How are you everyone?Today I will discuss with you about Bitcoin miners. I am young and my experience is very little so please forgive me if there are any mistake.

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Mining is one of the two key components that secure the Bitcoin blockchain. In a simple way, it can be seen as a process that actually discovers new blocks and adds them to the previous ones to form the blockchain. The other component is the node which keeps track of all transaction history and validates new transactions.

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There are two factors that discourage miners from controlling the rules:

1. Difficulty adjustment
   If miners change the rules of their nodes, they will create a fork in the network. A network maintained by those who do not agree to these different rules will temporarily slow down, as there will be fewer miners who can create new blocks.

A difficulty adjustment occurs once every 2,016 blocks, or approximately every 14 days, during which time an algorithm balances the difficulty of adding new blocks to the blockchain. This is when the software accounts for the reduction of mining power on the network and facilitates the creation of new blocks so that one is created every 10 minutes on average. After this adjustment, new miners will start due to higher profits in Bitcoin mining.

1. A miner's business success is tied to Bitcoin's success
   If miners try to take control of the network hostage, they undermine people's trust in Bitcoin. Many users may end up selling their bitcoins out of fear, while some developers may begin working on software changes that will make existing mining machines too inefficient at generating new blocks. Both of these pose catastrophic financial risks for any mining business. As a result, miners have no choice but to cooperate with users, developers and businesses if they want to make any changes to Bitcoin's rules.
   Unless an economic majority of users agree to the change, miners risk mining new blocks on a split network, known as a contentious fork. If the economic majority never moves on to that fork, miners risk losing all of the energy they are putting into their operations.
   In 2017, miners came together to block a change to Bitcoin's rules known as SegWit (Segregated Witness). SegWit was a step to help Bitcoin's transaction throughput scale to additional layers like the Lightning Network. Miners feared that this change would remove a portion of future transaction fees from the blockchain, and therefore, tried to block the change.
   Ultimately, users push the desired changes through their collective nodes by activating new rules and putting pressure on the businesses they use to support the change. To protect their business model, miners had to integrate with the economic majority or risk obsolescence.
   Today's discussion ends here. I hope you find it interesting and able to understand. Share your thoughts on today's topic. Wishes and blessings to all. Everyone stay well stay healthy stay with Steemit.