• @[email protected]
    link
    fedilink
    English
    109 months ago

    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.

    • @sep
      link
      English
      -69 months ago

      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.

    • Victoria Antoinette
      link
      English
      -99 months ago

      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

      • @[email protected]
        link
        fedilink
        English
        109 months ago

        It could be. I explained why it isn’t. Why don’t you offer an alternative hypothesis for why so much power is used?

        • Victoria Antoinette
          link
          English
          -39 months ago

          it’s used because because more machines areining than 2 raspberry pis

            • Victoria Antoinette
              link
              English
              -39 months ago

              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

                • Victoria Antoinette
                  link
                  English
                  -29 months ago

                  not for a common good, but the other two can hardly be said to be altruistic either.