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> the electricity value expended on mining is proportional to the total market cap of Bitcoin That would be the case if price doesn't vary much over time. But
by tromp 4y ago
> the electricity value expended on mining is proportional to the total market cap of Bitcoin
That would be the case if price doesn't vary much over time. But marketcap is current supply * current price, while the large majority of current supply was mined when bitcoin was WAY cheaper and thus much less electricity was spent on it.
- buzzin_ 4y agoHere you are confusing "total amount of electricity Bitcoin used trough history" and "amount of electricity Bitcoin miners are currently using". The second is proportional to the current Bitcoin price, the first one, who cares.