It is a wasting because it could be done with staking, that way the could shouldn't need miners. And i think this is why ETH is moving to PoS.
And it's a waste if the energy cost is bigger than the mined coins...
Topic: Is bitcoin mining a problem of wasting energy? No - page 3. (Read 575 times)
First of all, not all crypto needs to consume power. The “waste of energy” is the barrier to protect bitcoin with competence. This is the nature of PoW.
Moreover, in 2018, the total electricity consumed by bitcoin is the same amount as Ireland, the country. However, the total market value of bitcoin was about the same size of Ireland M1 which consumes much more resources than just electricity, In order to support a country’s M1. From this point of the view, PoW the consensus, actually is more efficient than any other form of modern social consensus.
About bitcoin and crypto refers to the article below:
https://www.mycrypto101.net/post/is-bitcoin-mining-a-problem-of-wasting-energy
Moreover, in 2018, the total electricity consumed by bitcoin is the same amount as Ireland, the country. However, the total market value of bitcoin was about the same size of Ireland M1 which consumes much more resources than just electricity, In order to support a country’s M1. From this point of the view, PoW the consensus, actually is more efficient than any other form of modern social consensus.
About bitcoin and crypto refers to the article below:
https://www.mycrypto101.net/post/is-bitcoin-mining-a-problem-of-wasting-energy
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