4 ms·
A lot of energy would have been wasted for a lot less mined volume, so it's probably for the better.
by varjag 6y ago
A lot of energy would have been wasted for a lot less mined volume, so it's probably for the better.
- vmception 6y agothe same amount of bitcoin would have been mined. what did you mean?
- kortilla 6y agoIf it still didn’t become popular until around the same time, all of the rewards would have been halved much earlier. The big miners would be fighting over even smaller rewards.
- vmception 6y agoThe network emission adjusts to the amount of computational power on the network, every 2016 blocks. So if there was 1/1000th of the computational power on the bitcoin network, blocks would still be generated in the same time span, 10 minutes. If there was 1000x more computational power on the bitcoin network, blocks would still be generated in 10 minutes. If you understood that already then I'm not sure what you or the prior person is referring to exactly. If you mean that all the halvings would happen a decade earlier because bitcoin started a decade earlier, I'm not sure what the point of mentioning that is. If you mean the exchange rate would have been lower, the same scarcity drivers would exist, who knows who cares. The "big miners" would be bound by market forces of what's anything worth to them, and would likely be 100% proportional to today's reality.
- varjag 6y agoPerformance per watt energy was a lot worse a decade prior.
- vmception 6y agojust likely means the same amount of energy would be used with lower hashrate, the same amount of bitcoin would be generated
- tdrgabi 6y agoLess powerful computers, so they would spend more time to find the same amount, I guess
- vmception 6y agowell that's not how bitcoin works. they would have found the same amount in the same amount of time. the network is adaptive.
- freeone3000 6y agoDoes the mined volume practically matter? As a relative factor, yes, it needs to be big enough to be too expensive to compute, but, as computation grows more expensive the volume necessary is actually reduced.
- deleted 6y ago[deleted]