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It should cost almost nothing. It's an information technology, as cryptocurrency is demonstrating. The cost per transaction should be extremely low. That it isn
by CryptoPunk 8y ago
It should cost almost nothing. It's an information technology, as cryptocurrency is demonstrating. The cost per transaction should be extremely low. That it isn't is a result of regulatory overhead.
- toomuchtodo 8y agohttps://digiconomist.net/bitcoin-energy-consumption https://digiconomist.net/bitcoin-energy-consumption > Bitcoin's current estimated annual electricity consumption* (TWh) 53.47 > Bitcoin's current minimum annual electricity consumption (TWh) 40.67 > Annualized estimated global mining costs $2,673,731,206 Just for the power.
- CryptoPunk 8y agoThat's a result of the mining subsidy, that is there to provide security until transaction fees are sufficiently large to secure the network. Actual energy consumption for a network of a few thousand computers to propagate and validate a transaction is minimal: https://gist.github.com/gavinandresen/5044482 https://gist.github.com/gavinandresen/5044482 Without the mining subsidy, and without an artificial 1 MB per 10 minute throughput limit creating scarcity in block space, fees would be extraordinarily low. Also, Ethereum and other blockchains are-moving/have-already-moved to Proof of Stake, which eliminates all of the additional energy consumption that comes from generating proof of work.
- deleted 8y ago[deleted]