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>Do you have an idea of the quantity of power Chinese bitcoin mining farms consume? That's only for the few transactions that the networks processes right now.
by aminok 12y ago
>Do you have an idea of the quantity of power Chinese bitcoin mining farms consume? That's only for the few transactions that the networks processes right now.
Other than the accelerating effect of transaction fees on mining resource consumption, which is on the order of 2 cents per tx, there is no relationship between number of transactions that the network processes and the power Bitcoin miners consume. In other words, the cost (both economic and environmental) per transaction will decline as transaction volumes increase.
- Artemis2 12y agoThere is a direct relation between the volume of transactions and the amount of miners needed to process them, and therefore a relation between the transactions and the consumed power (with a few more factors, such as ASIC efficiency). The current Bitcoin network cannot handle that many (think an order of magnitude) more transactions without having to scale. See also the original link.
- aminok 12y ago>There is a direct relation between the volume of transactions and the amount of miners needed to process them, Almost the entire cost of mining is in running ASICs to produce proof of work, not in validating transactions. The cost to produce proof of work is not affected by number of transactions.