- Unique miners help make a network more decentralized by increasing competition to mine the next block
- DigiByte has 6x more miners than Bitcoin and 10x more miners than Litecoin
- DigiByte’s decentralization is one of the best around, making it a prime choice for decentralization enthusiasts!
When it comes to true decentralization, it’s all about the power miners have over the cryptocurrency in question. On the Bitcoin network, there are only about 23 miners and mining pools. This is a pretty good number and the hash rate generated by these 23 groups of miners is second to none. However, in the name of decentralization, DigiByte has a grand total of 142 unique miners.
That’s 142 individual miners and mining pools, a crazy amount that’s 6x the amount Bitcoin has and 10x the amount Litecoin has, highlighting how popular mining DigiByte is. So, if you’re after a truly decentralized cryptocurrency project that has the legs and support to push on in the UTXO space, DigiByte is one you need to keep an eye on!
More Miners Means More Decentralization
The biggest issue with only having a handful of miners is that one pool or miner can easily take control of the majority hashrate and attack the network. This was very close to happening on the Bitcoin network back in 2018 as Bitmain’s hold on the network was incredible. In fact, Bitmain held 43.9% of the total Bitcoin network hashrate, something you really don’t want from a single miner.
In case you missed it, the recent July 2020 miner snapshot shows #DigiByte having 142 unique miners. This is 10x more than #Litecoin and 6x more than #Bitcoin. The power and security of #DGB multi algo mining and #decentralization in action. Thanks @dgb_chilling for updating! pic.twitter.com/SFcy6obu8o
— Michelle (@michelle_dgbat) July 18, 2020
Due to the fact DigiByte has more miners working away to win block rewards, it becomes harder for one party to take such great control of the mining power. DigiByte has one significant mining pool that controls about 17% of the total network hashrate, while the other 83% is split between 141 unique miners. This makes DigiByte more decentralized than Bitcoin and Litecoin – a pretty neat feature if you really care about decentralization.
Still Less Hashrate Than Bitcoin
Not to offend the Bitcoin maxis, Bitcoin is still the undisputed champ when it comes to hashrate, and we’d be worried if there was another blockchain network with more hashrate. Huge dedicated Bitcoin mining farms have been set up all around the world to allow companies to mine Bitcoin, with pools of smaller miners chipping in to keep the pressure on the big guys.
It’s unlikely in the short to medium term that DigiByte will ever get as much hashrate as Bitcoin, but there is potential in the long-term. As more people migrate to DigiByte to reap the benefits of its technology, more miners will too join the party. There are 5 algorithms that can be used for mining DigiByte, giving miners freedom and total choice.
If You Care About Decentralization, Use DigiByte!
For the time being, DigiByte has a huge number of miners compared to Bitcoin and Litecoin, making it one of the most decentralized cryptocurrency projects around. What’s more, it’s impressive technology can keep your accounts safe from hackers – perhaps Elon Musk could learn a thing or two from DigiByte!
As always, if you want to take full advantage of DigiByte’s decentralization to keep your accounts safe and to process your transactions, you can get your very own DigiByte from changeangel. By getting your $DGB from changeangel, you’ll be directly helping DigiByte grow and evolve. A portion of the fees collected go straight back to the DigiByte Foundation, so pay it forwards!