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Why Bitcoin is so bad for the planet – video explainer [video]
- xilni 6y agoI used to follow Bitcoin quite closely right up until the age of ASIC mining took over so I'm not in the loop. What's the long term solution for this?
- deleted 6y ago[deleted]
- ripply 6y agoMoving consensus away from proof of work, proof of stake is currently the promising solution but there will be a lot of pushback from the miners as their hardware would become obsolete and they may decide to just continue mining like they currently are. The market would then decide which is the real Bitcoin and the mining would only stop once it’s no longer economically viable to mine Bitcoin due to the price dropping.
- xiphias2 6y agoIf it makes tha author happy, Bitcoin doesn't use as much energy as it will in the future.
- imtringued 6y agoI would like to see a chart that predicts the price of bitcoin and multiplies the predicted price with the block reward. The dollar value of the block reward is the profit motive of miners. If it goes down over time then Bitcoin will consume less and less power. However, it's entirely possible that block reward halving will also accelerate the deflation of Bitcoin as more and more Bitcoin get lost irreversibly. We are the point where things can get better or worse but nobody knows yet.
- xiphias2 6y agoFor me things are getting better, as I prefer Bitcoin to use more energy (although I hope that the share of renewable energy usage will go up). If Bitcoin will be successful, the price can go up 100x while energy usage goes up by 10-20x.
- Gupie 6y agoWhy do you prefer Bitcoin to use more energy?
- xiphias2 6y agoIts security against nation state level attacks depends on the amount of energy used. There were many previous attempts to create private money independent of cental banks, but all failed due to national states clamping down on them. Bitcoin was the first private money that succeeded.
- Gupie 6y ago> Its security against nation state level attacks depends on the amount of energy used. I don't understand how more energy used makes bitcoin harder to shut down. It would seem the opposite to me as energy usage could be used to find illicit mining.