The Bitcoin Blocksize Blackjack Mining Blues


Bitcoin: it’s at a crucially important crossroads; it’s approaching a crisis that threatens its very existence; it has never been more likely to erupt into enormous global importance. Which? Don’t be ridiculous. It is all those things at once, of course, as usual. I only wish I was joking.

If you’re dumb enough to judge Bitcoin purely by its exchange rate, you might be fooled into thinking it has entered a period of remarkable stability, hovering around US$225 through all of 2015. But actually quite a lot has happened in the last few months. Let’s itemize a few of those things:

A controversial change to the Bitcoin protocol is under discussion, and some in the field are prophesying utter disaster in the not-too-distant future if it does not happen.

I mean the mooted increase in Bitcoin’s block size. A brief recap: Bitcoin is built upon a decentralized data structure…

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