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Bitcoin doesn't have to use so much energy. The difficulty level is what causes the high levels of energy consumption. If we could get all the major mining grou
by matthewbauer 6y ago
Bitcoin doesn't have to use so much energy. The difficulty level is what causes the high levels of energy consumption. If we could get all the major mining groups to dismantle some % of their machines, we could reduce energy consumption with a very small cost to the group. This could reduce energy consumption, while also preserving the value of Bitcoin. Maybe Bill Gates can start signing checks to the miners? You get 10K for every machine you video destroying.
- elliekelly 6y agoThe Cobra Effect: https://en.wikipedia.org/wiki/Cobra_effect https://en.wikipedia.org/wiki/Cobra_effect
- MrYellowP 6y agoI'm pretty sure destroying perfectly fine hardware is not the way to go.
- pornel 6y agoThat requires trusting that none of the miners will deflect (e.g. have a hidden stash of hardware waiting offline until it can perform 51% attack). If you need to trust that miners are not cheating, it kinda defeats the whole point of a trust-no-one cryptocurrency. So sadly, in a proof-of-work scheme the secure steady state is only when miners are fiercely competing, and that means maxing out their hardware and electricity usage.
- UncleMeat 6y ago> If we could get all the major mining groups to dismantle some % of their machines, we could reduce energy consumption with a very small cost to the group. The whole point of BTC is that you cannot trust each actor. If we could coordinate a population of trusted ledger managers, there wouldn't be a use for a blockchain in the first place.