did you even read the thread? 8GW is only one country's commercial mining load, and it's already more than the world's largest nuclear power facility can generate at full capacity. it's a nation state's worth of energy wasted on purpose with *guaranteed* year-on-year increases.
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The block rewards continue to drop rapidly and most of the revenue comes from those. There's no guarantee overall Bitcoin fees will increase enough to make up for that or that they'll keep increasing. The amount of money is limited to the total paid for inclusion in the blocks.
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Right now, the vast majority of the money doesn't come from fees but rather the rapidly decreasingly block rewards. Over time, it ends up having to be entirely funded through fees. 1/10 of the mining or 10x as much mining would work the same way. Doesn't impact throughput, etc.
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It's not something with unbounded / limitless growth. The total amount of fees paid becomes the entire revenue source for miners. Higher fees create more pressure to use 2nd layers like Lightning, or a side chain like Liquid, or something less secure / custodial.
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if that one system is already using abominable amounts of energy, the bound doesn't matter. not to mention the other systems cropping up to try to compete, each bringing their own ridiculous energy use.
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I'm not defending it. I'm explaining that your description of it as some kind of unbounded growth doesn't make sense. The revenue for miners is going to entirely based on the total amount of fees. It's temporarily based primarily on block rewards, which are rapidly going away.
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It's only bounded if you assume there's only one system, which there isn't, and the bound only matters if it's below a safe threshold of energy consumption, which it isn't either.
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The revenue has to come from somewhere. Right now, it primarily comes from people buying BTC due to block rewards, not transactions. In the future, it has to come entirely from fees from transactions.
I don't think there's a limitless market for other PoW cryptocurrencies.
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Again, the limit is meaningless if the limit is far in excess of what is safely consumable.
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It's far less than 1% of power being used and it's not a system with unbounded growth. I don't really see what's unsafe about it. Compare it to something like meat production, which has a disproportionately high impact on greenhouse gases far beyond the electricity use too.
Bitcoin is not actually something resembling a paperclip optimizer. Price grew very rapidly, far more than most people would have expected, and since block rewards are still a major thing (rapidly fading away) that created immense mining demand. How would the demand be sustained?
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I really don't think people are willing to pay anything close to that much in fees. Out of necessity, people will be forced to use stuff like Lightning, Liquid, etc. as demand for transactions increases. Not realistic for people to pay thousands of USD or more per transaction.
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