First of all thank you for weighing in. We really want to hear miners point of view and I greatly appreciate the time you took to write it.
If you read in one of my posts I’m actually quite okay with having a 35/35 split with miners and masternodes which I agree can be seen as fairer and a less drastic drop.
One thing that I don’t understand is a lot of miners here are saying less mining rewards means less profitability. It is more likely that profitability stays more or less the same but we have less miners on the network. That’s how markets and mining difficulty works…there will never be 0 PoW miners.
But at the end of the day, a lot of the time I see miners saying they’ll switch to Firo for real only after Eth goes to PoS. First of all, we don’t know when that’s happening and secondly it reinforces the view again that miners will mine what’s most profitable. Obviously, there’s no guarantee that once Eth goes PoS that we will see these miners come to Firo but more importantly support us beyond just mining.
While I understand miners need to make money too and cover their investment, what’s a few rigs on Firo now on a pool that’s not 2miners?
There’s nothing wrong with mining the coin that gives the most profit but if they’ll only mine us when it’s the most profitable, do they deserve 50% of the block reward?
Remember, Firo has all this while dedicated so much to GPU miners even developing technologies like MTP and then picking ProgPoW specifically to benefit them, specifically choosing not to go with masternode voting to ensure miners are equal players in governance and giving them the majority of the block reward for 6 years now. I’ve even defended PoW numerous times despite the growing and probably unstoppable ESG narrative that PoW is bad for the environment. Has miners contribution been commensurate?
I see some miners defending their position saying that they provide security to the project…okay then why are a whole bunch of you on 2miners and prior to that 80 percent on f2pool! This was even before chainlocks was a thing and miners were solely responsible for security. Did we see any organised effort by miners to protect us when we were being 51 percent attacked? Do we see miners bothering to use our privacy tech so that it increases the anonymity set?
Of course there are exceptions where we do have cool peeps from the miner community who don’t just mine us, but make content and cover us or give us opportunities to share the project’s vision. I remember a small few pointed a rig or two to us to donate to the project as well and the gesture is not forgotten. But we really need to see more. I remember one mining influencer had said, we need to support projects like Firo that support GPU miners and frankly the support we have seen is lacking. While anecdotal, its ironic that there’s a new post on Reddit of a miner going, can I mine directly to Binance?
Masternode holders on the other hand have for the most part been loyal to the project with them being vocal in our community and their numbers remaining relatively stable despite price fluctuations. They have donated significantly to audits as well. I also can see that a huge bunch of them anonymize their masternode rewards improving Lelantus’ anonymity set.
But again this proposal isn’t just about masternodes vs miners. It’s more about ensuring that the tokenomics reflect the value these communities give to Firo and to also give more power to the community to take the project in the direction they want to see hence the community fund.
