3 ms·
The energy usage is for mining new bitcoin and collecting fees, not "7 transactions per second". Newly mined bitcoin will be used for infinite future transactio
by devname 6y ago
The energy usage is for mining new bitcoin and collecting fees, not "7 transactions per second". Newly mined bitcoin will be used for infinite future transactions.
If you want more settlement with same store-of-value properties, use Bitcoin Cash.
- PragmaticPulp 6y ago> The energy usage is for mining new bitcoin and collecting fees, not "7 transactions per second". I think you've misunderstood. The mining fees you cited are for those 7 transactions per second. Miners collect fees for processing those transactions. Focusing on the dollar amount of those Bitcoin or how many times a Bitcoin can be re-used is irrelevant. If anything, it's bizarrely wasteful that Bitcoin requires the energy consumption of a medium sized country just to continue confirming that your balance hasn't changed.
- ywei3410 6y agoOr, to put it more strongly, if no-one mined bitcoin tomorrow, you literally can't transact anymore. Bitcoin PoW /needs/ the energy consumption to function at all.
- tylersmith 6y agoThe energy usage is for keeping transactions that have happened from being reorged out of the chain.