The altruistic miner and the Monero community

The community around monero, driven by its strong ethos, is one of the few I see attracting a specific type of miner, the altruistic miner who consciously provides their hashrate to strengthen the network they believes is important to preserve, but without having profit in mind.

In a corporate industrial mining scenario the incentive is to make a profit, which means that if the asset value as block reward doesn't pay for the energy consumed to get it, then the network is not worth protecting, which should decrease its overall security.

The community around the Monero Project, on the other hand, encourages everyone to participate, and makes it possible to use idle hardware to protect the network. System Administrators can promote the idea of using the servers in their data centres to mine monero in idle hours, which could be a way for small businesses to passively invest in the cryptocurrency market. The same is seen by altruistic miners who use their hardware not to make a profit, but to strengthen the network and receive some KYC-free piconeros as a contribution.

With the start of tail emission, one of the financial incentives of mining is arguably removed, as the miner who starts today will not have a higher emission and reward, compared to the one who starts 5 years from now. That being said, I don't expect the hashrate to go down, partly because of these very miners.

I understand that most miners participate in pursuit of profitability, however I just wanted to take a moment to acknowledge the altruistic miners, their participation and importance in the culture of the community.

For centuries of 0.6 XMR per block! Long live Monero!

submitted by /u/bitlamas
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