Bitcoin is currently the largest and most secure open source network. The idea behind BTC is brilliant and involves over 50 years of research. With Bitcoin, Satoshi Nakamoto was the first to create a working peer-to-peer payment and money system. The problem in the past was that you didn’t know exactly how to prevent double spends without a central authority. So that someone spends the same amount twice. Satoshi managed to solve this problem with mining. In the meantime, a separate industry has emerged around bitcoin mining, which also causes problems.
Competition for the next block in the network
Companies and private individuals (less often) compete for the next block in the BTC network to collect the exposed reward. Many miners have joined together in pools to bundle the hashrate and to be more likely to find a block. It is precisely this fact that repeatedly leads to Bitcoin being accused of centralized mining and the security being questioned. This is now to change with a new protocol and lead to more decentralization in BTC mining. A sensation in which the miners will ultimately decide whether it makes sense or not. Let’s take a look at Stratum V2 and the chance of greater decentralization in Bitcoin mining.