7 ms·
> You don't get more bitcoin for more electricity, you just get more security. Specifically, more security for the next block, only. Once that block is mined,
by PragmaticPulp 6y ago
> You don't get more bitcoin for more electricity, you just get more security.
Specifically, more security for the next block, only. Once that block is mined, the process starts all over again for the next block.
The energy usage reset button is pressed as soon as each block is mined. No energy is "stored".
- WrtCdEvrydy 6y agoBitcoin itself is energy or can be converted into energy. If I can buy wood to burn for energy with Bitcoin, I am converting mined Bitcoin into energy.
- bathtub365 6y agoIf I have Bitcoin how do I convert it into energy to power something else?
- danboarder 6y agoBy purchasing electricity with Bitcoin.
- ForHackernews 6y agoBy this logic, dollar bills make a much better "battery".
- vntok 6y agoNot really because the Dollar bills battery keeps discharging at the inflation rate.
- yjftsjthsd-h 6y agoRight, because BTC value never goes down.
- bingbong70 6y agoNGU - "Number Go Up" technology is one of Bitcoin's most interesting & unique attributes. Few here understand.
- vletal 6y ago> Few here understand. Sounds like a catch phrase from an "alternative" news site or a thing a member of a religious cult would say.
- wavefunction 6y agoI can at least light a dollar on fire for some small measure of warmth!
- danboarder 6y agoPerhaps an equally good "battery", this is the principal of fungibility as a currency. Given the built-in halving structure of bitcoin, in the long run bitcoin may "store" or buy more electricity relative to the dollar that has inflationary pressure (USD tends to lose 3%/yr in real value due to inflation).
- Retric 6y agoMoney doesn’t buy electricity in a blackout. That’s the difference between an abstraction and the underlying reality.
- WrtCdEvrydy 6y agoIt does actually, thousands in Texas had no electricity while I did. Cost me 1/5 of a Bitcoin.
- Retric 6y agoI think you misunderstood. I had electricity just fine during the storm due to the wonders of working infrastructure and thus not being in a blackout. But, for those without power due to a blackout, you can’t simply spend money and instantly turn the lights back on. You can either have already spent money to have backup power, or you have a problem. It’s like breathing, if your drowning spending money to be able to breath in 2 hours is useless you need air now. Which is why electric grid operators need infrastructure not money to avoid causing blackouts.
- selectodude 6y agoDid your electricity provider accept Bitcoin?
- bingbong70 6y agoWhoever sells generators in an outage definitely will accept your bitcoin pre/post conversion.
- lottin 6y agoWhat if I buy gold with it? Does it mean I have turned electricity into gold?
- MauranKilom 6y agoThen Bitcoin stores no energy whatsoever. If I purchase the same amount of electricity with $, or with gold, or with seashells instead of Bitcoin, there will be no difference on the side of the electricity supplier. Aside from, of course, Bitcoin potentially affecting electricity prices.
- africanboy 6y agoin this scenario am I a battery because I can make my own wood? and is the tree I am cutting a battery too? wouldn't it be easier (and more sustainable) then to plant trees than mine bitcoins?
- user-the-name 6y agoIt's not. This statement is just plain dumb.
- UncleMeat 6y agoBecause I can buy BTC with dollars, dollars are bitcoins! Because I can buy fiat currency with BTC, BTC is a fiat currency!