this post was submitted on 03 Feb 2024
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420
Over 2 percent of the US’s electricity generation now goes to bitcoin (arstechnica.com)
submitted 1 year ago by [email protected] to c/[email protected]
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Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

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[–] [email protected] 3 points 1 year ago (3 children)

My main issue with Bitcoin isn't even the POW vs POS angle, it's the fact that the core devs see no problem with their current POW algorithm, which is not designed to put any bounds at all on energy consumption. But I also think they should have increased the block size, and you can see where that discussion went.

[–] [email protected] 4 points 1 year ago (1 children)

I sometimes have a weird vibe like someone somehow crippled Bitcoin by making it not able to evolve and develop. I mean... If I wanted it gone and couldn't just destroy it, I would cripple it. Idk, just feels sus.

[–] [email protected] 1 points 1 year ago (1 children)

Anything that makes bitcoin more valuable is a financial benefit to all people holding bitcoin. Anyone who has a brilliant idea is financially better off by making their own coin.

Miners, who have money tied up in bitcoin-specific hardware, have a vested interest in maintaining the POW system or else their capital loses value.

There are probably exchanges short on bitcoin that stand to profit from a decreasing price.

So yeah. Someone crippled bitcoin. That someone is Satoshi.

[–] [email protected] 3 points 1 year ago* (last edited 1 year ago)

Fuck the core devs is really all i have to add to that without going into it...

Luckily things like Ethereum and others were born due to them.

[–] [email protected] 2 points 1 year ago

I have really high hopes for something like proof of work

I just realized I wrote the above, but if it wasn't clear, I meant proof of stake.