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The key to your misunderstand here is that the proof of work hashing is decoupled from transaction volume or market cap.
by drcross 5y ago
The key to your misunderstand here is that the proof of work hashing is decoupled from transaction volume or market cap.
- paulgb 5y agoIt's not. If the market cap goes up, it's because the price of bitcoin goes up. If the price of bitcoin goes up, the mining reward goes up. If the mining reward goes up, the block reward that incentivizes mining goes up. The mining market is in equilibrium when miners expenses approach the block reward, so mining uses more energy as the market cap goes up.