> Proof-of-work requires, by design, that the electricity value expended on mining is proportional to the total market cap of Bitcoin. This premise isn't true.

> Proof-of-work requires, by design, that the electricity value expended on mining is proportional to the total market cap of Bitcoin. This premise isn't true. Funny you have this big confident argument when you're wrong about the basics. The electricity expended is proportional to the value of mined bitcoins plus transaction fees. Note that the mining rate goes down over time, approaching zero.