Bitcoin’s energy use has long been a hot-button issue. Some devs say the solution may lie in a more energy-efficient form of computer processing that uses lasers. gckaloudis explains optical proof-of-work. MiningWeek presented by FoundryServices
Another argument oPoW proponents make is that the main source of Bitcoin’s network security comes from game theory as opposed to its energy use. The idea here is that bitcoin miners are compelled to be good actors; otherwise, their mining equipment and bitcoin would become worthless if a successful attack on the network were carried out.
In the early days of bitcoin mining, we saw China dominate, owing to its glut of cheap energy. That cheap, abundant energy was a result of China looking to aggressively expand its economy and become energy independent. In doing so, China overbuilt its power generation capacity. Bitcoin mining ended up coalescing within China because China fulfilled bitcoin miners' needs for cheap input costs to keep operating expenses down.
Simply shifting the cost curve to up-front cost might lead to the exact opposite centralization problem. Instead of most bitcoin mining ending up near cheap, abundant energy sources that popped up in developing, labor-abundant countries, like China, they might coalesce in developed, capital-abundant countries, like the United States. Specialized mining chips, or ASICs, already have a high-ticket price – imagine if they were even more expensive.
Next, oPoW may not work in practice. It’s still a theory, and although it has been put through the wringer that is the developer brain trust, no one knows how oPoW will behave and work when real people start using it and their money is at stake. Just like the lack of commercially successful implementations of proof-of-stake, oPoW is untested, particularly in Bitcoin.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Bitcoin mining could be good for US energy independence: ResearchCongressman Pete Sessions from Texas feels that you should be looking towards Bitcoin mining if you are worried about America’s dependence on foreign energy.
Baca lebih lajut »
U.S. company devises method to use coal waste to power cryptoThe vast amounts of electricity needed to mine bitcoin has ignited a debate about whether the energy behind the operation is worth the potential environmental costs.
Baca lebih lajut »
Activists Condemn Deep-Sea Mining Effort by Defense Contractor Lockheed MartinClimate activists say that deep-sea mining will increase pollution and destroy biodiversity.
Baca lebih lajut »
Don’t Call it a Comeback: The Unlikely Rise of Home Bitcoin MiningThe conventional wisdom has long been that crypto mining is only for the institutions, the big boys, and you, the individual, don’t have a chance. But the conventional wisdom may be wrong. By jeffwilser for MiningWeek, presented by FoundryServices
Baca lebih lajut »
Oil prices jump again on Russia-Ukraine fears, as IEA calls for cut in energy usageOil prices jumped further on Monday after Russia-Ukraine talks appear to yield no sign of progress, and markets continued to fret over tight supply.
Baca lebih lajut »