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Indeed, transaction rate at bitcoin's highest points has been very low. Power usage is strongly correlated to price, while price isn't correlated to... anything
by annabellish 9y ago
Indeed, transaction rate at bitcoin's highest points has been very low. Power usage is strongly correlated to price, while price isn't correlated to... anything.
- tim333 9y agoPrice is correlated to power usage. There's an odd sort of feedback loop where a rising bitcoin price causes more mining which raises the price of bitcoin and so on exponentially. You may ask why not just walk away and let bitcoin return to zero but there are a large number of people in the mining industry and similar with incentives to promote and prop it up.