4 ms·
So ever since Bitcoin's creation, it has been using the exact same amount of power? Because the transaction throughput surely has changed. Do you not agree tha
by sk0g 7y ago
So ever since Bitcoin's creation, it has been using the exact same amount of power? Because the transaction throughput surely has changed.
Do you not agree that, loosely, there is a correlation between transaction throughput/ popularity/ real world usage, and the amount of people being happy to invest time, effort, and money into mining?
- Mengkudulangsat 7y agoThe amount of power may not be the same, but the economic formula hasn't changed from the start. Inputs to that formula are solely bitcoin price / hardware price / electricity price / other miners. Miners don't care about network throughput at all. Is this market failure? I don't know... Bitcoin still works despite it.
- viraptor 7y agoThroughput increased (from 0), since people started using it. But the maximum throughput cannot increase without protocol changes. There are workarounds like lightning network, but that's off the main blockchain. There's a hard limit on how many transactions you can put in one block. More mining power doesn't change that maximum.