3 ms·
Right now the share of the world economy running on Bitcoin is negligible, yet its energy consumption is relevant. If that share became consistent, the price of
by danmaz74 7y ago
Right now the share of the world economy running on Bitcoin is negligible, yet its energy consumption is relevant. If that share became consistent, the price of Bitcoin would increase by many orders of magnitude, and mining bitcoin would become more and more competitive in relation to other uses of energy, and would increase in tune - that's why I say inordinate. PoW is just unsustainable by design.
- trickstra 7y agoBitcoin's energy consumption is also by design self balancing - increase the price of electricity, less electricity will be used. With the same benefits for the network.
- arcticbull 7y agoNot really, it's self-balancing with respect to the efficiency of the technology around it. As tech gets better, Bitcoin gets worse to compensate.