Slushpool CTO says Bitcoin mining is ‘pretty scary’, claims institutional mining is on the rise

The company behind Slushpool, Braiins, had launched the ASIC miner firmware: Braiins OS last year in a bid to “redefine open source ming software” to “take back control” of the mining industry. The Co-founder & Co-CEO at Braiins Systems, Pavel Movarek, who is a “pro-open sourced”, said that the current mining scenario was “pretty scary”.

In the latest edition of a panel discussion recorded at the Magical Crypto Conference 2019, Moravek spoke about the closed open source miner firmware. The Chief Technology Officer of Slushpool said that the closed open source miner firmware mining space was similar to “having your keys under your control”.

He admitted that mining was “pretty scary” from a security point of view and asserted that miners should have an opportunity to audit the firmware. He said,

“We just basically think a user should have the opportunity to choose what firmware it runs, it allows the new features or whatever but the security thing is the critical one.”

Speaking about the rising trend of a “switch from retail to institutions” foraying into the mining space, Moravek said that miners were getting larger. He noted that there was an increase in institutional mining and added that these entities were involved in the purchase of hardware and running ASICs which were in contrast to the earlier times when a lot of Bitcoin enthusiasts mined.

According to the CTO of the oldest mining pool, the “shift was pretty clear”. However, he admitted,

“But still, we face a lot of miners who cannot do the security right, so every single piece of the infrastructure which can help everybody in the space getting more secured would be would be fine.”

Besides, he also emphasized that a “better protocol” was one of the critical aspects of the infrastructure which needs to be scaled.

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