Hey guys,
in this post I wanna assume why apart from the pollution Bitcoin POW is moving into an dead end.
For the first I wanna determine several things:
1) Important for Bitcoins safety the Hashrate or difficulty is only a moment view. In general the safety depends on the global energie use because
2) Different companys for example Bitmain invent always new ASIC Miner which will make more hashrate with lower energy consumption
3) its human behaviour to be greedy. You wanna have always more then you owe
4) Bitcoin energy consumtion has rised approximatly from 15 Twh 7/2017 to 200 Twh 1/2022 which is factor 13 dependig on
https://digiconomist.net/bitcoin-energy-consumption/.
Lets be conservative and say its only factor 6 and 100 Twh
When we assume that This gives us the following information:
If the energy consumtion keeps constant, the network safety will be lower with every "new Antminer" (see 2)
Dependig on 4 the Bitcoin energy consumtion would be 600 Twh in 2027, 3600 Twh in 2032 and 21600 Twh in 2037
To compare: the actual energy comsumtion of whole US is 4000 Twh, of China is about 7000 Twh
So even if there is new energy like fusion power, you really think its possible to serve so much energy
And if energy problem is totally solved and energy is for free, which sense makes POW safety depending on used energy
Waiting for your replies
in this post I wanna assume why apart from the pollution Bitcoin POW is moving into an dead end.
For the first I wanna determine several things:
1) Important for Bitcoins safety the Hashrate or difficulty is only a moment view. In general the safety depends on the global energie use because
2) Different companys for example Bitmain invent always new ASIC Miner which will make more hashrate with lower energy consumption
3) its human behaviour to be greedy. You wanna have always more then you owe
4) Bitcoin energy consumtion has rised approximatly from 15 Twh 7/2017 to 200 Twh 1/2022 which is factor 13 dependig on
https://digiconomist.net/bitcoin-energy-consumption/.
Lets be conservative and say its only factor 6 and 100 Twh
When we assume that This gives us the following information:
If the energy consumtion keeps constant, the network safety will be lower with every "new Antminer" (see 2)
Dependig on 4 the Bitcoin energy consumtion would be 600 Twh in 2027, 3600 Twh in 2032 and 21600 Twh in 2037
To compare: the actual energy comsumtion of whole US is 4000 Twh, of China is about 7000 Twh
So even if there is new energy like fusion power, you really think its possible to serve so much energy
And if energy problem is totally solved and energy is for free, which sense makes POW safety depending on used energy
Waiting for your replies
How do you suggest this problem is fixed? Bitcoin has been, and will always be proof of work, meaning that no matter how much public outcry happens, BTC will stay proof of work.