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Currently you can sell 1 BTC for around $0.85-$0.9: https://mtgox.com/trade/history https://mtgox.com/trade/history That is not a waste of energy, it's require
by mike_esspe 16y ago
Currently you can sell 1 BTC for around $0.85-$0.9: https://mtgox.com/trade/history https://mtgox.com/trade/history
That is not a waste of energy, it's required for protecting transactions from double spending.
If it's a waste, than banks computer farms is a waste too.
- pmjordan 16y agoIf it's a waste, than banks computer farms is a waste too. Sorry, I don't understand this part. I'm pretty sure real currency isn't backed by hash function brute forcing. (I assume they use contracts along with some form of public key cryptographic hashing to sign transactions.)
- mike_esspe 16y agoBanks run a lot of servers for accounting, online banking, swift and other internal needs. Bitcoin network does it with the help of cryptography and proof of work hashing. Probably energy spendings are comparable.