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Tesla should have waited 3 more years until the next halvening.

by codenotmath 6y ago

BLanen 6y ago
That doesn't change anything in energy usage, and shows how you fundamentally don't understand how it works.
- imwillofficial 6y ago
  I don’t care about the energy issue. See actual sources of most of bitcoins energy. (Nat gas, thermal, etc that would be otherwise wasted.)
  - Hamuko 6y ago
    Can you show those actual sources?
    - imwillofficial 6y ago
      Go google it.
- CryptoPunk 6y ago
  The energy usage of Bitcoin is directly related to the revenue available to BTC miners. As mining rewards decline, so does energy expenditure to mine BTC.
  - Retric 6y ago
    BTC miners make significant money from transaction fees which largely offsets future drops. Unfortunately, if rewards drop enough 51% attacks become possible so Bitcoin requires massive energy expenditure to remain viable. The basic equation the rewards from mining using X hardware over it’s useful lifetime vs the rewards from using that hardware for a 51% attack.
    - CryptoPunk 6y ago
      The vast majority of BTC miner revenue - around 90% - comes from block rewards: https://www.blockchain.com/charts/miners-revenue https://www.blockchain.com/charts/miners-revenue With every halving, assuming price remains constant, BTC miner revenue, and with it, energy expenditure, declines, until it's 10% of current energy expenditure. You're right that this could pose problems for Bitcoin's security, but that's unrelated to the fact that Bitcoin miners' energy expenditure as a share of BTC price will decline.
      - Retric 6y ago
        It’s nowhere near consistent enough to say 10% going forward, as block rewards per day have been anything from 1400 to 10 BTC per day over the last 3 years.
    - gruez 6y ago
      >BTC miners make significant money from transaction fees which largely offsets these drops Today's block subsidy is currently 6.25 BTC, and the amount with fees is around 7.2 BTC. That's nowhere close to the pre-halvening about of 12.5 BTC.
      - Retric 6y ago
        You’re looking backwards not forwards. Assuming transaction fees of 1BTC / block, the next drop isn’t to 3.125 BTC it’s ~4.125 BTC and the drop after that is to 2.5625 not 1.5625. In roughly 3 drops subsidies will be less than block fees. Not that 1BTC per transaction is anything close to a constant, maximum rewards over the last 3 years where more than 100x minimum rewards, but it does seem independent of block rewards.
- codenotmath 6y ago
  Reduced mining rewards will indeed reduce the amount of energy spend. Just check the price surges/declines of the past.

Tesla should have waited 3 more years until the next halvening.

BLanen 6y ago

That doesn't change anything in energy usage, and shows how you fundamentally don't understand how it works.

imwillofficial 6y ago
I don’t care about the energy issue. See actual sources of most of bitcoins energy. (Nat gas, thermal, etc that would be otherwise wasted.)
- Hamuko 6y ago
  Can you show those actual sources?
  - imwillofficial 6y ago
    Go google it.
CryptoPunk 6y ago
The energy usage of Bitcoin is directly related to the revenue available to BTC miners. As mining rewards decline, so does energy expenditure to mine BTC.
- Retric 6y ago
  BTC miners make significant money from transaction fees which largely offsets future drops. Unfortunately, if rewards drop enough 51% attacks become possible so Bitcoin requires massive energy expenditure to remain viable. The basic equation the rewards from mining using X hardware over it’s useful lifetime vs the rewards from using that hardware for a 51% attack.
  - CryptoPunk 6y ago
    The vast majority of BTC miner revenue - around 90% - comes from block rewards: https://www.blockchain.com/charts/miners-revenue https://www.blockchain.com/charts/miners-revenue With every halving, assuming price remains constant, BTC miner revenue, and with it, energy expenditure, declines, until it's 10% of current energy expenditure. You're right that this could pose problems for Bitcoin's security, but that's unrelated to the fact that Bitcoin miners' energy expenditure as a share of BTC price will decline.
    - Retric 6y ago
      It’s nowhere near consistent enough to say 10% going forward, as block rewards per day have been anything from 1400 to 10 BTC per day over the last 3 years.
  - gruez 6y ago
    >BTC miners make significant money from transaction fees which largely offsets these drops Today's block subsidy is currently 6.25 BTC, and the amount with fees is around 7.2 BTC. That's nowhere close to the pre-halvening about of 12.5 BTC.
    - Retric 6y ago
      You’re looking backwards not forwards. Assuming transaction fees of 1BTC / block, the next drop isn’t to 3.125 BTC it’s ~4.125 BTC and the drop after that is to 2.5625 not 1.5625. In roughly 3 drops subsidies will be less than block fees. Not that 1BTC per transaction is anything close to a constant, maximum rewards over the last 3 years where more than 100x minimum rewards, but it does seem independent of block rewards.
codenotmath 6y ago
Reduced mining rewards will indeed reduce the amount of energy spend. Just check the price surges/declines of the past.