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It is hard to tell if you are joking here or not, but in case you are not: if the cost of mining is low, the value of mining is also low. The reason for having
by d1sxeyes 2y ago
It is hard to tell if you are joking here or not, but in case you are not: if the cost of mining is low, the value of mining is also low. The reason for having 'mining' in Bitcoin is to artificially create scarcity in order to simulate blocks having real-world value.
If you can mine blocks for free, the value of each block plummets.
- tosl567 2y ago[flagged]
- kapsteur 2y agoI'm not. The price of energy will lower the value but if everyone does it the hashrate will be higher so it will balance out.
- d1sxeyes 2y agoSo then what problem is solved?
- hooli_gan 2y agoExcess energy is burned, providing some value instead of none
- tsimionescu 2y agoAs long as Bitcoin is unusable for day to day transactions (7 TPS globally isn't even good enough to run a town on), it can't solve any real problems, because its value is just speculative make-believe. And no, Lightning or other L2 networks don't change that, since they don't actually use Bitcoin all that much - they don't actually give Bitcoin's assurances unless you run them at Bitcoin speeds (i.e. close the channel after every transaction, negating any performance advantage).
- tosl567 2y ago[flagged]