the algorithm customarily increases each computer's electricity usage accordingl

Guessti

jr. member

Activity: 91

Merit: 5

Quote from: adaseb on September 11, 2022, 09:43:06 PM

Bitcoin mining has been criticized for many years. This is the first time when there is an actual electricity shortage and energy shortage and I am not surprised if more laws like this won’t get passed.

You need to understand that if Bitcoin mining is going to lead to blackouts then obviously it’ll be outlawed, especially during peak times. Maybe allowing mining during nighttime should be allowed if laws like this pass.

But we don't even need all the Bitcoin miners that are running right now to be online anyways for Bitcoin to function at the same speed it is now, so seems like if laws do have to exist it would just limit amount of power each miner is allowed etc.

Still a shitty solution.

They could force a POS version of Bitcoin if the laws got too insane, but that would be another split.

adaseb

legendary

Activity: 3808

Merit: 1723

Bitcoin mining has been criticized for many years. This is the first time when there is an actual electricity shortage and energy shortage and I am not surprised if more laws like this won’t get passed.

You need to understand that if Bitcoin mining is going to lead to blackouts then obviously it’ll be outlawed, especially during peak times. Maybe allowing mining during nighttime should be allowed if laws like this pass.

Guessti

jr. member

Activity: 91

Merit: 5

Quote from: adaseb on September 10, 2022, 11:26:45 PM

Quote from: Guessti on September 10, 2022, 06:53:32 PM

https://www.thestreet.com/crypto/news/new-york-state-assembly-to-ban-proof-of-work-crypto-mining-for-two-years

The bill prohibits fossil fuel permits for crypto-mining relying on the proof-of-work consensus algorithm. The consensus algorithm validates a cryptocurrency transaction by allowing people to compete to add new blocks. As virtual miners compete to be the first to solve the complex puzzles, the algorithm customarily increases each computer's electricity usage accordingly.

Who writes this trash?

Yes it doesn't make sense what they wrote. Basically miners compete to be the first to solve the complex puzzles, however the algo increases the difficulty not in electricity consumption.

Only way that electrcitiy consumption is increased is if someone buys more miners or ASICs or GPUs. But the algo still stays the same. What the main goal of the article should of been is just to state that it consumes lots of power during an electricity shortage.

Well since 50%+ of miners could go offline right now and things would be ok, the network performing the same - they could try to instead limit the amount of power per person for mining - but that just seems like a lessor of the two evils to me.

Quote

Sabrina Toppa is an award-winning journalist focusing on cryptocurrency, blockchain, DeFi, NFTs, and Web3. She has written for The Guardian, TIME Magazine, The Washington Post, The Atlantic, and other publications. Follow her on Twitter @SabrinaToppa.

adaseb

legendary

Activity: 3808

Merit: 1723

Quote from: Guessti on September 10, 2022, 06:53:32 PM

https://www.thestreet.com/crypto/news/new-york-state-assembly-to-ban-proof-of-work-crypto-mining-for-two-years

The bill prohibits fossil fuel permits for crypto-mining relying on the proof-of-work consensus algorithm. The consensus algorithm validates a cryptocurrency transaction by allowing people to compete to add new blocks. As virtual miners compete to be the first to solve the complex puzzles, the algorithm customarily increases each computer's electricity usage accordingly.

Who writes this trash?

Yes it doesn't make sense what they wrote. Basically miners compete to be the first to solve the complex puzzles, however the algo increases the difficulty not in electricity consumption.

Only way that electrcitiy consumption is increased is if someone buys more miners or ASICs or GPUs. But the algo still stays the same. What the main goal of the article should of been is just to state that it consumes lots of power during an electricity shortage.

Guessti

jr. member

Activity: 91

Merit: 5

https://www.thestreet.com/crypto/news/new-york-state-assembly-to-ban-proof-of-work-crypto-mining-for-two-years

The bill prohibits fossil fuel permits for crypto-mining relying on the proof-of-work consensus algorithm. The consensus algorithm validates a cryptocurrency transaction by allowing people to compete to add new blocks. As virtual miners compete to be the first to solve the complex puzzles, the algorithm customarily increases each computer's electricity usage accordingly.

Who writes this trash?

Topic: the algorithm customarily increases each computer's electricity usage accordingl (Read 101 times)