Bitcoin consumes 4,000,000,000 W of power to process four transactions per second. A single Raspberry Pi with a database can do an order of magnitude more on 5W. Think about that next time you wonder if it's a good design.
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Except we can hash more than four passwords per second worldwide, and the cost of hashing passwords isn't in a runaway increase due to uncontrollable market forces. The cost of hashing a password with a strong algorithm is ~100 J, not ~1,000,000,000 J.