Bitcoin Magazine
Pooling in OP-CAT’s World
Counter to popular discourse, we argue that upgrades to Bitcoin — such as the BitVM, OP_CAT or OP_CTV — will stabilize Bitcoin consensus. By opening up new miner fees and reducing reliance on extractive pooling schemes, additions to Bitcoin will create network sustainability, push miners away from more dangerous forms of expressivity and help Bitcoin maintain its lead in stability without injecting rivalrous or centralizing forms of revenue.
A healthy mining market is vital to the longevity of Bitcoin. Last year, amid low blockspace demand, Bitcoin’s biggest miners began to merge mine for extra fees. While exploration has its place, this hints that without issuance, miners in need of revenue will destabilize Bitcoin by embracing worse forms of expressivity. Given this, we found ourselves asking: How would different forms of expressivity alter Bitcoin’s prospects for stability? In particular, how would expressivity and
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