Well, they will get some idea of how LN makes things change. If they are concerned with energy consumption, they must have to support the said innovation, not just by looking into the negative side of how Bitcoin leads to increase criminal activities.
It is a good thing that they had open their minds and hope these leaders won't stop pushing it until the time it finally gets approval. This will be the stepping stone that LN will get recognition and high value to the community.
Topic: US House Member pushes for Lightning Network. (Read 163 times)
If the powers that be in the US (corporate, local, state, fed) were smart they'd be jumping on bitcoin mining, shifting the mining power away from the Chinese economy to the US economy, and building it all on renewables, with bitcoin subsidizing these renewables instead of needing tax payer subsidies like power generation (of all types) normally has.
So, I'd rather that energy be put to use desalinating water or generating hydrogen.
What'd be more effective is a multilateral geopolitical mining truce between countries to lower the overall difficulty.
Yeah so he gets the LN reduces consumption part wrong but good to see a US Rep supporting Bitcoin, actually at least having heard of LN, and supporting Bitcoin mining getting even further onto renewables. Hopefully a side consequence of institutional money coming into Bitcoin will be that these institutions will put some money to renewable mining initiatives. If the powers that be in the US (corporate, local, state, fed) were smart they'd be jumping on bitcoin mining, shifting the mining power away from the Chinese economy to the US economy, and building it all on renewables, with bitcoin subsidizing these renewables instead of needing tax payer subsidies like power generation (of all types) normally has.
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Even then, Bitcoin mining consumes much less energy than traditional Bank procedures. Did you Imagine how much energy or power has been consumed/spent for making a 100 dollar paper bill at a bank? We have to look at making ECO-Friendly electricity first cause Lightning Network transaction may reduce the consumption of electricity for a single transaction or a couple of transactions but it will not much effective to reduce the overall consumptions of the mining network.
Quote
The BTC #LightningNetwork reduces consumption.
~snip~
It is interesting to see elected politicians to actually get involved in crypto.
It's indeed interesting to see politicians having this kind of tweets.
Although he's wrong and LN won't stop the miners mine, hence will not reduce any consumption, his semi-conclusion is right: we need more LN nodes, we need better adoption of LN (especially by the centralized exchanges!)
And the fact he already knows that LN exists is "a big deal"
Ah, and innovation to make more efficient miners will only increase the hash rate, since mining will be even more profitable. It won't make mining greener.
https://twitter.com/RoKhanna/status/1370936589271105539
We could get into the technical discussion of how an additional layer of abstraction adds an additional cost to an already constant cost (the actual bitcoin network); but the metric of "kwh/transaction" looks so much better than actual overall emissions count.
It is interesting to see elected politicians to actually get involved in crypto.
Quote
#Bitcoin uses energy like cars, gold, & finance. Valuable things require energy. Mining must be greener. The BTC #LightningNetwork reduces consumption. We need BTC owners like
@jack
@elonmusk
@Tesla
to continue to drive clean energy innovation.
@jack
@elonmusk
@Tesla
to continue to drive clean energy innovation.
We could get into the technical discussion of how an additional layer of abstraction adds an additional cost to an already constant cost (the actual bitcoin network); but the metric of "kwh/transaction" looks so much better than actual overall emissions count.
It is interesting to see elected politicians to actually get involved in crypto.
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