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whipskid wrote (edited )

some of us mined up hella racks of BTC in 10 years the market cap is huge now

warehouses of asics where energy is cheap: computers processing and turbines coolin

and its values going up a bunch. transaction fees are high right now but thats cos everyones buying right now and newer cryptocurrencies are using PoS proof of stake instead of proof of work and theres nano with faster cheaper fees and better algorithms which are energy efficient but ya huge market cap now, not that surprising it took a lot of energy to create all this crypto

but most of it is all mined up already and existing now so

and its values going up

now its just gas and transaction fees and stuff which can be verified w/o too much intensive computing hopefully in future

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naut wrote

I am curious to see what happens to the currency when or if (diminishing returns and all) the mining is completed. Proof-of-Work algorithms are also used for validating transactions on the blockchain (as I understand it) and it would still mean much larger energy costs than alternatives like PoS, but do you think such a fundamental part of the software would be modified?

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yam wrote

but most of it is all mined up already and existing now so

Okay, maybe you can fill me in, because I don't know too much about Bitcoin, but those stats I posted, aren't they quite recent (2020) stats? That would indicate that this enormous power usage is not a thing of the past.

newer cryptocurrencies are using PoS proof of stake instead of proof of work

Does that mean that they are a bit like Bitcoin without the energy usage? That sounds great, because clearly there are some important uses for cryptocurrencies, like when Paypal froze Wikileaks donations. Have you tried using any of those PoS currencies?

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whipskid wrote (edited )

Bitcoin is still using tons of energy and will continue to. The concept of mining is ridiculous: a global computational race to guess a number. And so so many computers but it serves some kind of purpose for verification and so it will continue to be.

The reasoning in this article is a little unfair since it doesn't consider that bitcoins can be re-spent (used as currency). Hopefully the next 5 years of verifying BTC txs will use less energy than the years lately. The bitcoin protocol I think will lead to the mining pools and rigs to end up pretty centralized but decentralized enough that the security isn't affected.

Its possible most mining activity in future will be powered by renewable energy and executed on energy-efficient ASICs. Maybe mining will be made obsolete by DAG or newer Proof of stake ideas.

Proof of Stake is an alternative to mining implemented by Cardano & Ethereum 2.0. Instead of solving computationally cryptic puzzles with processing: the vote-power of a node is determined by how many coins they have "staked" into the smart-contract. Verifier nodes are

we should be able to utilize blockchain tech without so much intensive mining used to verify transactions/blocks.

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