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Do you realize that bitcoin doesn't require constantly increasing energy use to scale, right? There exists a natural equilibrium of the value of the miner rewa
by anonporridge 5y ago
Do you realize that bitcoin doesn't require constantly increasing energy use to scale, right?
There exists a natural equilibrium of the value of the miner reward, the cost of energy, and the amount of energy consumed.
- danuker 5y agoIndeed, and as miner reward continues to drop every four years, so will the budget to waste energy. Eventually bitcoin will need to pay its own security through transaction fees.
- anonporridge 5y agoYep. That's what's expected to happen as the inflation rate drops to zero.
- zaybqp 5y agoHow could you expect a POW system to be energy efficient while secure when its token/coin's dollar denominated value has been inflated beyond sanity by irresponsible policies of unelected officials?
- paulmd 5y agoAs the amount of commerce on bitcoin increases, it becomes more desirable to reverse transactions, so there is indeed some ratio of "GDP to energy expenditure" that needs to be maintained for a sufficient level of network security. So yeah it doesn't need constantly increasing energy expenditure as long as the amount of commerce using bitcoin stops increasing.