3 ms·
So, you're correct, but the previous poster did that thing we so often do where we go too far to make a correct point. In this case, the correct point is that
by solveit 5y ago
So, you're correct, but the previous poster did that thing we so often do where we go too far to make a correct point.
In this case, the correct point is that the waste of energy is to ensure the security of the blockchain (as you correctly pointed out), and not to process transactions. The marginal cost of processing another transaction is completely negligible compared to the cost of securing the blockchain, and so naive comparisons saying that a single transaction uses as much energy as XXX where XXX is the total energy cost divided by the number of transactions is misguided. You could send a million more transactions and the energy cost wouldn't budge.
Of course, the overreach is in the part where they said a single laptop could run all of Bitcoin. Marginal transactions are cheap, but not that cheap, and a single laptop couldn't secure shit. (Again, all as you correctly pointed out. I just wanted to clarify where everyone was coming from for readers who aren't familiar with how Bitcoin works.)
- lottin 5y agoWhat? Securing the blockchain and processing transactions is the same thing. What do you think "securing the blockchain" entails other than processing transactions?
- topranks 5y agoThe point is the number of transactions in a block could vary, and not require additional hashpower. Obviously it's limited now by the blocksize (let's not go there). But the point is the "per transaction" figure is based on the currently imposed limits.
- lottin 5y agoOkay, but this has nothing to do with the fact that miners do one job, and this job is processing transactions. They don't have another job that consists in "securing the network", in addition to processing transactions. Therefore the entirety of the energy spent by miners is spent processing transactions.