’s not a surprising opinion for an engineer. Hudson, who’s VP of Software for blockchain company PeerNova, dissects mining networks as a hobby. His leading mining blog hashingit.com teems with data-driven analysis of the mining network. Despite his work, there’s still plenty left to analyze. Hudson joined Epicenter Bitcoin last week to talk about the long-term viability of the system.
The process known as mining, which is the infrastructure that secures bitcoin transactions and prevents double spending of tokens, is at the center of many long-term Bitcoin discussions and decisions. The effects of a blocksize increase, mining pools, and block rewards—which halve every four years for a controlled supply of bitcoin—are all designed features that deserve further analysis, according to Hudson.
An increase in the blocksize has been particularly contentious. Hudson was cautious of a blocksize increase, arguing again that there hasn’t been enough modeling and analysis of the consequences to mining incentives. He said:
“I think 20 MB would be a vast increase and I think it would be very unwise to do.”
But while admitting that