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If this is economically unproductive work, why are the miners being rewarded for it? Is it just that the market hasn't figured out what the detractors here seem
by sackfield 3y ago
If this is economically unproductive work, why are the miners being rewarded for it? Is it just that the market hasn't figured out what the detractors here seem to know? Or is it that they don't understand as much about economics as they think they do?
- Symbiote 3y agoThe miners are rewarded as bitcoins are useful for scamming, and kept as speculative investments. Many people don't think either use justifies the environmental cost.
- lottin 3y agoOwners of bitcoins pay for all this unproductive work. They pay for it by buying the new bitcoins being issued by the miners every 10 minutes. So long as these idiots continue to buy the coins, miners can continue to waste resources.
- EasyMark 3y agobecause they don't have to pay carbon taxes on it, because the current market doesn't price in environmental damage for nearly no useful return currently.