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I agree with you, but what bothers me is that people continue to say that PoW is waste of energy, even if the article is about moving 38M USD for 0.0064 USD.
by rahulmittal79 6y ago
I agree with you, but what bothers me is that people continue to say that PoW is waste of energy, even if the article is about moving 38M USD for 0.0064 USD.
- gambiting 6y agoIt didn't though. It moved bitcoin which is worth 38M USD, but crucially it's not the same thing. If you wanted to convert that bitcoin to actual dollars it would cost you a lot more. Like, if you had a painting worth 38M dollars you could just throw it in the car and drive it somewhere and give it to someone. You just "moved" 38M dollars, but I hope it's clear that it's not the same as actually sending 38M dollars.
- londons_explore 6y agoThe PoW energy is paid for via mining rewards, which are minting new coins (inflation). The inflation rate in bitcoin is about 2% right now. That means your wallets real world value is shrinking by about 2% annually to pay for those miners. So far, thats been dwarfed by other reasons for bitcoin to change in value.