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There seems to be a factual error in this: other than what the article claims the number of transactions should not change the amount of energy required. The M
by facepalm 11y ago
There seems to be a factual error in this: other than what the article claims the number of transactions should not change the amount of energy required.
The Mining network mines a block roughly every 10 minutes, no matter how many transactions there are.
If the amount of transactions rises, the cost in Bitcoin per transaction rises, not the energy required. The cost in Bitcoin rises because you have to give the miners an incentive to actually process the transaction (that is, include it in a mined block). Since the number of transactions per block is limited, there is a bidding competition.
What increases the energy required is only the mining, which depends on the value of Bitcoin. The more valuable Bitcoin is, the more miners will be thrown at it, consuming more energy.
Correct me if I am wrong...
- lhl 11y agoThere is currently a (ballpark) 7tps limit due to the current 1MB block size limit although this is currently under the subject of intense discussion/debate and will likely be solved in the coming months/years by a combination of increases to the block size (imminent), and the deployments of technologies like side chains and lightning network (both under development).