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I don't think you are right that electricity is consumed only for the creation of new coins. The proof of work is done for every block of transactions, and woul
by incompatible 9y ago
I don't think you are right that electricity is consumed only for the creation of new coins. The proof of work is done for every block of transactions, and would still be part of the system if no new coins were created.
- village-idiot 9y agoCorrect. Producing new coins is a side effect of mining in POW systems in order to help pay the miners. For bitcoin specifically, once the reward falls below the Satoshi, the entire cost of mining will fall on the shoulders of users in the form of transaction fees. This will not work very well.