this post was submitted on 02 Jun 2024
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I'm gonna pile on the "not happy" side with environmental concerns. You see, with Bitcoin, if crypto mining was as easy as just verifying the next block in the chain, it would be easy and the market would flood. You'd have hyperinflation. The system controls the rate at which new bitcoins are minted by artificially increasing the computational difficulty of the problem. And the end result is that crypto mining intentionally wastes power output comparable to that of a country.
Calling hashing "mining" was probably the most stupid thing in bitcoin. Since it have nothing to do with minting new coins. It is tru that miners get a bonus in addition to the fees of the block when successful. But that bonus is reduced regularly and will eventually go away.
The power consumption used by hashing became quickly insane by companies chaseing a quick buck.
the whole Blockchain could be run by two raspberry pis, and the cap is still limited to 21million. I suspect you don't know what you're talking about
It could be. I explained why it isn't. Why don't you offer an alternative hypothesis for why so much power is used?
it's used because because more machines areining than 2 raspberry pis
Well, thanks for agreeing with me
three raspberry pis would also use more power than 2. it doesn't mean that Bitcoin is designed to waste power. it means people are willing to spend energy on mining
But it could be done with 2. The third one is spending power for no common good.
not for a common good, but the other two can hardly be said to be altruistic either.
Exactly, it's a system where everyone running the infrastructure is a greedy dick
this is true of any other commodity extraction operation, though. lumbering, mining, fishing...