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The author is forgetting that the process of mining is not just to receive the block reward, but to support the entire bitcoin network. If there were no miners
by jadeddrag 13y ago
The author is forgetting that the process of mining is not just to receive the block reward, but to support the entire bitcoin network. If there were no miners, no new transactions would get verified and bitcoin would not be secure. So it's wrong, and probably disingenuous for him to state that mining is a waste of electricity.