3 ms·
Proof of work mining always struck me as very close to being ideal energy credits. If cheap energy is available then mining will be cheap, and thus you get che
by nonbel 9y ago
Proof of work mining always struck me as very close to being ideal energy credits.
If cheap energy is available then mining will be cheap, and thus you get cheaper coins and cheaper fees, leading to inflation (and more spending). On the other hand if energy becomes scarce, the currency will become more scarce and expensive so you get deflation (and more saving). It looks like (in theory) a nice feedback that encourages development of cheap/decentralized energy sources.
- titojankowski 9y agoYea totally, cheap energy = cheap compute = cheap mining
- nonbel 9y agoI can't tell if this is sarcastic or not. If so, what is wrong with the reasoning?
- titojankowski 9y agoNot sarcastic at all! That's how it could work. If you had free electricity, mining would be awesome sauce: http://www.coindesk.com/microscope-economic-environmental-costs-bitcoin-mining/ http://www.coindesk.com/microscope-economic-environmental-co...