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Yes, Bitcoin is fucking greedy to begin with - especially considering the climate change problem. No, they are not wasting energy per-se in this instance: > Th
by zamalek 9y ago
Yes, Bitcoin is fucking greedy to begin with - especially considering the climate change problem. No, they are not wasting energy per-se in this instance:
> The country has more than 2,000 small stations, many of them sitting idle because of low wholesale power prices and an absence of state support.
That's not to mention the energy disposal problem that you have to deal with when the majority of your energy is renewable - POW is a good way to get rid of unused energy. Given that Bitcoin isn't going away, much like anything else where greed is concerned, this is a fantastic development.
> find a way to mine coins that uses less electricity
Attack SHA-256. That's the only option we have now. People sure-as-hell aren't going to move away from a tech which they believe is printing free money (I have some otherwise very smart friends who are mining coins with GPUs).
- stepik777 9y ago> printing free money How are they free? You need equipment and electricity. > I have some otherwise very smart friends who are mining coins with GPUs Do you want to say that mining is stupid? If you mine the right coins and hold them long enough for price to increase you can make a lot of money.
- zamalek 9y ago> How are they free? Exactly my point. > Do you want to say that mining is stupid? You could just buy them, which lowers your overall expenditure. Mining only amortizes a greater cost over time.
- mikeash 9y agoAttacking SHA-256 won't even do it. If you come up with a more efficient way to generate POW, then the difficulty will just increase until you reach equilibrium again.
- vorotato 9y agoI'm pretty sure that's actually not what would happen. If you could attack sha-256, then you could forge all the transactions in the network and take all of the money. Then people would lose faith in the currency and do something else.