> Also with merge mining and proof of space we can be quite efficient in the > future.
Proof of memory (space) is just proof of work with extra steps. It does not reduce energy consumption. https://github.com/libbitcoin/libbitcoin/wiki/Proof-of-Memory-Facade Merge mining is non-dedicated cost, so also does not improve energy efficiency. The irreducible *cost* is what matters. https://github.com/libbitcoin/libbitcoin/wiki/Dedicated-Cost-Principle e On Sep 17, 2018, at 06:18, Andrew <onelinepr...@gmail.com> wrote: >> I see what you say, however, since the proposal as I have read it says "And >> this will keep happening as long as hashrate keeps rising," - what actually >> happens in the case hashrate stagnates or falls? > > In general, a target hashrate can be set by users (can be less or more > than the peak hashrate). As long as hashrate is rising and still > didn't reach the target, miners will incrementally get the reserve > fees. Once the "contract" times out, the remaining part can be used as > fees by the users who created the reserve fee "contract". So if > hashrate remains the same or falls, then users get the reserve fees > back. > > I agree that we can't stop people from being greedy. If they are not > Bitcoin mining, they will try to put their energy to earn in some > other way...The hashrate is related the demand for Bitcoin (price) and > the amount of fees/subsidies the miners will get paid. For every level > of mining rewards (based on demand) there exists a limit on the > hashrate. Once hashrate gets large enough, no new miners (additional > hashrate) will want to join since their share of the hashrate is too > small to make a profit. > > Also with merge mining and proof of space we can be quite efficient in > the future. But of course I sympathize with the "don't be greedy" > philosophy, and it can be good to educate people to use less resources > than they need, just I think it's a bit outside of the scope of what > the Bitcoin software protocol does.
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