@monkbent as bit coin mining becomes zero sum, it will be less profitable to mine and less people will mine it. Don't you think?
-
-
-
@UNameUNameUName I think it's a prisoner's dilemma. Also need to look at Bitcoin demand in context of whole system, not just mining
-
@monkbent like as the value of bitcoin increases the amount of energy the currency as a whole absorbs increases? -
@UNameUNameUName yes, roughly speaking.
End of conversation
New conversation -
-
-
@monkbent@stratechery Surely long term, Bitcoin mining will only be profitable on the cheapest energy, which will be renewable by then? -
@__MarkW__ theoretically :)
End of conversation
New conversation -
-
-
@monkbent@stratechery The efficiency of mining increased exponentially with ASIC's. Overall energy requirement for BTC may flatten out. -
@oliverbruce not if everyone has an ASIC. The difficulty increases at the same rate as the efficiency -
@monkbent sure. reread the article - get what you're saying - can see a dystopian future where 1000MW coal plants exist solely to mine BTC.
End of conversation
New conversation -
-
-
@monkbent@stratechery Ultimately mining will be done by systems where there positive externalities to electricity usage such as heatersThanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@monkbent bonus points for the first cryptocurrency with a carbon tax on miningThanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.