2 ms·
Never mind the fact sha256 hashing has improvements which lower energy usage.
by kordlessagain 5y ago
Never mind the fact sha256 hashing has improvements which lower energy usage.
- codewiz 5y agoThe efficiency of the hashing algorithm is irrelevant in Bitcoin, because the difficulty of finding a new block auto-adjusts to keep new blocks coming at a fixed 10-minutes interval. If hashing gets faster, miners will just hash more, until the block reward approximates the total cost of operating the mining rigs (which is dominated by the cost of electricity). These block rewards halve every 4 years, but Bitcoin's price has been increasing faster. Consequently, power consumption kept increasing and will likely continue to increase.
- kordlessagain 5y agoLol the price and the cost of mining are only related because of humans, not technicals. Efficiency is still a thing which is costly in the near term and a technical feature.