Apparently, Siacoin used to be worth about 100x more eight years ago. That means a huge pile of BLAKE2b-compatible ASICs were eventually left sitting on shelves, collecting dust.
Then Bitcoin (BLAKE2b) went live.
Suddenly, those Chinese miners discovered that their old bricks could be profitable again by mining Bitcoin. So they flooded our network looking to make a quick buck.
There was just one problem: they didn’t use tools to build their own block templates. They didn’t run their own nodes. They simply took the path of least resistance, because that’s considered common sense in virtually every shitcoin mining operation.
Imagine their confusion when they joined the party with AlphaPool on Stratum V1 and Bitcoiners immediately started pointing guns at them for attacking the network.
They were probably thinking: “WTF, guys? We’re just trying to mine. What the hell is wrong with you?”
And therein lies the problem: they didn’t understand what this chain was trying to achieve.
The entire point of Bitcoin BLAKE2b is to decentralise mining. So to Bitcoiners, thousands of machines arriving through a few Stratum V1 pools looked like an attack on a young and vulnerable network.
To the Sia miners, it was simply a once-in-a-lifetime opportunity to turn obsolete hardware into an absurdly profitable mining operation.
Some YouTube channels were reporting ROI in HOURS.
Not years. Not months. Not weeks.
HOURS.
Classic Tower of Babel. Same network. Completely different mental models.
“If someone is pointing a loaded gun at your face, you don’t need to wait for them to pull the trigger before defending yourself.”
Fortunately, the situation is slowly starting to resolve.
The pool operators eventually understood the problem and put server-side caps in place, limiting how much of the network any individual pool can control. They’re also learning about DATUM, and one by one they’re starting to work on their own DATUM endpoints.
Now comes the harder part: educating the tidal wave of new miners about why they MUST build their own templates with their own nodes.
The language barrier is an obvious problem.
We need educators with a good command of Mandarin and Cantonese to step up and start educating these miners.
If you know such plebs, let me know. Or go directly to the Knots Discord and help get the message across.
I’m looking forward to working with our newfound wayward friends from China. But they need to learn, and learn fast, that this is Bitcoin.
We play by different rules.
We will try to educate them.
If education fails, we will expel them.
Make no mistake about our priorities.
We are separating money from the State.
We need no freeloaders.
Then Bitcoin (BLAKE2b) went live.
Suddenly, those Chinese miners discovered that their old bricks could be profitable again by mining Bitcoin. So they flooded our network looking to make a quick buck.
There was just one problem: they didn’t use tools to build their own block templates. They didn’t run their own nodes. They simply took the path of least resistance, because that’s considered common sense in virtually every shitcoin mining operation.
Imagine their confusion when they joined the party with AlphaPool on Stratum V1 and Bitcoiners immediately started pointing guns at them for attacking the network.
They were probably thinking: “WTF, guys? We’re just trying to mine. What the hell is wrong with you?”
And therein lies the problem: they didn’t understand what this chain was trying to achieve.
The entire point of Bitcoin BLAKE2b is to decentralise mining. So to Bitcoiners, thousands of machines arriving through a few Stratum V1 pools looked like an attack on a young and vulnerable network.
To the Sia miners, it was simply a once-in-a-lifetime opportunity to turn obsolete hardware into an absurdly profitable mining operation.
Some YouTube channels were reporting ROI in HOURS.
Not years. Not months. Not weeks.
HOURS.
Classic Tower of Babel. Same network. Completely different mental models.
“If someone is pointing a loaded gun at your face, you don’t need to wait for them to pull the trigger before defending yourself.”
Fortunately, the situation is slowly starting to resolve.
The pool operators eventually understood the problem and put server-side caps in place, limiting how much of the network any individual pool can control. They’re also learning about DATUM, and one by one they’re starting to work on their own DATUM endpoints.
Now comes the harder part: educating the tidal wave of new miners about why they MUST build their own templates with their own nodes.
The language barrier is an obvious problem.
We need educators with a good command of Mandarin and Cantonese to step up and start educating these miners.
If you know such plebs, let me know. Or go directly to the Knots Discord and help get the message across.
I’m looking forward to working with our newfound wayward friends from China. But they need to learn, and learn fast, that this is Bitcoin.
We play by different rules.
We will try to educate them.
If education fails, we will expel them.
Make no mistake about our priorities.
We are separating money from the State.
We need no freeloaders.
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