Some consider the computation power wasted, some consider the power is used to secure a $8 billion project (at this moment).
People have different views on it, and thus there are other schemes like PoS (Proof Of Stake) and PoB (Proof Of Burn).
Topic: BTC mining computation - what exactly for? (Read 594 times)
Can someone please explain in simple terms - what exactly mining computation is used for?
I mean, all the firepower used for mining around the world put together - is it all really needed for security purporse?
Sounds like a hell of a lot of machines to me - is it really justified?
I mean, all the firepower used for mining around the world put together - is it all really needed for security purporse?
Sounds like a hell of a lot of machines to me - is it really justified?
Yes, with the "proof of work" concept, the more miners there are, the safer the network becomes.
Can someone please explain in simple terms - what exactly mining computation is used for?
The proof of work is required to prevent block spamming and mitigate the risk of double spends.
I mean, all the firepower used for mining around the world put together - is it all really needed for security purporse?
Sounds like a hell of a lot of machines to me - is it really justified?
Sounds like a hell of a lot of machines to me - is it really justified?
There are alternatives, like Proof Of Stake for example.
Can someone please explain in simple terms - what exactly mining computation is used for?
I mean, all the firepower used for mining around the world put together - is it all really needed for security purporse?
Sounds like a hell of a lot of machines to me - is it really justified?
I mean, all the firepower used for mining around the world put together - is it all really needed for security purporse?
Sounds like a hell of a lot of machines to me - is it really justified?
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