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They didn't consider raising the cost of electricity.
by compressedgas 5y ago
They didn't consider raising the cost of electricity.
- lwansbrough 5y agoThis has pretty serious negative effects outside the realm of cryptocurrency.
- deleted 5y ago[deleted]
- BenoitP 5y agoTaxing them would be the best of both worlds. Ultimately, proof-of-work is actually a proof of faith. How much resources are you ready to waste in order to prove your faith, and have a chance at discovering the next block? Now, a (globally enforced) tax would raise the bar for every miner. The same amount of resources would be wasted by the miners: their resources and faith remain unchanged. But now, a portion of the miner waste would go into community resources. A 99% tax would be great! The only problem is enforcement; if someone doesn't pay their taxes, they have a much greater proof. Maybe it can be enforced by the blockchain? Lets say a blockchain recognizes a "government" entity -with a magic address-; a consensus rule could be that 99% of the reward goes to it?